Globalization pressures and the state: The worldwide spread of central bank independence

American Journal of Sociology

Volumn 110, Issue 6, 2005, Pages 1764-1802

  Polillo, Simone ^a   Guillén, Mauro F ^a,b  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b UNIVERSITY OF PENNSYLVANIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 23844493835     PISSN: 00029602     EISSN: None     Source Type: Journal    
DOI: 10.1086/428685     Document Type: Review

References (119)

1. Abrahamson, Eric, and Lori Rosenkopf. 1993. "Institutional and Competitive Bandwagons: Using Mathematical Modeling as a Tool to Explore Innovation Diffusion." Academy of Management Review 18:487-517.
2. Albrow, Martin. 1997. The Global Age. Stanford, Calif.: Stanford University Press.
3. Alesina, Alberto, and Lawrence Summers. 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence." Journal of Money, Credit and Banking 25 (2): 151-62.
4. Auernheimer, Leonardo. 1974. "The Honest Government Guide to the Revenue from the Creation of Money." Journal of Political Economy 88:598-606.
5. Bagheri, Fatholla M., and Nader Habibi. 1998. "Political Institutions and Central Bank Independence: A Cross-Country Analysis." Public Choice 96 (1-2): 187-204.
6. Banaian, King, Richard C. K. Burdekin, and T. D. Willett. 1998. "Reconsidering the Principal Components of Central Bank Independence: The More the Merrier?" Public Choice 97:1-12.
7. Banks, Arthur S. 2001. Cross-National Time-Series Data Archive. Electronic file. http://www.databanks.sitehosting.net/.
8. Barro, Robert J., and David B. Gordon. 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy." Journal of Monetary Economics 12:101-20.
9. Beck, Nathaniel. 2001. "Time-Series Cross-Section Data: What Have We Learned in the Past Few Years?" Annual Review of Political Science 4:271-93.
10. Berger, Suzanne. 1996. Introd. to National Diversity and Global Capitalism, edited by Suzanne Berger and Ronald Dore. Ithaca, N.Y.: Cornell University Press.
11. Bernhard, William. 1998. "A Political Explanation of Variation in Central Bank Independence." American Political Science Review 92 (2): 311-27.
12. Bernhard, William, J. Lawrence Broz, and William R. Clark. 2002. "The Political Economy of Monetary Institutions." International Organization 56 (4): 693-723.
13. Blinder, Alan. 1998. Central Banking in Theory and Practice. Cambridge, Mass.: MIT Press.
14. Boylan, Delia M. 2001. Defusing Democracy: Central Bank Autonomy and the Transition from Authoritarian Rule. Ann Arbor: University of Michigan Press.
15. Braudel, Fernand. 1977. Afterthoughts on Material Civilization and Capitalism. Baltimore: Johns Hopkins University Press.
16. Burt, Ronald. 1987. "Social Contagion and Innovation: Cohesion versus Structural Equivalence." American Journal of Sociology 92:1287-1335.
17. _. 1997. "The Contingent Value of Social Capital." Administrative Science Quarterly 42:339-65.
18. Campbell, John L., and Ove Kaj Peterson. 2001. The Rise of Neoliberalism and Institutional Analysis. Princeton, N.J.: Princeton University Press.
19. Carruthers, Bruce. 1994. "When Is the State Autonomous? Culture, Organization Theory and the Political Sociology of the State." Sociological Theory 12 (1): 19-44.
20. Chase-Dunn, Christopher. 1998. Global Formation: Structures of the World Economy, updated ed. Boulder, Colo.: Rowman and Littlefield.
21. Chase-Dunn, Christopher, Yukio Kawano, and Benjamin D. Brewer. 2000. "Trade Globalization since 1795: Waves of Integration in the World System." American Sociological Review 65 (1): 77-95.
22. Collins, Randall. 1994. Four Sociological Traditions. New York: Oxford University Press.
23. Cox, Robert W. 1987. Production, Power and World Order: Social Forces in the Making of History. New York: Columbia University Press.
24. _. 1992. "Global Perestroika." Pp. 26-43 in New World Order? The Socialist Register 1992, edited by R. Miliband and L. Panitch. London: Merlin.
25. _. 1996. "A Perspective on Globalization." Pp. 21-30 in Globalization: Critical Reflections, edited by James H. Mittelman. Boulder, Colo.: Lynne Rienner.
26. Cukierman, Alex. 1992. Central Bank Strategy, Credibility, and Independence. Cambridge, Mass.: MIT Press.
27. _. 1994. "Commitment through Delegation, Political Influence and Central Bank Independence." Pp. 55-74 in A Framework for Monetary Stability, edited by J. A. H. de Beaufort Wijnholds, S. C. W. Eijffinger, and L. H. Hoogduin. Dordrecht: Kluwer Academic Publishers.
28. Cukierman, Alex, Geoffrey P. Miller, and Bilin Neyapti. 2002. "Central Bank Reform, Liberalization and Inflation in Transition Economies - An International Perspective." Journal of Monetary Economics 49:237-64.
29. Cukierman, Alex, S. V. Webb, and Bilin Neyapti. 1992. "Measuring the Independence of Central Banks and Its Effects on Policy Outcomes." World Bank Economic Review 6 (3): 353-98.
30. De Haan, Jacob. 1997. "The European Central Bank: Independence, Accountability and Strategy: A Review." Public Choice 93 (3-4): 39-71.
31. De Haan, Jacob, and Gert J. van't Hag. 1995. "Variation in Central Bank Independence across Countries: Some Provisional Empirical Evidence." Public Choice 85 (3-4): 335-51.
32. DiMaggio, Paul J., and Walter W. Powell. 1983. "The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields." American Sociological Review 48 (2): 147-60.
33. Durkheim, Émile. (1915) 1965. The Elementary Forms of the Religious Life. Trans. J. W. Swain. New York: Free Press.
34. Eichengreen, Barry. 1998. Globalizing Capital: A History of the International Monetary System. Princeton, N.J.: Princeton University Press.
35. Eijffinger, Sylvester C. W., and Marco Hoeberichts. 1998. "The Trade off between Central Bank Independence and Conservativeness." Oxford Economic Papers 50 (3): 397-411.
36. Eijffinger Sylvester C. W., M. van Rooij, and Eric Schaling. 1996. "Central Bank Independence: A Paneldata Approach." Public Choice 89:163-82.
37. Evans, Peter. 1997. "The Eclipse of the State? Reflections on Stateness in an Era of Globalization." World Politics 50:62-87.
38. Fligstein, Neil. 2001. The Architecture of Markets: An Economic Sociology of Twenty-First Century Capitalist Societies. Princeton, N.J.: Princeton University Press.
39. Forder, James. 1999. "Central Bank Independence: Reassessing the Measurements." Journal of Economic Issues 33 (1): 23-40.
40. Fourcade-Gourinchas, Marion, and Sarah L. Babb. 2002. "The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries." American Journal of Sociology 107 (3): 533-79.
41. Fuhrer, John C. 1997. "Central Bank Independence and Inflation Targeting: Monetary Policy Paradigms for the Next Millennium?" New England Economic Review 1 (2): 19-36.
42. Garrett, Geoffrey. 1998. Partisan Politics in the Global Economy. New York: Cambridge University Press.
43. Gilpin, Robert. 1987. The Political Economy of International Relations. Princeton, N.J.: Princeton University Press.
44. _. 2000. The Challenge of Global Capitalism. Princeton, N.J.: Princeton University Press.
45. Goldstein, Morris. 2001. "IMF Structural Conditionality: How Much Is Too Much?" Working Paper no. 01-4. Institute for International Economics, Washington, D.C.
46. Goodman, John B. 1991. "The Politics of Central Bank Independence." Comparative Politics 23 (3): 329-49.
47. Grilli, Vittorio, Donato Masciandaro, and Guido Tabellini. 1991. "Political and Monetary Institutions and Public Financial Policies in the Industrial Countries." Economic Policy 13:341-92.
48. Guillén, Mauro F. 2001a. "Is Globalization Civilizing, Destructive or Feeble? A Critique of Five Key Debates in the Social-Science Literature." Annual Review of Sociology 27:235-60.
49. _. 2001b. The Limits of Convergence: Globalization and Organizational Change in Argentina, South Korea, and Spain. Princeton, N.J.: Princeton University Press.
50. Guler, Isin, Mauro F. Guillén, and John Muir MacPherson. 2002. "Global Competition, Institutions, and the Diffusion of Organizational Practices: The International Spread of the ISO 9000 Quality Certificates." Administrative Science Quarterly 47:207-32.
51. Haggard, Stephan, and Robert R. Kaufman. 1992. The Politics of Economic Adjustment: International Conflicts and the State. Princeton, N.J.: Princeton University Press.
52. Hall, Peter. 1989. The Political Power of Economic Ideas: Keynesianism across Nations. Princeton, N.J.: Princeton University Press.
53. _. 1993. "Policy Paradigms, Social Learning, and the State: The Case of Economic Policy Making in Britain." Comparative Politics 25 (3): 275-96.
54. Held, David, Anthony McGrew, David Goldblatt, and Jonathan Perraton. 1999. Global Transformations. Stanford, Calif.: Stanford University Press.
55. Helleiner, Eric. 1994. States and the Reemergence of Global Finance: From Bretton Woods to the 1990s. Ithaca, N.Y.: Cornell University Press.
56. _. 2003. The Making of National Money: Territorial Currencies in Historical Perspective. Ithaca, N.Y.: Cornell University Press.
57. Hirst, Paul, and Grahame Thompson. 1996. Globalization in Question. London: Polity.
58. Huber, Evelyne, and John D. Stephens. 2001. Development and Crisis of the Welfare State: Parties and Policies in Global Markets. Chicago: University of Chicago Press.
59. Ingham, Geoffrey. 1984. Capitalism Divided? New York: Schocken Books.
60. _. 2004. The Nature of Money. Cambridge: Polity.
61. Jacome, H. Luis I. 2001. "Legal Central Bank Independence and Inflation in Latin America during the 1990s." Working Paper no. 01/212. International Monetary Fund, Washington, D.C.
62. Jepperson, Ronald L., and John W. Meyer. 1991. "The Public Order and the Construction of Formal Organizations." Pp. 204-31 in The New Institutionalism in Organizational Analysis, edited by Paul J. DiMaggio and Walter W. Powell. Chicago: University of Chicago Press.
63. Keefer, Philip, and David Stasavage. 1998. "When Does Delegation Improve Credibility? Central Bank Independence and the Separation of Powers." Working Paper WPS/98/18. Centre for the Study of African Economies, Oxford.
64. _. 2002. "Checks, Balances, Private Information, and the Credibility of Monetary Commitments." International Organization 56 (4): 751-74.
65. Kennedy, Paul. 1993. Preparing for the Twenty-First Century. New York: Random House.
66. Khan, Mohsin S., and Sunil Sharma. 2001. "IMF Conditionality and Country Ownership of Programs." Working Paper no. 01/142. International Monetary Fund.
67. Kim, Sangmoon, and Eui-Hang Shin. 2002. "A Longitudinal Analysis of Globalization and Regionalization in International Trade: A Social Network Approach." Social Forces 81 (2): 445-71.
68. Kobrin, Stephen J. 1997. "The Architecture of Globalization: State Sovereignty in a Networked Global Economy." Pp. 146-71 in Governments, Globalization, and International Business, edited by John H. Dunning. New York: Oxford University Press.
69. Lohmann, Susanne. 1998. "Federalism and Central Bank Independence: The Politics of German Monetary Policy 1957-92." World Politics 50 (3): 401-46.
70. Lukes, Steven. 1974. Power: A Radical View. London: Macmillan.
71. Mangano, Gabriel. 1998. "Measuring Central Bank Independence: A Tale of Subjectivity and of Its Consequences." Oxford Economic Papers 50 (3): 468-92.
72. Mann, Michael. 1993. The Sources of Social Power. Vol. 2. Cambridge: Cambridge University Press.
73. _. 1997. "Has Globalization Ended the Rise of the Nation-State?" Review of International Political Economy 4 (3): 472-96.
74. Marshall, Monty G., and Keith Jaggers. 2002. "Polity IV Project: Political Regime Characteristics and Transitions, 1800-1999; Dataset Users' Manual." College Park, Md.: Center for International Development and Conflict Management. Available at http://www.cidcm.umd.edu/inscr/polity/p4manual.pdf.
75. Maxfield, Sylvia. 1997. Gatekeepers of Growth. Princeton, N.J.: Princeton University Press.
76. Mazlish, Bruce. 1993. "An Introduction to Global History." Pp. 1-24 in Conceptualizing Global History, edited by Bruce Mazlish and Ralph Buultjens. Boulder, Colo.: Westview.
77. McMichael, Philip. 1996. Development and Social Change: A Global Perspective. Thousand Oaks, Calif.: Pine Forge.
78. McNamara, Kathleen. 1998. The Currency of Ideas: Monetary Politics in the European Union. Ithaca, N.Y.: Cornell University Press.
79. _. 2002. "Rational Fictions." Special issue, West European Politics 25:47-76.
80. Meyer, John W., John Boli, George M. Thomas, and Francisco O. Ramirez. 1997. "World Society and the Nation-State." American Journal of Sociology 103 (1): 144-81.
81. Meyer, John W., and Brian Rowan. 1977. "Institutionalized Organizations: Formal Structure as Myth and Ceremony." American Journal of Sociology 83:340-63.
82. Mizruchi, Mark S. 1993. "Cohesion, Equivalence, and Similarity of Behavior: A Theoretical and Empirical Assessment." Social Networks 15:275-307.
83. Moser, Philip. 1999. "Checks and Balances, and the Supply of Central Bank Independence." European Economic Review 43 (8): 1569-93.
84. O'Riain, Sean. 2000. "States and Markets in an Era of Globalization." Annual Review of Sociology 26:187-213.
85. Panitch, Leo. 1996. "Rethinking the Role of the State." Pp. 83-113 in Globalization: Critical Reflections, edited by James H. Mittelman. Boulder, Colo.: Lynne Rienner.
86. Pierson, Paul. 1994. Dismantling the Welfare State? Reagan, Thatcher, and the Politics of Retrenchment. New York: Cambridge University Press.
87. Poulantzas, Nicos. 1974. Classes in Contemporary Capitalism. London: New Left Books.
88. Rae, Douglas. 1968. "A Note on the Fractionalization of Some European Party Systems." Comparative Political Studies 1:413-18.
89. Rodrik, Dani. 1997. Has Globalization Gone too Far? Washington, D.C.: Institute for International Economics.
90. _. 1999. "Governing the Global Economy: Does One Architectural Style Fit All?" Working Paper. Brookings Institution Trade Policy Forum, Washington, D.C.
91. Rogoff, Kenneth. 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target." Quarterly Journal of Economics 100:1169-90.
92. Sachs, J. 2000. "International Economics: Unlocking the Mysteries of Globalization." Pp. 217-26 in Globalization and the Challenges of the New Century: A Reader, edited by Patrick O'Meara, Howard D. Mehlinger, and Matthew Krain. Bloomington: Indiana University Press.
93. Sakamoto, Yoshikazu. 1994. "A Perspective on the Changing World Order: A Conceptual Prelude." Pp. 15-54 in Global Transformation: Challenges to the State System, edited by Yoshikazu Sakamoto. New York: United Nations University Press.
94. Sassen, Saskia. 1996. Losing Control? Sovereignty in an Age of Globalization. New York: Columbia University Press.
95. Shiller, Robert J. 1996. "Why Do People Dislike Inflation?" Working Paper no. 5539. National Bureau of Economic Research, Cambridge, Mass.
96. Skocpol, Theda. 1985. "Bringing the State Back In: Strategies of Analysis in Current Research." Pp. 3-37 in Bringing the State Back In, edited by Peter B. Evans, Dietrich Rueschemeyer, and Theda Skocpol. Cambridge: Cambridge University Press.
97. Smith, Dave A., and Douglas R. White. 1992. "Structure and Dynamics of the Global Economy: Network Analysis of International Trade, 1965-1980. " Social Forces 70: 857-93.
98. Stiglitz, Joseph. 2002. Globalization and its Discontents. New York: W. W. Norton.
99. Stopford, John M., and Susan Strange. 1991. Rival States, Rival Firms: Competition for World Market Shares. New York: Cambridge University Press.
100. Strang, David, and Nancy B. Tuma. 1993. "Spatial and Temporal Heterogeneity in Diffusion." American Journal of Sociology 99:614-39.
101. Strange, Susan. 1996. The Retreat of the State: The Diffusion of Power in the World Economy. New York: Cambridge University Press.
102. Stryker, Robin. 1998. "Globalization and the Welfare State." International Journal of Sociology and Social Policy 18 (2-4): 1-49.
103. Tavelli, Henry, Giuseppe Tullio, and Franco Spinelli. 1998. "The Evolution of European Central Banks' Independence: An Updating of the Masciandaro and Spinelli Index." Scottish Journal of Political Economy 45 (3): 341-45.
104. Tilly, Charles. 1992. Coercion, Capital, and European States, A.D. 990-1992. Cambridge: Basil Blackwell.
105. United Nations Conference on Trade and Development (UNCTD). 2002. World Investment Report 2002. New York: United Nations.
106. Van Rossem, Ronald. 1996. "The World-System Paradigm as General Theory of Development: A Cross-National Test." American Sociological Review 61:508-27.
107. Vernon, Raymond. 1971. Sovereignty at Bay: The Multinational Spread of U.S. Enterprises. New York: Basic Books.
108. _. 1998. In the Hurricane's Eye: The Troubled Prospects of Multinational Enterprises. Cambridge, Mass.: Harvard University Press.
109. Vreeland, James Raymond. 2003. The IMF and Economic Development. New York: Cambridge University Press.
110. Wade, Robert. 1996. "Globalization and Its Limits: Reports of the Death of the National Economy Are Greatly Exaggerated." Pp. 60-88 in National Diversity and Global Capitalism, edited by Suzanne Berger and Ronald Dore. Ithaca, N.Y.: Cornell University Press.
111. Wallerstein, Immanuel. 1974. The Modern World-System. New York: Academic Press.
112. Wasserman, Stanley, and Katherine Faust. 1994. Social Network Analysis: Methods and Applications. Cambridge: Cambridge University Press.
113. Waters, Malcolm. 1995. Globalization. New York: Routledge.
114. White, Harrison. 1981. "Where Do Markets Come From?" American Journal of Sociology 87:923-38.
115. _. 2002. Markets from Networks. Princeton, N.J.: Princeton University Press.
116. Williamson, John. 1990. "What Washington Means by Policy Reform." Pp. 7-20 in Latin American Adjustment: How Much Has Happened?, edited by John Williamson. Washington, D.C.: Institute for International Economics.
117. _. 2000. "What Should the World Bank Think about the Washington Consensus?" The World Bank Research Observer 15 (2): 251-64.
118. Winship, Cristopher, and Michael Mandel. 1984. "Roles and Positions: A Critique and Extension of the Blockmodeling Approach." Sociological Methodology 14:314-44.
119. World Bank. 2002. World Development Indicators 2001. CD-ROM database. Washington, D.C.: World Bank.