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.
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