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Palgrave Macmillan

Freedom and Finance

Democratization and Institutional Investors in Developing Countries

  • Book
  • © 2001

Overview

Authors:
  1. Mary Ann Haley

    1. Fairfield University, USA

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Part of the book series: International Political Economy Series (IPES)

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xiv
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  2. Introduction: Private Investment Flows and Institutional Investors

    • Mary Ann Haley
    Pages 1-23

  3. Institutional Investors as Political Actors

    • Mary Ann Haley
    Pages 24-43

  4. Institutional Investor Preferences

    • Mary Ann Haley
    Pages 44-65

  5. Expression of Preferences: Systems of Investor Knowledge

    • Mary Ann Haley
    Pages 66-112

  6. Expression of Preferences: Front-running, Investor Activism, and Other Market Influences

    • Mary Ann Haley
    Pages 113-130

  7. Democratization and the Institutional Investor

    • Mary Ann Haley
    Pages 131-164

  8. Back Matter

    Pages 165-200
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Keywords

About this book

Within a decade, private capital surpassed aid as the primary capital source for developing countries. This book explores how the increase of private funds, in particular portfolio capital, effects democratization in developing countries. A probe into institutional investors' coordination, asset concentration, political preferences, and activism, provides a framework for understanding the politics of international financial constraints. Highlighting the dilemma presented by international finance's simultaneous emphasis on austerity and stability, the question of whether this public-to-private shift might facilitate an anti-democratic strain is examined.

Reviews

Mary Ann Haley directly tackles, and conclusively refutes, a crucial tenet of the contemporary international financial liberalizers: their claim that laissez faire international capital flows promote freedom in developing countries. Her careful study demonstrates that capital account liberalization, demanded from abroad, severely constrains the economic policy options of elected leaders in emerging market countries...This book provides a timely and important counter-weight to the prevalent, but mistaken, claim that open capital markets, including for short-term flows, and democracy reinforce one another.' - Leslie Elliott Armijo, Visiting Scholar, Reed College

Authors and Affiliations

  • Fairfield University, USA

    Mary Ann Haley

About the author

MARY ANN HALEY is a Lecturer at Fairfield University in Connecticut. Her previous publications include Emerging Market Makers: The Power of Institutional Investors. She has served as vice president of Intercontinental Publications; a company dedicated to technology transfer to developing countries.

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