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The Financial Statecraft of Emerging PowersBrave New World? The Politics of International Finance in Brazil and India

The Financial Statecraft of Emerging Powers: Brave New World? The Politics of International... [The financial reputations of Brazil and India have undergone remarkable transitions since the early 1990s. At that time, Brazilian inflation soared beyond a thousand percent annually following a decade of increasingly desperate, and ultimately failed, emergency stabilization plans. In 1991, India suffered its worst monetary crisis in decades. Panicked investors tried to take money out of the country, very tight capital controls notwithstanding, while the government was forced to devalue the rupee by almost 19 percent. Only 20 years later, much had changed. By the time of the global financial crisis (GFC) of 2008–2009, both countries were acknowledged as significant global economic and political players, and in November 2008 Brazilian President Lula da Silva and Indian Prime Minister Manmohan Singh joined a select group of other senior world leaders at the first G20 Summit.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

The Financial Statecraft of Emerging PowersBrave New World? The Politics of International Finance in Brazil and India

Part of the International Political Economy Series Book Series
Editors: Armijo, Leslie Elliott; Katada, Saori N.
Armijo, Leslie Elliott; Echeverri-Gent, John
The Financial Statecraft of Emerging Powers — Oct 27, 2015
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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2014
ISBN
978-1-349-49185-8
Pages
47 –76
DOI
10.1057/9781137429384_3
Publisher site
See Chapter on Publisher Site

Abstract

[The financial reputations of Brazil and India have undergone remarkable transitions since the early 1990s. At that time, Brazilian inflation soared beyond a thousand percent annually following a decade of increasingly desperate, and ultimately failed, emergency stabilization plans. In 1991, India suffered its worst monetary crisis in decades. Panicked investors tried to take money out of the country, very tight capital controls notwithstanding, while the government was forced to devalue the rupee by almost 19 percent. Only 20 years later, much had changed. By the time of the global financial crisis (GFC) of 2008–2009, both countries were acknowledged as significant global economic and political players, and in November 2008 Brazilian President Lula da Silva and Indian Prime Minister Manmohan Singh joined a select group of other senior world leaders at the first G20 Summit.]

Published: Oct 27, 2015

Keywords: Foreign Direct Investment; Monetary Policy; Global Financial Crisis; Trade Credit; Foreign Bank

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