Rövid leírás:
Why do some governments borrow from China, while others borrow from the United States or the International Monetary Fund (IMF)? This book systematically explains how governments choose among competing loan offers. As the strings attached to loans vary across creditors, domestic interest groups prefer one type of creditor to the other. However, interest groups disagree about which creditor is preferable. Governments cater to whichever domestic interest group coalition is dominant by borrowing from the coalition’s preferred creditor. The book offers evidence from Ecuador, Peru, and Colombia as well as an extensive statistical analysis. The results show that borrowing portfolios around the world reflect the relative strength of societal interest groups.
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Hosszú leírás:
Credit is the lifeblood of capitalism and development. Brazil, Russia, India, and China-also called BRICs-have become important creditors to developing countries. However, how will their loans affect economic development and democracy in recipient countries? We need to understand why governments accept Chinese over Western loan offers before we can predict their likely consequences. In Raise the Debt, Jonas B. Bunte systematically explains how governments choose among competing loan offers. Using statistical analyses and extensive interview data, he shows that the strings attached to loans vary across creditors. Consequently, one domestic interest group may benefit from Chinese credit but not U.S. loans, while the opposite is the case for other groups. Bunte provides evidence that governments cater to whichever domestic interest group is politically dominant when deciding between competing loan offers. Combining a comparative politics approach with international political economy methods, Raise the Debt shows how a deeper understanding of governments’ borrowing decisions is critical for gaining insights into how these loans could impact growth and democracy on a global scale.
Bunte reminds us that governments’ borrowing is often multifaceted: they may access credit from international financial institutions, western governments, BRICS governments or private capital markets. Raise the Debt highlights the strategic nature of developing countries’ choices among creditors. Through a combination of detailed country case studies, rich interview evidence and careful statistical analyses, Bunte convincingly demonstrates that this variation in sources of credit is related systematically to the domestic politics of debtor countries.” -Layna Mosley, University of North Carolina at Chapel Hill
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Tartalomjegyzék:
Acknowledgements
Dedication
List of Tables
List of Figures
1 Explaining Variation in Borrowing Portfolios
2 How Governments Choose Their Creditors
I Qualitative Evidence
3 Tracing the Process of Borrowing with Fieldwork
4 Ecuador: A Corporatist Coalition chooses BRIC loans
5 Colombia: A Capital Coalition prefers Private Creditors
6 Peru: A Consumer Coalition wants Western Creditors
II Quantitative Evidence
7 Generalizing the Findings with Statistical Analyses
8 Measuring Borrowing Portfolios and Group Strength
9 Governments’ Borrowing Decisions across the Developing World
10 Evaluating Alternative Explanations
11 Why Greater Choice Matters for Developing Countries
Bibliography
