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Volumn 53, Issue 1, 2000, Pages 38-73

Partisan governments, the international economy, and macroeconomic politics in advanced nations, 1960-93

(1)  Boix, Carles a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords

FISCAL POLICY; GOVERNANCE APPROACH; HISTORICAL PERSPECTIVE; MACROECONOMICS; MONETARY POLICY; POLITICAL ECONOMY;

EID: 0033786721     PISSN: 00438871     EISSN: None     Source Type: Journal    
DOI: 10.1017/s0043887100009370     Document Type: Article
Times cited : (133)

References (71)
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    • Inflation, however, is likely to remain above its preelection level under a left-wing government, because the latter's natural preference for expansionary policies erodes its anti-inflationary credibility.
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    • Mancur Olson, The Rise and Decline of Nations (New Haven: Yale University Press, 1982); John Goldthorpe, ed., Order and Conflict in Contemporary Capitalism (Oxford: Clarendon Press, 1984); Lars Calmfors and John Driffill, "Bargaining Structure, Corporatism and Macroeconomic Performance," Economic Policy 6 (April 1988).
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    • A Game-Theoretical Interpretation of Inflation and Unemployment in Western Europe
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    • Fritz W. Scharpf, "A Game-Theoretical Interpretation of Inflation and Unemployment in Western Europe," Journal of Public Policy 7 (July-September 1987); idem, Crisis and Choice in European Social Democracy (Ithaca, N.Y.: Cornell University Press, 1991).
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    • Fritz W. Scharpf, "A Game-Theoretical Interpretation of Inflation and Unemployment in Western Europe," Journal of Public Policy 7 (July-September 1987); idem, Crisis and Choice in European Social Democracy (Ithaca, N.Y.: Cornell University Press, 1991).
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    • Alberto Alesina and Lawrence Summers, "Central Bank Independence and Macroeconomic Performance," Journal of Money, Credit and Banking 25 (May 1993).
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    • Alesina, A.1    Summers, L.2
  • 12
    • 85014270598 scopus 로고    scopus 로고
    • New York: Cambridge University Press
    • For a review of open economy models of policy-making, see Robert O. Keohane and Helen V. Milner, eds., Internationalization and Domestic Politics (New York: Cambridge University Press, 1996). A good review of the growing internationalization of capital markets can be found in Beth Simmons, "The Internationalization of Capital," in Herbert Kitschelt et al., eds. Continuity and Change in Contemporary Capitalism (New York: Cambridge University Press, 1999).
    • (1996) Internationalization and Domestic Politics
    • Keohane, R.O.1    Milner, H.V.2
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    • The Internationalization of Capital
    • Herbert Kitschelt et al., eds. New York: Cambridge University Press
    • For a review of open economy models of policy-making, see Robert O. Keohane and Helen V. Milner, eds., Internationalization and Domestic Politics (New York: Cambridge University Press, 1996). A good review of the growing internationalization of capital markets can be found in Beth Simmons, "The Internationalization of Capital," in Herbert Kitschelt et al., eds. Continuity and Change in Contemporary Capitalism (New York: Cambridge University Press, 1999).
    • (1999) Continuity and Change in Contemporary Capitalism
    • Simmons, B.1
  • 15
    • 0343994504 scopus 로고    scopus 로고
    • Hibbs (fn. 1, 1977)
    • Hibbs (fn. 1, 1977).
  • 16
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    • Democratic Capitalism at the Crossroads
    • Przeworski, New York: Cambridge University Press
    • Adam Przeworski and Michael Wallerstein, "Democratic Capitalism at the Crossroads," in Przeworski, Capitalism and Social Democracy (New York: Cambridge University Press, 1985).
    • (1985) Capitalism and Social Democracy
    • Przeworski, A.1    Wallerstein, M.2
  • 19
    • 0343122369 scopus 로고    scopus 로고
    • note
    • Notice, also, that if economic actors are capable of either writing contracts that overcome the uncertainty of future electoral outcomes or renegotiating them immediately after elections, parties will not affect the business cycle at all.
  • 20
    • 84971735729 scopus 로고
    • Government Partisanship, Labor Organization and Macroeconomic Performance, 1967-1984
    • June
    • R. Michael Alvarez, Geoffrey Garrett, and Peter Lange, "Government Partisanship, Labor Organization and Macroeconomic Performance, 1967-1984," American Political Science Review 85 (June 1991); Nathaniel Beck et al., "Government Partisanship, Labor Organization, and Macroeconomic Performance: A Corrigendum," American Political Science Review 87 (December 1993).
    • (1991) American Political Science Review , vol.85
    • Alvarez, R.M.1    Garrett, G.2    Lange, P.3
  • 21
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    • Government Partisanship, Labor Organization, and Macroeconomic Performance: A Corrigendum
    • December
    • R. Michael Alvarez, Geoffrey Garrett, and Peter Lange, "Government Partisanship, Labor Organization and Macroeconomic Performance, 1967-1984," American Political Science Review 85 (June 1991); Nathaniel Beck et al., "Government Partisanship, Labor Organization, and Macroeconomic Performance: A Corrigendum," American Political Science Review 87 (December 1993).
    • (1993) American Political Science Review , vol.87
    • Beck, N.1
  • 22
    • 0343558290 scopus 로고    scopus 로고
    • Alesina and Summers (fn. 6)
    • Alesina and Summers (fn. 6).
  • 23
    • 0032330786 scopus 로고    scopus 로고
    • International and Domestic Constraints on Political Business Cycles in OECD Economies
    • Winter
    • The impact of electoral cycles on macroeconomic policies has been examined extensively, however. Alesina and Roubini with Cohen (fn. 11) do so in the context of a closed economy model. More recently, in examining how the international economy affects the existence of an electoral business cycle, opportunistic policies have been shown to be less likely in the presence of a fixed-exchange-rate regime and high levels of capital mobility. See William R. Clark and Usha N. Reichert with Sandra L. Lomas and Kevin L. Parker, "International and Domestic Constraints on Political Business Cycles in OECD Economies" International Organization 52 (Winter 1998).
    • (1998) International Organization , vol.52
    • Clark, W.R.1    Reichert, U.N.2    Lomas, S.L.3    Parker, K.L.4
  • 24
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    • The Dynamics of Change in a Keynesian Political Economy
    • Colin Crouch, ed., London: Croom Helm
    • Andrew Martin, "The Dynamics of Change in a Keynesian Political Economy," in Colin Crouch, ed., State and Economy in Contemporary Capitalism (London: Croom Helm, 1979); Fritz W Scharpf (fn. 5); Jeffrey Sachs and Charles Wyplosz, "The Economic Consequences of President Mitterrand," Economic Policy 2 (April 1986); Peter A. Hall, Governing the Economy: The Politics of State Intervention in Britain and France (Oxford: Oxford University Press, 1986).
    • (1979) State and Economy in Contemporary Capitalism
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  • 25
    • 0343558291 scopus 로고    scopus 로고
    • Fritz W Scharpf (fn. 5)
    • Andrew Martin, "The Dynamics of Change in a Keynesian Political Economy," in Colin Crouch, ed., State and Economy in Contemporary Capitalism (London: Croom Helm, 1979); Fritz W Scharpf (fn. 5); Jeffrey Sachs and Charles Wyplosz, "The Economic Consequences of President Mitterrand," Economic Policy 2 (April 1986); Peter A. Hall, Governing the Economy: The Politics of State Intervention in Britain and France (Oxford: Oxford University Press, 1986).
  • 26
    • 0001018324 scopus 로고
    • The Economic Consequences of President Mitterrand
    • April
    • Andrew Martin, "The Dynamics of Change in a Keynesian Political Economy," in Colin Crouch, ed., State and Economy in Contemporary Capitalism (London: Croom Helm, 1979); Fritz W Scharpf (fn. 5); Jeffrey Sachs and Charles Wyplosz, "The Economic Consequences of President Mitterrand," Economic Policy 2 (April 1986); Peter A. Hall, Governing the Economy: The Politics of State Intervention in Britain and France (Oxford: Oxford University Press, 1986).
    • (1986) Economic Policy , vol.2
    • Sachs, J.1    Wyplosz, C.2
  • 27
    • 84935446711 scopus 로고
    • Oxford: Oxford University Press
    • Andrew Martin, "The Dynamics of Change in a Keynesian Political Economy," in Colin Crouch, ed., State and Economy in Contemporary Capitalism (London: Croom Helm, 1979); Fritz W Scharpf (fn. 5); Jeffrey Sachs and Charles Wyplosz, "The Economic Consequences of President Mitterrand," Economic Policy 2 (April 1986); Peter A. Hall, Governing the Economy: The Politics of State Intervention in Britain and France (Oxford: Oxford University Press, 1986).
    • (1986) Governing the Economy: The Politics of State Intervention in Britain and France
    • Hall, P.A.1
  • 28
    • 84976155276 scopus 로고
    • Political Responses to Interdependence: What's 'Left' for the Left?
    • Autumn
    • Geoffrey Garrett and Peter Lange, "Political Responses to Interdependence: What's 'Left' for the Left?" International Organization 45 (Autumn 1991). For a recent analysis of the interaction of partisan politics and central banks, see Christopher Way, "Central Banks, Partisan Politics, and Macroeconomic Outcomes," Comparative Political Studies 33 (March 2000).
    • (1991) International Organization , vol.45
    • Garrett, G.1    Lange, P.2
  • 29
    • 0034395513 scopus 로고    scopus 로고
    • Central Banks, Partisan Politics, and Macroeconomic Outcomes
    • March
    • Geoffrey Garrett and Peter Lange, "Political Responses to Interdependence: What's 'Left' for the Left?" International Organization 45 (Autumn 1991). For a recent analysis of the interaction of partisan politics and central banks, see Christopher Way, "Central Banks, Partisan Politics, and Macroeconomic Outcomes," Comparative Political Studies 33 (March 2000).
    • (2000) Comparative Political Studies , vol.33
    • Way, C.1
  • 31
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    • The Correlates of Change in International Financial Regulation
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    • Dennis Quinn, "The Correlates of Change in International Financial Regulation," American Political Science Review 91 (September 1997).
    • (1997) American Political Science Review , vol.91
    • Quinn, D.1
  • 32
    • 0004319438 scopus 로고
    • Data on partisan control of office are taken from Lane, McKay, and Newton for the period 1960-88 and, using their criteria, my own calculations based on the data published in the Keesing's Contemporary Archives for 1989-93. Jan-Erik Lane, David McKay, and Kenneth Newton, Political Data Handbook: OECD Countries (New York: Oxford University Press, 1991).
    • (1989) Keesing's Contemporary Archives
  • 33
    • 0003943863 scopus 로고
    • New York: Oxford University Press
    • Data on partisan control of office are taken from Lane, McKay, and Newton for the period 1960-88 and, using their criteria, my own calculations based on the data published in the Keesing's Contemporary Archives for 1989-93. Jan-Erik Lane, David McKay, and Kenneth Newton, Political Data Handbook: OECD Countries (New York: Oxford University Press, 1991).
    • (1991) Political Data Handbook: OECD Countries
    • Lane, J.-E.1    McKay, D.2    Newton, K.3
  • 36
    • 0343994503 scopus 로고    scopus 로고
    • Cameron (fn. 26)
    • Cameron (fn. 26); Miriam Golden and Michael Wallerstein, "Trade Union Organization and Industrial Relations in the Postwar Era in Sixteen Nations" (Paper presented at the annual meeting of the American Political Science Association, New York, 1994); Peter Lange, Michael Wallerstein, and Miriam Golden, "The End of Corporatism? Wage Setting in the Nordic and Germanic Countries," in Sanford M. Jacoby, ed., The Workers of Nations: Industrial Relations in a Global Economy (Oxford: Oxford University Press, 1995); OECD Employment Perspectives 1993 (Paris: OECD 1993); Franz Traxler, The Level and Coverage of Collective Bargaining: A Cross-National Study of Patterns and Trends (Paris: OECD, 1994).
  • 37
    • 0010741595 scopus 로고
    • Trade Union Organization and Industrial Relations in the Postwar Era in Sixteen Nations
    • New York
    • Cameron (fn. 26); Miriam Golden and Michael Wallerstein, "Trade Union Organization and Industrial Relations in the Postwar Era in Sixteen Nations" (Paper presented at the annual meeting of the American Political Science Association, New York, 1994); Peter Lange, Michael Wallerstein, and Miriam Golden, "The End of Corporatism? Wage Setting in the Nordic and Germanic Countries," in Sanford M. Jacoby, ed., The Workers of Nations: Industrial Relations in a Global Economy (Oxford: Oxford University Press, 1995); OECD Employment Perspectives 1993 (Paris: OECD 1993); Franz Traxler, The Level and Coverage of Collective Bargaining: A Cross-National Study of Patterns and Trends (Paris: OECD, 1994).
    • (1994) Annual Meeting of the American Political Science Association
    • Golden, M.1    Wallerstein, M.2
  • 38
    • 0003156331 scopus 로고
    • The End of Corporatism? Wage Setting in the Nordic and Germanic Countries
    • Sanford M. Jacoby, ed., Oxford: Oxford University Press
    • Cameron (fn. 26); Miriam Golden and Michael Wallerstein, "Trade Union Organization and Industrial Relations in the Postwar Era in Sixteen Nations" (Paper presented at the annual meeting of the American Political Science Association, New York, 1994); Peter Lange, Michael Wallerstein, and Miriam Golden, "The End of Corporatism? Wage Setting in the Nordic and Germanic Countries," in Sanford M. Jacoby, ed., The Workers of Nations: Industrial Relations in a Global Economy (Oxford: Oxford University Press, 1995); OECD Employment Perspectives 1993 (Paris: OECD 1993); Franz Traxler, The Level and Coverage of Collective Bargaining: A Cross-National Study of Patterns and Trends (Paris: OECD, 1994).
    • (1995) The Workers of Nations: Industrial Relations in a Global Economy
    • Lange, P.1    Wallerstein, M.2    Golden, M.3
  • 39
    • 0343994502 scopus 로고
    • Paris: OECD
    • Cameron (fn. 26); Miriam Golden and Michael Wallerstein, "Trade Union Organization and Industrial Relations in the Postwar Era in Sixteen Nations" (Paper presented at the annual meeting of the American Political Science Association, New York, 1994); Peter Lange, Michael Wallerstein, and Miriam Golden, "The End of Corporatism? Wage Setting in the Nordic and Germanic Countries," in Sanford M. Jacoby, ed., The Workers of Nations: Industrial Relations in a Global Economy (Oxford: Oxford University Press, 1995); OECD Employment Perspectives 1993 (Paris: OECD 1993); Franz Traxler, The Level and Coverage of Collective Bargaining: A Cross-National Study of Patterns and Trends (Paris: OECD, 1994).
    • (1993) Employment Perspectives 1993
  • 40
    • 0010661034 scopus 로고
    • Paris: OECD
    • Cameron (fn. 26); Miriam Golden and Michael Wallerstein, "Trade Union Organization and Industrial Relations in the Postwar Era in Sixteen Nations" (Paper presented at the annual meeting of the American Political Science Association, New York, 1994); Peter Lange, Michael Wallerstein, and Miriam Golden, "The End of Corporatism? Wage Setting in the Nordic and Germanic Countries," in Sanford M. Jacoby, ed., The Workers of Nations: Industrial Relations in a Global Economy (Oxford: Oxford University Press, 1995); OECD Employment Perspectives 1993 (Paris: OECD 1993); Franz Traxler, The Level and Coverage of Collective Bargaining: A Cross-National Study of Patterns and Trends (Paris: OECD, 1994).
    • (1994) The Level and Coverage of Collective Bargaining: A Cross-National Study of Patterns and Trends
    • Traxler, F.1
  • 41
    • 0003410839 scopus 로고
    • New York: Wiley
    • All panel regressions have been run with and without fixed effects. Fixed effects imply introducing n - 1 country dummies. In the regressions on monetary policy (Tables 1 and 2), the inclusion of country dummies (to allow for variation across countries' intercepts) does not change the coefficients of the independent variables. Except for the last model (in Table 2), the country dummies are not statistically significant (even in a joint F-test). In the regressions on fiscal policy (Tables 3 and 4) the inclusion of country dummies partially alters model 5 in Table 3 - in fact intensifying the direction of the partisan and labor-market effects found in the non-fixed-effects model. Tables 1, 2, 3, and 4 (those displaying panel regression results) report the results obtained without fixed effects both because of the general lack of statistical significance of fixed effects and for theoretical reasons (the introduction of country dummies simply controls for unexplained factors; see Adam Przeworski and Henry Teune, The Logic of Comparative Social Inquiry [New York: Wiley, 1970]). Results with fixed effects can be obtained from the author.
    • (1970) The Logic of Comparative Social Inquiry
    • Przeworski, A.1    Teune, H.2
  • 42
    • 0343122370 scopus 로고    scopus 로고
    • note
    • Results do not vary when the last year of the "stagflation" period is modified, that is, when the historical periods are 1973-79 and 1980-93. The closer the divide is to 1982, the less significant in statistical and substantive terms the effect of socialist cabinets in the 1980s.
  • 43
    • 0343558289 scopus 로고    scopus 로고
    • note
    • For the simulation I have set all the variables at their mean levels, with the exception of partisanship and the interactive term "partisanship*organizational power of labor." The annual change of interest rates that results from the regression is added to the world real interest rates at time t-1 to calculate the level of interest rates at time t (which is the result represented in the simulations). The world interest rate is the weighted average (by size of GDP) of the interest rates of the seven largest economies - Canada, France, Germany, Italy, Japan, the U.K., and the U.S.
  • 44
    • 0343558283 scopus 로고    scopus 로고
    • note
    • Results not reported here show that central bank independence is an important factor in the management of monetary policy. When socialist control of government (without adjusting for the level of central bank independence) is regressed on interest rates, the size of the coefficient is smaller. For example, socialist control of the government in the 1970s reduces interest rates by 0.99 points (versus 1.65 in Table 1, model 3).
  • 45
    • 0342688026 scopus 로고    scopus 로고
    • note
    • The variable of social democratic corporatism (alone or controlled by partisanship and organization of the labor market) is not statistically significant. Results are not reported here.
  • 46
    • 0343122363 scopus 로고    scopus 로고
    • note
    • Corporatist countries are those that score more than 0.5 in the standardized index of the organizational power of labor (Austria, Belgium, Denmark, Finland, Norway, and Sweden). The noncorporatist countries are those that score less than 0.3 in the standardized index (Australia before 1980, Canada, France, Greece, Ireland, Italy, Japan, Portugal, Spain, Switzerland, the U.K. after 1980, and the U.S.).
  • 47
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    • The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets
    • October
    • John B. Goodman and Louis W. Pauly, "The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets," World Politics 46 (October 1993); Barry Eichengreen, Globalizing Capital: A History of the International Monetary System (Princeton: Princeton University Press, 1996).
    • (1993) World Politics , vol.46
    • Goodman, J.B.1    Pauly, L.W.2
  • 48
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    • Princeton: Princeton University Press
    • John B. Goodman and Louis W. Pauly, "The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets," World Politics 46 (October 1993); Barry Eichengreen, Globalizing Capital: A History of the International Monetary System (Princeton: Princeton University Press, 1996).
    • (1996) Globalizing Capital: A History of the International Monetary System
    • Eichengreen, B.1
  • 49
    • 0010543423 scopus 로고    scopus 로고
    • Political and Economic Determinants of Budget Deficits in the Industrial Democracies
    • May
    • Nouriel Roubini and Jeffrey D. Sachs, "Political and Economic Determinants of Budget Deficits in the Industrial Democracies," European Economic Review 33 (May 1989); Alesina and Roubini with Cohen (fn. 11).
    • (1989) European Economic Review , vol.33
    • Roubini, N.1    Sachs, J.D.2
  • 50
    • 0010543423 scopus 로고    scopus 로고
    • Alesina and Roubini with Cohen (fn. 11)
    • Nouriel Roubini and Jeffrey D. Sachs, "Political and Economic Determinants of Budget Deficits in the Industrial Democracies," European Economic Review 33 (May 1989); Alesina and Roubini with Cohen (fn. 11).
  • 51
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    • (various years), appendix
    • Data are from Roubini and Sachs (fn. 37) and are completed with material from OECD, Economic Outlook (various years), appendix.
    • Economic Outlook
  • 52
    • 0004275553 scopus 로고    scopus 로고
    • various years
    • From OECD, Economic Outlook (various years).
    • Economic Outlook
  • 53
    • 0001148143 scopus 로고
    • U.S. Deficits since World War I
    • Accordingly, as pointed out in Roubini and Sachs (fn. 37), the specification of the structural model is consistent with both Barro's "tax smoothing" model and the traditional Keynesian approach to using fiscal deficits to smooth the business cycle. In both theories fiscal deficits are countercyclical. Robert J. Barro, "U.S. Deficits since World War I," Scandinavian Journal of Economics 88, no. 1 (1986).
    • (1986) Scandinavian Journal of Economics , vol.88 , Issue.1
    • Barro, R.J.1
  • 54
    • 0342688031 scopus 로고    scopus 로고
    • note
    • The sample employed is based on Roubini and Sachs (fn. 37), extended with new OECD data when available. The countries (and sample periods) included are Australia (1967-88), Austria (1972-93), Belgium (1962-90), Canada (1962-93), Denmark (1971-93), Finland (1977-93), France (1970-92), Germany (1962-93), Greece (1984-90), Ireland (1962-93), Italy (1966-93), Japan (1971-93), the Netherlands (1972-93), Norway (1972-91), Sweden (1972-93), Spain (1985-93), Switzerland (1972-93), the United Kingdom (1962-93), and the United States (1962-93).
  • 55
    • 0343122368 scopus 로고    scopus 로고
    • note
    • Roubini and Sachs (fn. 37). This difference may be related to the sample employed here, which is two times the size of the Roubini and Sachs sample and which corrects for the bias in the latter's study due to its exclusion of several OECD countries.
  • 56
    • 0000072243 scopus 로고
    • The Political Economy of Capital Controls
    • Leonardo Leiderman and Assaf Razin, eds., New York: Cambridge University Press
    • The presence of capital controls was initially negatively correlated to the independence of the central bank. This result confirms the findings of Alberto Alesina, Vittorio Grilli, and Gian-Maria Milesi-Ferretti, "The Political Economy of Capital Controls," in Leonardo Leiderman and Assaf Razin, eds., Capital Mobility: The Impact on Consumption, Investment and Growth (New York: Cambridge University Press, 1994). The degree of financial restrictions and of central bank independence in 1970 shows a Pearson's coefficient of -0.53. For 1993 this coefficient falls to -0.05.
    • (1994) Capital Mobility: The Impact on Consumption, Investment and Growth
    • Alesina, A.1    Grilli, V.2    Milesi-Ferretti, G.-M.3
  • 57
    • 0342688030 scopus 로고    scopus 로고
    • Goodman and Pauly (fn. 34); Eichengreen (fn. 34)
    • Goodman and Pauly (fn. 34); Eichengreen (fn. 34).
  • 58
    • 0343122367 scopus 로고    scopus 로고
    • Simmons (fn. 7)
    • Simmons (fn. 7).
  • 59
    • 0343558287 scopus 로고    scopus 로고
    • Working Paper Series 14 Irving B. Harris Graduate School of Public Policy Studies, August
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
    • (1999) Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation
    • Gruber, L.1
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    • 0343122366 scopus 로고    scopus 로고
    • Working Paper Series 16 Irving B. Harris Graduate School of Public Policy Studies, September
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
    • (1999) Interstate Cooperation and the Hidden Face of Power: The Case of European Money
    • Gruber, L.1
  • 61
    • 0004120975 scopus 로고
    • New York: Free Press
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
    • (1991) Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World
    • McKenzie, R.B.1    Lee, D.R.2
  • 62
    • 0003590976 scopus 로고
    • London: Pinter
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
    • (1992) Global Financial Integration: The End of Geography
    • O'Brien, R.1
  • 63
    • 0343558288 scopus 로고    scopus 로고
    • Goodman and Pauly (fn. 34)
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
  • 64
    • 34248249411 scopus 로고
    • The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become so Unfavorable to Labor
    • June
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
    • (1993) Politics and Society , vol.21
    • Notermans, T.1
  • 65
    • 84976017401 scopus 로고
    • Invested Interested: The Politics of National Economic Policies in a World of Global Finance
    • Autumn
    • This interpretation borrows heavily from Gruber's concept of "go-it-alone power" to explain the formation of international institutions. In Gruber's account international institutions need not be the result of straightforward Pareto-improving cooperative agreements among equal partners. Instead, they may emerge as a set of core countries that establish agreements or embark on strategies that, modifying the status quo, force the remaining countries to join the same institution or engage in the same pattern of behavior to minimize the losses that may occur from not doing so. The process of capital deregulation (and, in particular, its institutionalization in continental Europe through the European Union project) fits this explanation particularly well. See Lloyd Gruber, "Rationalist Approaches to International Cooperation: A Call for Theoretical Reorientation," Working Paper Series 14 (Irving B. Harris Graduate School of Public Policy Studies, August 1999); idem, "Interstate Cooperation and the Hidden Face of Power: The Case of European Money," Working Paper Series 16 (Irving B. Harris Graduate School of Public Policy Studies, September 1999). Notice then that this account differs equally from two other interpretations. First, it differs from those that directly link the process of deregulation to changes in international financial markets. See Richard B. McKenzie and Dwight R. Lee, Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World (New York: Free Press, 1991); Richard O'Brien, Global Financial Integration: The End of Geography (London: Pinter, 1992); and Goodman and Pauly (fn. 34). Second, it is also distinct from those that attribute the decision to liberalize to purely domestic conditions, such as the hegemony of center-to-right governments in Ton Notermans, "The Abdication from National Policy Autonomy: Why the Macroeconomic Policy Regime Has Become So Unfavorable to Labor," Politics and Society 21 (June 1993); or such as the internal balance of power among sectoral interests in Jeffry A. Frieden, "Invested Interested: The Politics of National Economic Policies in a World of Global Finance," International Organization 45 (Autumn 1991).
    • (1991) International Organization , vol.45
    • Frieden, J.A.1
  • 67
    • 0343994501 scopus 로고    scopus 로고
    • note
    • This combination of loose fiscal policies and tight monetary policies was not coincidental. It was related to the structure of electoral incentives confronted by socialist parties in rather different political and institutional environments. Socialist governments in noncorporatist countries could not count on organized labor movements to achieve wage moderation and also carry over broad electoral coalitions. Without a labor movement holding blue-collar workers together and delivering their votes to the Socialist Party, social democratic governments could hardly attract simultaneously both pro-high-spending left-wing voters and moderate middle-class voters concerned with taxes. A natural (and in the short term politically not costly) way to reconcile their competing claims involved running a higher budget deficit. In countries where unions are strong and parties are well-organized political machines, those political dilemmas were less pressing. For a historical account of the Spanish case, see Boix (fn. 51), 105-55.
  • 68
    • 85055297421 scopus 로고
    • Policy Paradigms, Social Learning, and the State: The Case of Economic Policymaking in Britain
    • April
    • For an analysis of the impact of ideas, see Peter A. Hall, "Policy Paradigms, Social Learning, and the State: The Case of Economic Policymaking in Britain," Comparative Politics 25 (April 1993).
    • (1993) Comparative Politics , vol.25
    • Hall, P.A.1
  • 69
    • 0003225774 scopus 로고    scopus 로고
    • Monetary Policy and Wage/Price Bargaining: Macro-Institutional Interactions in the Traded, Public, and Sheltered Sectors
    • Peter Hall and David Soskice, eds., forthcoming
    • Robert J. Franzese,"Monetary Policy and Wage/Price Bargaining: Macro-Institutional Interactions in the Traded, Public, and Sheltered Sectors," in Peter Hall and David Soskice, eds., Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (forthcoming).
    • Varieties of Capitalism: The Institutional Foundations of Comparative Advantage
    • Franzese, R.J.1
  • 70
    • 0342688027 scopus 로고    scopus 로고
    • Scharpf (fn. 5, 1987 and 1991)
    • Scharpf (fn. 5, 1987 and 1991).
  • 71
    • 0343122365 scopus 로고    scopus 로고
    • Martin (fn. 17)
    • Martin (fn. 17)


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