Overview

Central banks can shape economic growth, influence a country's foreign policy relations, and determine the extent of its democracy. This book presents a study focused on central banking in emerging market countries. Surveying worldwide trends towards increased central bank independence in the 1990s, the book argues that global forces must be at work. It goes beyond an explanation of central bank independence, and posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law, but rather from politics. As long as politicians value them, central banks will enjoy independence.

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9780691002439

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Reviews

This is a first-rate book on a very important issue: the sources and effects of central bank independence. For students of international political economy, the question of how central banks acquire influence has become an extremely hot topic in recent years. Maxfield's work is the first book-length study I know of that deals with the role of central banks in developing countries. ert Kaufman, Rutgers University

Author Information

Sylvia Maxfield is Associate Professor of Political Science and Management at Yale University. Among her works is Letting Capital Loose: Financial Liberalization in Interventionist States.

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