Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). (c) Oxford University Press, 2015. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy).

date: 18 November 2017

Abstract and Keywords

This article examines the political determinants and economic consequences of financial openness in low- and middle-income countries, with emphasis on government autonomy rather than on other important outcomes such as economic growth and development. After sketching trends in financial openness in developing countries, the article illustrates how the effects of financial integration are intertwined with the type of capital flow (e.g., short-term versus long-term investment) and with a nation’s domestic interests and institutions. It then considers the possibility that BRICS countries (Brazil, Russia, India, China, and South Africa) will emerge as alternative financial leaders at a regional or global level. It also assesses the impact of capital flows on government-policy decisions and outcomes before reflecting on the politics of investment and debt.

Keywords: financial openness, economic growth, developing countries, financial integration, BRICS, capital flows, government policy, politics, investment, debt

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.