This paper questions when and why state governments oppose (or support) privatization programs initiated by the central government. It examines national privatization initiatives in the 1990s in India and Brazil in the fields of electricity and banking looking at the varying responses of the...

This paper argues that Brazil and India have pursued distinct strategies of financial statecraft despite their similarities as large emerging markets that liberalized their financial sectors after years of state-led development and financial repression. Although both countries have been...