Financial crises and the politics of macroeconomic adjustments /:
This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts.
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
New York :
Cambridge University Press,
[2013]
|
| Schriftenreihe: | Political economy of institutions and decisions.
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. |
| Beschreibung: | 1 online resource |
| Bibliographie: | Includes bibliographical references and index. |
| ISBN: | 9781107294042 1107294045 1139236814 9781139236812 |
Internformat
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| 100 | 1 | |a Walter, Stefanie, |e author. |0 http://id.loc.gov/authorities/names/n80042217 | |
| 245 | 1 | 0 | |a Financial crises and the politics of macroeconomic adjustments / |c Stefanie Walter, University of Heidelberg. |
| 264 | 1 | |a New York : |b Cambridge University Press, |c [2013] | |
| 300 | |a 1 online resource | ||
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| 490 | 1 | |a Political economy of institutions and decisions | |
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| 504 | |a Includes bibliographical references and index. | ||
| 520 | |a This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. | ||
| 505 | 0 | |a Cover -- Financial Crises and the Politics of Macroeconomic Adjustments -- Series -- Dedication -- Title -- Copyright -- Contents -- Figures -- Tables -- Preface -- ONE Introduction -- 1.1 Why Macroeconomic Adjustment Becomes Necessary -- 1.2 How and When Do Policymakers Adjust? Existing Explanations -- 1.2.1 Choosing between Internal and External Adjustment -- 1.2.2 The Timing of Macroeconomic Adjustment -- 1.2.3 Open Questions -- 1.3 The Argument -- 1.3.1 Explaining Voters' Vulnerabilities to Internal and External Adjustment -- 1.3.2 Explaining Government Choices on Type and Timing of Macroeconomic Adjustment -- 1.4 The Plan of the Book -- TWO Individual Vulnerability to Macroeconomic Adjustment -- 2.1 The Distributional Effects of External Adjustment -- 2.1.1 Direct Effects of External Adjustment on Voters -- 2.1.1.1 Relative Price Effects: Purchasing Power Concerns -- 2.1.1.2 The Financial Side: Personal Balance Sheet Concerns -- 2.1.2 Indirect Effects of External Adjustment on Voters -- 2.1.2.1 Employment-Specific Effects: Competitiveness and Financial Concerns Revisited -- 2.1.2.2 General Economic Effects of External Adjustment -- 2.1.3 The Net Effect of External Adjustment on Voters -- 2.2 The Distributional Effects of Internal Adjustment -- 2.2.1 Direct Effects of Internal Adjustment on Voters -- 2.2.1.1 Monetary Tightening: Personal Balance Sheet Concerns -- 2.2.1.2 Contractionary Fiscal Policy: Direct Effects on Voters -- 2.2.1.3 Structural Reform: Direct Effects on Voters -- 2.2.2 Indirect Effects of Internal Adjustment on Voters -- 2.2.2.1 The Employment-Specific Effect of Internal Adjustment -- 2.2.2.2 General Economic Effects of Internal Adjustment -- 2.2.3 The Net Effect of Internal Adjustment on Voters -- 2.3 The Vulnerability Profile and Voters' Preferences on External and Internal Adjustment -- 2.4 Conclusion. | |
| 505 | 8 | |a THREE Direct Vulnerabilities to Adjustment -- 3.1 Voter Evaluations of Economic Policy Outcomes during the 2008-2010 Global Financial and Economic Crisis: Research Design -- 3.1.1 Research Strategy -- 3.1.2 The Dependent Variable: Economic Repercussions of the Crisis -- 3.1.3 Independent Variables: Voter Vulnerabilities and Macroeconomic Adjustment Strategies -- 3.1.3.1 Direct Vulnerability to External Adjustment -- 3.1.3.2 Direct Vulnerability to Internal Adjustment -- 3.1.4 Control Variables and Method -- 3.2 How Exchange Rate Changes Affect Voters Vulnerable to External Adjustment -- 3.3 How Internal Adjustment Affects Voters' Evaluations of the Severity of Crisis Repercussions -- 3.4 Conclusion -- FOUR Indirect Vulnerabilities to Adjustment -- 4.1 How Firms Assess Their Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.1 The Data -- 4.1.2 Measuring Firm-Specific Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.3 Firm-Level and Country-Level Variation in Vulnerabilities -- 4.2 The Determinants of Firms' Vulnerabilities to External Adjustment -- 4.2.1 Operationalization -- 4.2.2 Method -- 4.2.3 Results -- 4.3 The Determinants of Firms' Vulnerabilities to Internal Adjustment -- 4.3.1 Operationalization and Method -- 4.3.2 Results -- 4.4 Firms' Overall Vulnerabilities to Macroeconomic Adjustment -- 4.4.1 Operationalization and Method -- 4.4.2 Results -- 4.5 Conclusion -- FIVE Interests, Elections, and Policymakers' Incentives to Adjust -- 5.1 To Adjust or Not to Adjust? And If So, When and How? The Government's Decision Problem -- 5.2 The Voter's Viewpoint: Policy Outcomes and Vote Choice -- 5.3 How the Electorate's Vulnerability Profile Affects Policymakers' Choices about the Speed and Type of Adjustment -- 5.3.1 The Timing of Adjustment -- 5.3.2 The Choice of Adjustment Strategies -- 5.4 Conclusion. | |
| 505 | 8 | |a SIX Adjustment in the Asian Financial Crisis -- 6.1 Thailand: Delayed Adjustment and Exchange-Rate Crash -- 6.1.1 Thailand's Policy Response to the Asian Financial Crisis -- 6.1.2 The Distribution of Vulnerabilities in Thailand -- 6.1.2.1 Vulnerability to External Adjustment -- 6.1.2.2 Vulnerability to Internal Adjustment -- 6.1.2.3 The Vulnerability Profile of the Thai Electorate -- 6.1.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Thailand -- 6.1.4 Discussion -- 6.2 Taiwan: Speedy External Adjustment -- 6.2.1 Taiwan's Policy Response to the Asian Financial Crisis -- 6.2.2 The Distribution of Vulnerabilities in Taiwan -- 6.2.2.1 Vulnerability to External Adjustment -- 6.2.2.2 Vulnerability to Internal Adjustment -- 6.2.2.3 The Electorate's Vulnerability Profile in Taiwan -- 6.2.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Taiwan -- 6.2.4 Discussion -- 6.3 Hong Kong: Immediate Internal Adjustment -- 6.3.1 Hong Kong's Policy Response to the Asian Financial Crisis -- 6.3.2 The Distribution of Vulnerabilities in Hong Kong -- 6.3.2.1 Vulnerability to External Adjustment -- 6.3.2.2 Vulnerability to Internal Adjustment -- 6.3.2.3 The Vulnerability Profile of Hong Kong's Electorate -- 6.3.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Hong Kong -- 6.3.4 Discussion -- 6.4 South Korea: Delayed Adjustment and Exchange-Rate Crash -- 6.4.1 South Korea's Policy Response to the Asian Financial Crisis -- 6.4.2 The Distribution of Vulnerabilities in South Korea -- 6.4.2.1 Vulnerability to External Adjustment -- 6.4.2.2 Vulnerability to Internal Adjustment -- 6.4.2.3 The Vulnerability Profile of the South Korean Electorate -- 6.4.3 How Vulnerabilities to Adjustment Influenced Policy Choices in South Korea -- 6.4.4 Discussion -- 6.5 Conclusion -- 6.6 Appendix: List of Interviewees. | |
| 505 | 8 | |a SEVEN Adjustment in Eastern Europe during the Global Financial Crisis -- 7.1 Eastern European Responses to the Global Financial and Economic Crisis -- 7.1.1 Internal Adjustment: The Baltics and Bulgaria -- 7.1.2 Mixed Adjustment Strategies: Hungary and Romania -- 7.1.3 External Adjustment: Czech Republic and Poland -- 7.1.4 Conclusion: Variation in Adjustment Strategies in Eastern Europe -- 7.2 Vulnerabilities to Internal and External Adjustment across Eastern Europe -- 7.2.1 Direct and Indirect Vulnerabilities to External Adjustment -- 7.2.2 Direct and Indirect Vulnerabilities to Internal Adjustment -- 7.2.3 Vulnerability Profiles in Eastern Europe -- 7.3 The Distributional Politics of Adjustment to the Global Financial Crisis -- 7.3.1 Strong Support for Painful Reform: The Baltics and Bulgaria -- 7.3.2 A Mixed Bag: Hungary and Romania -- 7.3.3 Uncontroversial External Adjustment: The Czech Republic and Poland -- 7.4 Conclusion -- EIGHT Conclusions -- 8.1 Agenda for Future Research -- 8.2 Policy Implications -- References -- Index -- Series. | |
| 650 | 0 | |a Economic stabilization |x Political aspects. | |
| 650 | 0 | |a Financial crises. | |
| 650 | 6 | |a Stabilisation économique |x Aspect politique. | |
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Datensatz im Suchindex
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| contents | Cover -- Financial Crises and the Politics of Macroeconomic Adjustments -- Series -- Dedication -- Title -- Copyright -- Contents -- Figures -- Tables -- Preface -- ONE Introduction -- 1.1 Why Macroeconomic Adjustment Becomes Necessary -- 1.2 How and When Do Policymakers Adjust? Existing Explanations -- 1.2.1 Choosing between Internal and External Adjustment -- 1.2.2 The Timing of Macroeconomic Adjustment -- 1.2.3 Open Questions -- 1.3 The Argument -- 1.3.1 Explaining Voters' Vulnerabilities to Internal and External Adjustment -- 1.3.2 Explaining Government Choices on Type and Timing of Macroeconomic Adjustment -- 1.4 The Plan of the Book -- TWO Individual Vulnerability to Macroeconomic Adjustment -- 2.1 The Distributional Effects of External Adjustment -- 2.1.1 Direct Effects of External Adjustment on Voters -- 2.1.1.1 Relative Price Effects: Purchasing Power Concerns -- 2.1.1.2 The Financial Side: Personal Balance Sheet Concerns -- 2.1.2 Indirect Effects of External Adjustment on Voters -- 2.1.2.1 Employment-Specific Effects: Competitiveness and Financial Concerns Revisited -- 2.1.2.2 General Economic Effects of External Adjustment -- 2.1.3 The Net Effect of External Adjustment on Voters -- 2.2 The Distributional Effects of Internal Adjustment -- 2.2.1 Direct Effects of Internal Adjustment on Voters -- 2.2.1.1 Monetary Tightening: Personal Balance Sheet Concerns -- 2.2.1.2 Contractionary Fiscal Policy: Direct Effects on Voters -- 2.2.1.3 Structural Reform: Direct Effects on Voters -- 2.2.2 Indirect Effects of Internal Adjustment on Voters -- 2.2.2.1 The Employment-Specific Effect of Internal Adjustment -- 2.2.2.2 General Economic Effects of Internal Adjustment -- 2.2.3 The Net Effect of Internal Adjustment on Voters -- 2.3 The Vulnerability Profile and Voters' Preferences on External and Internal Adjustment -- 2.4 Conclusion. THREE Direct Vulnerabilities to Adjustment -- 3.1 Voter Evaluations of Economic Policy Outcomes during the 2008-2010 Global Financial and Economic Crisis: Research Design -- 3.1.1 Research Strategy -- 3.1.2 The Dependent Variable: Economic Repercussions of the Crisis -- 3.1.3 Independent Variables: Voter Vulnerabilities and Macroeconomic Adjustment Strategies -- 3.1.3.1 Direct Vulnerability to External Adjustment -- 3.1.3.2 Direct Vulnerability to Internal Adjustment -- 3.1.4 Control Variables and Method -- 3.2 How Exchange Rate Changes Affect Voters Vulnerable to External Adjustment -- 3.3 How Internal Adjustment Affects Voters' Evaluations of the Severity of Crisis Repercussions -- 3.4 Conclusion -- FOUR Indirect Vulnerabilities to Adjustment -- 4.1 How Firms Assess Their Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.1 The Data -- 4.1.2 Measuring Firm-Specific Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.3 Firm-Level and Country-Level Variation in Vulnerabilities -- 4.2 The Determinants of Firms' Vulnerabilities to External Adjustment -- 4.2.1 Operationalization -- 4.2.2 Method -- 4.2.3 Results -- 4.3 The Determinants of Firms' Vulnerabilities to Internal Adjustment -- 4.3.1 Operationalization and Method -- 4.3.2 Results -- 4.4 Firms' Overall Vulnerabilities to Macroeconomic Adjustment -- 4.4.1 Operationalization and Method -- 4.4.2 Results -- 4.5 Conclusion -- FIVE Interests, Elections, and Policymakers' Incentives to Adjust -- 5.1 To Adjust or Not to Adjust? And If So, When and How? The Government's Decision Problem -- 5.2 The Voter's Viewpoint: Policy Outcomes and Vote Choice -- 5.3 How the Electorate's Vulnerability Profile Affects Policymakers' Choices about the Speed and Type of Adjustment -- 5.3.1 The Timing of Adjustment -- 5.3.2 The Choice of Adjustment Strategies -- 5.4 Conclusion. SIX Adjustment in the Asian Financial Crisis -- 6.1 Thailand: Delayed Adjustment and Exchange-Rate Crash -- 6.1.1 Thailand's Policy Response to the Asian Financial Crisis -- 6.1.2 The Distribution of Vulnerabilities in Thailand -- 6.1.2.1 Vulnerability to External Adjustment -- 6.1.2.2 Vulnerability to Internal Adjustment -- 6.1.2.3 The Vulnerability Profile of the Thai Electorate -- 6.1.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Thailand -- 6.1.4 Discussion -- 6.2 Taiwan: Speedy External Adjustment -- 6.2.1 Taiwan's Policy Response to the Asian Financial Crisis -- 6.2.2 The Distribution of Vulnerabilities in Taiwan -- 6.2.2.1 Vulnerability to External Adjustment -- 6.2.2.2 Vulnerability to Internal Adjustment -- 6.2.2.3 The Electorate's Vulnerability Profile in Taiwan -- 6.2.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Taiwan -- 6.2.4 Discussion -- 6.3 Hong Kong: Immediate Internal Adjustment -- 6.3.1 Hong Kong's Policy Response to the Asian Financial Crisis -- 6.3.2 The Distribution of Vulnerabilities in Hong Kong -- 6.3.2.1 Vulnerability to External Adjustment -- 6.3.2.2 Vulnerability to Internal Adjustment -- 6.3.2.3 The Vulnerability Profile of Hong Kong's Electorate -- 6.3.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Hong Kong -- 6.3.4 Discussion -- 6.4 South Korea: Delayed Adjustment and Exchange-Rate Crash -- 6.4.1 South Korea's Policy Response to the Asian Financial Crisis -- 6.4.2 The Distribution of Vulnerabilities in South Korea -- 6.4.2.1 Vulnerability to External Adjustment -- 6.4.2.2 Vulnerability to Internal Adjustment -- 6.4.2.3 The Vulnerability Profile of the South Korean Electorate -- 6.4.3 How Vulnerabilities to Adjustment Influenced Policy Choices in South Korea -- 6.4.4 Discussion -- 6.5 Conclusion -- 6.6 Appendix: List of Interviewees. SEVEN Adjustment in Eastern Europe during the Global Financial Crisis -- 7.1 Eastern European Responses to the Global Financial and Economic Crisis -- 7.1.1 Internal Adjustment: The Baltics and Bulgaria -- 7.1.2 Mixed Adjustment Strategies: Hungary and Romania -- 7.1.3 External Adjustment: Czech Republic and Poland -- 7.1.4 Conclusion: Variation in Adjustment Strategies in Eastern Europe -- 7.2 Vulnerabilities to Internal and External Adjustment across Eastern Europe -- 7.2.1 Direct and Indirect Vulnerabilities to External Adjustment -- 7.2.2 Direct and Indirect Vulnerabilities to Internal Adjustment -- 7.2.3 Vulnerability Profiles in Eastern Europe -- 7.3 The Distributional Politics of Adjustment to the Global Financial Crisis -- 7.3.1 Strong Support for Painful Reform: The Baltics and Bulgaria -- 7.3.2 A Mixed Bag: Hungary and Romania -- 7.3.3 Uncontroversial External Adjustment: The Czech Republic and Poland -- 7.4 Conclusion -- EIGHT Conclusions -- 8.1 Agenda for Future Research -- 8.2 Policy Implications -- References -- Index -- Series. |
| ctrlnum | (OCoLC)858903131 |
| dewey-full | 339.5 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.5 |
| dewey-search | 339.5 |
| dewey-sort | 3339.5 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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Existing Explanations -- 1.2.1 Choosing between Internal and External Adjustment -- 1.2.2 The Timing of Macroeconomic Adjustment -- 1.2.3 Open Questions -- 1.3 The Argument -- 1.3.1 Explaining Voters' Vulnerabilities to Internal and External Adjustment -- 1.3.2 Explaining Government Choices on Type and Timing of Macroeconomic Adjustment -- 1.4 The Plan of the Book -- TWO Individual Vulnerability to Macroeconomic Adjustment -- 2.1 The Distributional Effects of External Adjustment -- 2.1.1 Direct Effects of External Adjustment on Voters -- 2.1.1.1 Relative Price Effects: Purchasing Power Concerns -- 2.1.1.2 The Financial Side: Personal Balance Sheet Concerns -- 2.1.2 Indirect Effects of External Adjustment on Voters -- 2.1.2.1 Employment-Specific Effects: Competitiveness and Financial Concerns Revisited -- 2.1.2.2 General Economic Effects of External Adjustment -- 2.1.3 The Net Effect of External Adjustment on Voters -- 2.2 The Distributional Effects of Internal Adjustment -- 2.2.1 Direct Effects of Internal Adjustment on Voters -- 2.2.1.1 Monetary Tightening: Personal Balance Sheet Concerns -- 2.2.1.2 Contractionary Fiscal Policy: Direct Effects on Voters -- 2.2.1.3 Structural Reform: Direct Effects on Voters -- 2.2.2 Indirect Effects of Internal Adjustment on Voters -- 2.2.2.1 The Employment-Specific Effect of Internal Adjustment -- 2.2.2.2 General Economic Effects of Internal Adjustment -- 2.2.3 The Net Effect of Internal Adjustment on Voters -- 2.3 The Vulnerability Profile and Voters' Preferences on External and Internal Adjustment -- 2.4 Conclusion.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">THREE Direct Vulnerabilities to Adjustment -- 3.1 Voter Evaluations of Economic Policy Outcomes during the 2008-2010 Global Financial and Economic Crisis: Research Design -- 3.1.1 Research Strategy -- 3.1.2 The Dependent Variable: Economic Repercussions of the Crisis -- 3.1.3 Independent Variables: Voter Vulnerabilities and Macroeconomic Adjustment Strategies -- 3.1.3.1 Direct Vulnerability to External Adjustment -- 3.1.3.2 Direct Vulnerability to Internal Adjustment -- 3.1.4 Control Variables and Method -- 3.2 How Exchange Rate Changes Affect Voters Vulnerable to External Adjustment -- 3.3 How Internal Adjustment Affects Voters' Evaluations of the Severity of Crisis Repercussions -- 3.4 Conclusion -- FOUR Indirect Vulnerabilities to Adjustment -- 4.1 How Firms Assess Their Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.1 The Data -- 4.1.2 Measuring Firm-Specific Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.3 Firm-Level and Country-Level Variation in Vulnerabilities -- 4.2 The Determinants of Firms' Vulnerabilities to External Adjustment -- 4.2.1 Operationalization -- 4.2.2 Method -- 4.2.3 Results -- 4.3 The Determinants of Firms' Vulnerabilities to Internal Adjustment -- 4.3.1 Operationalization and Method -- 4.3.2 Results -- 4.4 Firms' Overall Vulnerabilities to Macroeconomic Adjustment -- 4.4.1 Operationalization and Method -- 4.4.2 Results -- 4.5 Conclusion -- FIVE Interests, Elections, and Policymakers' Incentives to Adjust -- 5.1 To Adjust or Not to Adjust? And If So, When and How? The Government's Decision Problem -- 5.2 The Voter's Viewpoint: Policy Outcomes and Vote Choice -- 5.3 How the Electorate's Vulnerability Profile Affects Policymakers' Choices about the Speed and Type of Adjustment -- 5.3.1 The Timing of Adjustment -- 5.3.2 The Choice of Adjustment Strategies -- 5.4 Conclusion.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">SIX Adjustment in the Asian Financial Crisis -- 6.1 Thailand: Delayed Adjustment and Exchange-Rate Crash -- 6.1.1 Thailand's Policy Response to the Asian Financial Crisis -- 6.1.2 The Distribution of Vulnerabilities in Thailand -- 6.1.2.1 Vulnerability to External Adjustment -- 6.1.2.2 Vulnerability to Internal Adjustment -- 6.1.2.3 The Vulnerability Profile of the Thai Electorate -- 6.1.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Thailand -- 6.1.4 Discussion -- 6.2 Taiwan: Speedy External Adjustment -- 6.2.1 Taiwan's Policy Response to the Asian Financial Crisis -- 6.2.2 The Distribution of Vulnerabilities in Taiwan -- 6.2.2.1 Vulnerability to External Adjustment -- 6.2.2.2 Vulnerability to Internal Adjustment -- 6.2.2.3 The Electorate's Vulnerability Profile in Taiwan -- 6.2.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Taiwan -- 6.2.4 Discussion -- 6.3 Hong Kong: Immediate Internal Adjustment -- 6.3.1 Hong Kong's Policy Response to the Asian Financial Crisis -- 6.3.2 The Distribution of Vulnerabilities in Hong Kong -- 6.3.2.1 Vulnerability to External Adjustment -- 6.3.2.2 Vulnerability to Internal Adjustment -- 6.3.2.3 The Vulnerability Profile of Hong Kong's Electorate -- 6.3.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Hong Kong -- 6.3.4 Discussion -- 6.4 South Korea: Delayed Adjustment and Exchange-Rate Crash -- 6.4.1 South Korea's Policy Response to the Asian Financial Crisis -- 6.4.2 The Distribution of Vulnerabilities in South Korea -- 6.4.2.1 Vulnerability to External Adjustment -- 6.4.2.2 Vulnerability to Internal Adjustment -- 6.4.2.3 The Vulnerability Profile of the South Korean Electorate -- 6.4.3 How Vulnerabilities to Adjustment Influenced Policy Choices in South Korea -- 6.4.4 Discussion -- 6.5 Conclusion -- 6.6 Appendix: List of Interviewees.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">SEVEN Adjustment in Eastern Europe during the Global Financial Crisis -- 7.1 Eastern European Responses to the Global Financial and Economic Crisis -- 7.1.1 Internal Adjustment: The Baltics and Bulgaria -- 7.1.2 Mixed Adjustment Strategies: Hungary and Romania -- 7.1.3 External Adjustment: Czech Republic and Poland -- 7.1.4 Conclusion: Variation in Adjustment Strategies in Eastern Europe -- 7.2 Vulnerabilities to Internal and External Adjustment across Eastern Europe -- 7.2.1 Direct and Indirect Vulnerabilities to External Adjustment -- 7.2.2 Direct and Indirect Vulnerabilities to Internal Adjustment -- 7.2.3 Vulnerability Profiles in Eastern Europe -- 7.3 The 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| genre | Electronic book. |
| genre_facet | Electronic book. |
| id | ZDB-4-EBU-ocn858903131 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:11Z |
| institution | BVB |
| isbn | 9781107294042 1107294045 1139236814 9781139236812 |
| language | English |
| oclc_num | 858903131 |
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| publishDate | 2013 |
| publishDateSearch | 2013 |
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| publisher | Cambridge University Press, |
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| series | Political economy of institutions and decisions. |
| series2 | Political economy of institutions and decisions |
| spelling | Walter, Stefanie, author. http://id.loc.gov/authorities/names/n80042217 Financial crises and the politics of macroeconomic adjustments / Stefanie Walter, University of Heidelberg. New York : Cambridge University Press, [2013] 1 online resource text txt rdacontent computer c rdamedia online resource cr rdacarrier Political economy of institutions and decisions Print version record. Includes bibliographical references and index. This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. Cover -- Financial Crises and the Politics of Macroeconomic Adjustments -- Series -- Dedication -- Title -- Copyright -- Contents -- Figures -- Tables -- Preface -- ONE Introduction -- 1.1 Why Macroeconomic Adjustment Becomes Necessary -- 1.2 How and When Do Policymakers Adjust? Existing Explanations -- 1.2.1 Choosing between Internal and External Adjustment -- 1.2.2 The Timing of Macroeconomic Adjustment -- 1.2.3 Open Questions -- 1.3 The Argument -- 1.3.1 Explaining Voters' Vulnerabilities to Internal and External Adjustment -- 1.3.2 Explaining Government Choices on Type and Timing of Macroeconomic Adjustment -- 1.4 The Plan of the Book -- TWO Individual Vulnerability to Macroeconomic Adjustment -- 2.1 The Distributional Effects of External Adjustment -- 2.1.1 Direct Effects of External Adjustment on Voters -- 2.1.1.1 Relative Price Effects: Purchasing Power Concerns -- 2.1.1.2 The Financial Side: Personal Balance Sheet Concerns -- 2.1.2 Indirect Effects of External Adjustment on Voters -- 2.1.2.1 Employment-Specific Effects: Competitiveness and Financial Concerns Revisited -- 2.1.2.2 General Economic Effects of External Adjustment -- 2.1.3 The Net Effect of External Adjustment on Voters -- 2.2 The Distributional Effects of Internal Adjustment -- 2.2.1 Direct Effects of Internal Adjustment on Voters -- 2.2.1.1 Monetary Tightening: Personal Balance Sheet Concerns -- 2.2.1.2 Contractionary Fiscal Policy: Direct Effects on Voters -- 2.2.1.3 Structural Reform: Direct Effects on Voters -- 2.2.2 Indirect Effects of Internal Adjustment on Voters -- 2.2.2.1 The Employment-Specific Effect of Internal Adjustment -- 2.2.2.2 General Economic Effects of Internal Adjustment -- 2.2.3 The Net Effect of Internal Adjustment on Voters -- 2.3 The Vulnerability Profile and Voters' Preferences on External and Internal Adjustment -- 2.4 Conclusion. THREE Direct Vulnerabilities to Adjustment -- 3.1 Voter Evaluations of Economic Policy Outcomes during the 2008-2010 Global Financial and Economic Crisis: Research Design -- 3.1.1 Research Strategy -- 3.1.2 The Dependent Variable: Economic Repercussions of the Crisis -- 3.1.3 Independent Variables: Voter Vulnerabilities and Macroeconomic Adjustment Strategies -- 3.1.3.1 Direct Vulnerability to External Adjustment -- 3.1.3.2 Direct Vulnerability to Internal Adjustment -- 3.1.4 Control Variables and Method -- 3.2 How Exchange Rate Changes Affect Voters Vulnerable to External Adjustment -- 3.3 How Internal Adjustment Affects Voters' Evaluations of the Severity of Crisis Repercussions -- 3.4 Conclusion -- FOUR Indirect Vulnerabilities to Adjustment -- 4.1 How Firms Assess Their Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.1 The Data -- 4.1.2 Measuring Firm-Specific Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.3 Firm-Level and Country-Level Variation in Vulnerabilities -- 4.2 The Determinants of Firms' Vulnerabilities to External Adjustment -- 4.2.1 Operationalization -- 4.2.2 Method -- 4.2.3 Results -- 4.3 The Determinants of Firms' Vulnerabilities to Internal Adjustment -- 4.3.1 Operationalization and Method -- 4.3.2 Results -- 4.4 Firms' Overall Vulnerabilities to Macroeconomic Adjustment -- 4.4.1 Operationalization and Method -- 4.4.2 Results -- 4.5 Conclusion -- FIVE Interests, Elections, and Policymakers' Incentives to Adjust -- 5.1 To Adjust or Not to Adjust? And If So, When and How? The Government's Decision Problem -- 5.2 The Voter's Viewpoint: Policy Outcomes and Vote Choice -- 5.3 How the Electorate's Vulnerability Profile Affects Policymakers' Choices about the Speed and Type of Adjustment -- 5.3.1 The Timing of Adjustment -- 5.3.2 The Choice of Adjustment Strategies -- 5.4 Conclusion. SIX Adjustment in the Asian Financial Crisis -- 6.1 Thailand: Delayed Adjustment and Exchange-Rate Crash -- 6.1.1 Thailand's Policy Response to the Asian Financial Crisis -- 6.1.2 The Distribution of Vulnerabilities in Thailand -- 6.1.2.1 Vulnerability to External Adjustment -- 6.1.2.2 Vulnerability to Internal Adjustment -- 6.1.2.3 The Vulnerability Profile of the Thai Electorate -- 6.1.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Thailand -- 6.1.4 Discussion -- 6.2 Taiwan: Speedy External Adjustment -- 6.2.1 Taiwan's Policy Response to the Asian Financial Crisis -- 6.2.2 The Distribution of Vulnerabilities in Taiwan -- 6.2.2.1 Vulnerability to External Adjustment -- 6.2.2.2 Vulnerability to Internal Adjustment -- 6.2.2.3 The Electorate's Vulnerability Profile in Taiwan -- 6.2.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Taiwan -- 6.2.4 Discussion -- 6.3 Hong Kong: Immediate Internal Adjustment -- 6.3.1 Hong Kong's Policy Response to the Asian Financial Crisis -- 6.3.2 The Distribution of Vulnerabilities in Hong Kong -- 6.3.2.1 Vulnerability to External Adjustment -- 6.3.2.2 Vulnerability to Internal Adjustment -- 6.3.2.3 The Vulnerability Profile of Hong Kong's Electorate -- 6.3.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Hong Kong -- 6.3.4 Discussion -- 6.4 South Korea: Delayed Adjustment and Exchange-Rate Crash -- 6.4.1 South Korea's Policy Response to the Asian Financial Crisis -- 6.4.2 The Distribution of Vulnerabilities in South Korea -- 6.4.2.1 Vulnerability to External Adjustment -- 6.4.2.2 Vulnerability to Internal Adjustment -- 6.4.2.3 The Vulnerability Profile of the South Korean Electorate -- 6.4.3 How Vulnerabilities to Adjustment Influenced Policy Choices in South Korea -- 6.4.4 Discussion -- 6.5 Conclusion -- 6.6 Appendix: List of Interviewees. SEVEN Adjustment in Eastern Europe during the Global Financial Crisis -- 7.1 Eastern European Responses to the Global Financial and Economic Crisis -- 7.1.1 Internal Adjustment: The Baltics and Bulgaria -- 7.1.2 Mixed Adjustment Strategies: Hungary and Romania -- 7.1.3 External Adjustment: Czech Republic and Poland -- 7.1.4 Conclusion: Variation in Adjustment Strategies in Eastern Europe -- 7.2 Vulnerabilities to Internal and External Adjustment across Eastern Europe -- 7.2.1 Direct and Indirect Vulnerabilities to External Adjustment -- 7.2.2 Direct and Indirect Vulnerabilities to Internal Adjustment -- 7.2.3 Vulnerability Profiles in Eastern Europe -- 7.3 The Distributional Politics of Adjustment to the Global Financial Crisis -- 7.3.1 Strong Support for Painful Reform: The Baltics and Bulgaria -- 7.3.2 A Mixed Bag: Hungary and Romania -- 7.3.3 Uncontroversial External Adjustment: The Czech Republic and Poland -- 7.4 Conclusion -- EIGHT Conclusions -- 8.1 Agenda for Future Research -- 8.2 Policy Implications -- References -- Index -- Series. Economic stabilization Political aspects. Financial crises. Stabilisation économique Aspect politique. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh Economic stabilization Political aspects fast Financial crises fast Politische Ökonomie gnd http://d-nb.info/gnd/4115586-5 Wirtschaftslenkung gnd http://d-nb.info/gnd/4066470-3 Finanzkrise gnd http://d-nb.info/gnd/7635855-0 Makroökonomie gnd http://d-nb.info/gnd/4037174-8 Entscheidungsfindung gnd http://d-nb.info/gnd/4113446-1 Entscheidungsträger gnd http://d-nb.info/gnd/4204152-1 Stabilitätspolitik gnd http://d-nb.info/gnd/4077791-1 Wahlverhalten gnd http://d-nb.info/gnd/4079009-5 Electronic book. Print version: Walter, Stefanie. Financial crises and the politics of macroeconomic adjustments 1139236814 (DLC) 2013009472 Political economy of institutions and decisions. http://id.loc.gov/authorities/names/n84729581 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=604631 Volltext |
| spellingShingle | Walter, Stefanie Financial crises and the politics of macroeconomic adjustments / Political economy of institutions and decisions. Cover -- Financial Crises and the Politics of Macroeconomic Adjustments -- Series -- Dedication -- Title -- Copyright -- Contents -- Figures -- Tables -- Preface -- ONE Introduction -- 1.1 Why Macroeconomic Adjustment Becomes Necessary -- 1.2 How and When Do Policymakers Adjust? Existing Explanations -- 1.2.1 Choosing between Internal and External Adjustment -- 1.2.2 The Timing of Macroeconomic Adjustment -- 1.2.3 Open Questions -- 1.3 The Argument -- 1.3.1 Explaining Voters' Vulnerabilities to Internal and External Adjustment -- 1.3.2 Explaining Government Choices on Type and Timing of Macroeconomic Adjustment -- 1.4 The Plan of the Book -- TWO Individual Vulnerability to Macroeconomic Adjustment -- 2.1 The Distributional Effects of External Adjustment -- 2.1.1 Direct Effects of External Adjustment on Voters -- 2.1.1.1 Relative Price Effects: Purchasing Power Concerns -- 2.1.1.2 The Financial Side: Personal Balance Sheet Concerns -- 2.1.2 Indirect Effects of External Adjustment on Voters -- 2.1.2.1 Employment-Specific Effects: Competitiveness and Financial Concerns Revisited -- 2.1.2.2 General Economic Effects of External Adjustment -- 2.1.3 The Net Effect of External Adjustment on Voters -- 2.2 The Distributional Effects of Internal Adjustment -- 2.2.1 Direct Effects of Internal Adjustment on Voters -- 2.2.1.1 Monetary Tightening: Personal Balance Sheet Concerns -- 2.2.1.2 Contractionary Fiscal Policy: Direct Effects on Voters -- 2.2.1.3 Structural Reform: Direct Effects on Voters -- 2.2.2 Indirect Effects of Internal Adjustment on Voters -- 2.2.2.1 The Employment-Specific Effect of Internal Adjustment -- 2.2.2.2 General Economic Effects of Internal Adjustment -- 2.2.3 The Net Effect of Internal Adjustment on Voters -- 2.3 The Vulnerability Profile and Voters' Preferences on External and Internal Adjustment -- 2.4 Conclusion. THREE Direct Vulnerabilities to Adjustment -- 3.1 Voter Evaluations of Economic Policy Outcomes during the 2008-2010 Global Financial and Economic Crisis: Research Design -- 3.1.1 Research Strategy -- 3.1.2 The Dependent Variable: Economic Repercussions of the Crisis -- 3.1.3 Independent Variables: Voter Vulnerabilities and Macroeconomic Adjustment Strategies -- 3.1.3.1 Direct Vulnerability to External Adjustment -- 3.1.3.2 Direct Vulnerability to Internal Adjustment -- 3.1.4 Control Variables and Method -- 3.2 How Exchange Rate Changes Affect Voters Vulnerable to External Adjustment -- 3.3 How Internal Adjustment Affects Voters' Evaluations of the Severity of Crisis Repercussions -- 3.4 Conclusion -- FOUR Indirect Vulnerabilities to Adjustment -- 4.1 How Firms Assess Their Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.1 The Data -- 4.1.2 Measuring Firm-Specific Vulnerabilities to Exchange-Rate and Monetary Policy -- 4.1.3 Firm-Level and Country-Level Variation in Vulnerabilities -- 4.2 The Determinants of Firms' Vulnerabilities to External Adjustment -- 4.2.1 Operationalization -- 4.2.2 Method -- 4.2.3 Results -- 4.3 The Determinants of Firms' Vulnerabilities to Internal Adjustment -- 4.3.1 Operationalization and Method -- 4.3.2 Results -- 4.4 Firms' Overall Vulnerabilities to Macroeconomic Adjustment -- 4.4.1 Operationalization and Method -- 4.4.2 Results -- 4.5 Conclusion -- FIVE Interests, Elections, and Policymakers' Incentives to Adjust -- 5.1 To Adjust or Not to Adjust? And If So, When and How? The Government's Decision Problem -- 5.2 The Voter's Viewpoint: Policy Outcomes and Vote Choice -- 5.3 How the Electorate's Vulnerability Profile Affects Policymakers' Choices about the Speed and Type of Adjustment -- 5.3.1 The Timing of Adjustment -- 5.3.2 The Choice of Adjustment Strategies -- 5.4 Conclusion. SIX Adjustment in the Asian Financial Crisis -- 6.1 Thailand: Delayed Adjustment and Exchange-Rate Crash -- 6.1.1 Thailand's Policy Response to the Asian Financial Crisis -- 6.1.2 The Distribution of Vulnerabilities in Thailand -- 6.1.2.1 Vulnerability to External Adjustment -- 6.1.2.2 Vulnerability to Internal Adjustment -- 6.1.2.3 The Vulnerability Profile of the Thai Electorate -- 6.1.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Thailand -- 6.1.4 Discussion -- 6.2 Taiwan: Speedy External Adjustment -- 6.2.1 Taiwan's Policy Response to the Asian Financial Crisis -- 6.2.2 The Distribution of Vulnerabilities in Taiwan -- 6.2.2.1 Vulnerability to External Adjustment -- 6.2.2.2 Vulnerability to Internal Adjustment -- 6.2.2.3 The Electorate's Vulnerability Profile in Taiwan -- 6.2.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Taiwan -- 6.2.4 Discussion -- 6.3 Hong Kong: Immediate Internal Adjustment -- 6.3.1 Hong Kong's Policy Response to the Asian Financial Crisis -- 6.3.2 The Distribution of Vulnerabilities in Hong Kong -- 6.3.2.1 Vulnerability to External Adjustment -- 6.3.2.2 Vulnerability to Internal Adjustment -- 6.3.2.3 The Vulnerability Profile of Hong Kong's Electorate -- 6.3.3 How Vulnerabilities to Adjustment Influenced Policy Choices in Hong Kong -- 6.3.4 Discussion -- 6.4 South Korea: Delayed Adjustment and Exchange-Rate Crash -- 6.4.1 South Korea's Policy Response to the Asian Financial Crisis -- 6.4.2 The Distribution of Vulnerabilities in South Korea -- 6.4.2.1 Vulnerability to External Adjustment -- 6.4.2.2 Vulnerability to Internal Adjustment -- 6.4.2.3 The Vulnerability Profile of the South Korean Electorate -- 6.4.3 How Vulnerabilities to Adjustment Influenced Policy Choices in South Korea -- 6.4.4 Discussion -- 6.5 Conclusion -- 6.6 Appendix: List of Interviewees. SEVEN Adjustment in Eastern Europe during the Global Financial Crisis -- 7.1 Eastern European Responses to the Global Financial and Economic Crisis -- 7.1.1 Internal Adjustment: The Baltics and Bulgaria -- 7.1.2 Mixed Adjustment Strategies: Hungary and Romania -- 7.1.3 External Adjustment: Czech Republic and Poland -- 7.1.4 Conclusion: Variation in Adjustment Strategies in Eastern Europe -- 7.2 Vulnerabilities to Internal and External Adjustment across Eastern Europe -- 7.2.1 Direct and Indirect Vulnerabilities to External Adjustment -- 7.2.2 Direct and Indirect Vulnerabilities to Internal Adjustment -- 7.2.3 Vulnerability Profiles in Eastern Europe -- 7.3 The Distributional Politics of Adjustment to the Global Financial Crisis -- 7.3.1 Strong Support for Painful Reform: The Baltics and Bulgaria -- 7.3.2 A Mixed Bag: Hungary and Romania -- 7.3.3 Uncontroversial External Adjustment: The Czech Republic and Poland -- 7.4 Conclusion -- EIGHT Conclusions -- 8.1 Agenda for Future Research -- 8.2 Policy Implications -- References -- Index -- Series. Economic stabilization Political aspects. Financial crises. Stabilisation économique Aspect politique. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh Economic stabilization Political aspects fast Financial crises fast Politische Ökonomie gnd http://d-nb.info/gnd/4115586-5 Wirtschaftslenkung gnd http://d-nb.info/gnd/4066470-3 Finanzkrise gnd http://d-nb.info/gnd/7635855-0 Makroökonomie gnd http://d-nb.info/gnd/4037174-8 Entscheidungsfindung gnd http://d-nb.info/gnd/4113446-1 Entscheidungsträger gnd http://d-nb.info/gnd/4204152-1 Stabilitätspolitik gnd http://d-nb.info/gnd/4077791-1 Wahlverhalten gnd http://d-nb.info/gnd/4079009-5 |
| subject_GND | http://d-nb.info/gnd/4115586-5 http://d-nb.info/gnd/4066470-3 http://d-nb.info/gnd/7635855-0 http://d-nb.info/gnd/4037174-8 http://d-nb.info/gnd/4113446-1 http://d-nb.info/gnd/4204152-1 http://d-nb.info/gnd/4077791-1 http://d-nb.info/gnd/4079009-5 |
| title | Financial crises and the politics of macroeconomic adjustments / |
| title_auth | Financial crises and the politics of macroeconomic adjustments / |
| title_exact_search | Financial crises and the politics of macroeconomic adjustments / |
| title_full | Financial crises and the politics of macroeconomic adjustments / Stefanie Walter, University of Heidelberg. |
| title_fullStr | Financial crises and the politics of macroeconomic adjustments / Stefanie Walter, University of Heidelberg. |
| title_full_unstemmed | Financial crises and the politics of macroeconomic adjustments / Stefanie Walter, University of Heidelberg. |
| title_short | Financial crises and the politics of macroeconomic adjustments / |
| title_sort | financial crises and the politics of macroeconomic adjustments |
| topic | Economic stabilization Political aspects. Financial crises. Stabilisation économique Aspect politique. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh Economic stabilization Political aspects fast Financial crises fast Politische Ökonomie gnd http://d-nb.info/gnd/4115586-5 Wirtschaftslenkung gnd http://d-nb.info/gnd/4066470-3 Finanzkrise gnd http://d-nb.info/gnd/7635855-0 Makroökonomie gnd http://d-nb.info/gnd/4037174-8 Entscheidungsfindung gnd http://d-nb.info/gnd/4113446-1 Entscheidungsträger gnd http://d-nb.info/gnd/4204152-1 Stabilitätspolitik gnd http://d-nb.info/gnd/4077791-1 Wahlverhalten gnd http://d-nb.info/gnd/4079009-5 |
| topic_facet | Economic stabilization Political aspects. Financial crises. Stabilisation économique Aspect politique. BUSINESS & ECONOMICS Economics Macroeconomics. POLITICAL SCIENCE Economic Conditions. Economic stabilization Political aspects Financial crises Politische Ökonomie Wirtschaftslenkung Finanzkrise Makroökonomie Entscheidungsfindung Entscheidungsträger Stabilitätspolitik Wahlverhalten Electronic book. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=604631 |
| work_keys_str_mv | AT walterstefanie financialcrisesandthepoliticsofmacroeconomicadjustments |