Monetary Divergence: Domestic Policy Autonomy in the Post-Bretton Woods Era

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University of Michigan Press, Oct 8, 2009 - Business & Economics - 184 pages

"In a meticulously researched study, David Bearce demonstrates that, contrary to predictions, financial globalization has not resulted in a systematic convergence of national monetary policies. The book is a must-read for students of the political economy of international finance. Highlighting the critical role of partisan politics in determining policy outcomes, Bearce adds a new and important dimension to our understanding of the impacts of international capital mobility in the contemporary era."

—Benjamin Jerry Cohen, University of California, Santa Barbara

"Bearce offers a compelling analysis of partisan economic policy in an open economy. By analyzing both fiscal and monetary policies, Bearce extends our understanding of how the electoral imperative conditions policy behavior. His conclusions will have to be addressed in any

future debate about the topic."
—William Bernhard, University of Illinois at Urbana-Champaign

"Interest group divisions over exchange rates and macroeconomic policy have been at the center of international political economy research for about 20 years. Political scientists have studied these cleavages, focusing on the policy interests of various industry groups. On a separate but parallel track, another group of researchers explored the relationship between partisan politics and macroeconomic policy choices. In this exceptionally well researched book, Bearce integrates these two analytical traditions. Noting that industry groups are typically important organized constituents in left-wing and right-wing political parties, Bearce demonstrates how macroeconomic policy outcomes in advanced countries vary systematically with the alternation of political parties in government."
—J. Lawrence Broz, University of California, San Diego

David H. Bearce is Assistant Professor of Political Science at the University of Pittsburgh.

 

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Contents

1 Introduction
1
2 The Monetary Convergence Hypothesis
13
3 Evidence of Monetary Divergence
31
4 From Fiscal to Monetary Divergence
53
5 Explaining Divergence in the Policy Mix
73
6 Illustrating Partisan Divergence in the Policy Mix
99
7 Expanding the Argument
125
References
139
Index
153
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