Banking and Financial Circuits and the Role of the State
Edited by Louis-Philippe Rochon and Mario Seccareccia
Chapter 12: Public expenditure and deficits: the emerging countries’ financial circuits and crises
Amid the uncertainty generated by the Great Crisis, the most conservative parties and political forces have increased their power in various countries. Such governments have subordinated their policies to the objectives of the current local political situation, regardless of facing a crisis that extends well beyond their time in office and their countries’ borders. Thus, whatever their ideological identity, they have committed themselves to financial stability and to the objectives of the local financial oligarchy. The same can be observed in the United States, Germany and Japan, as well as in Spain and France, or in Mexico and Chile. Slowly yet surely, the top managers of many banks and large financial entities have absconded from the limelight, triumphantly shifting the focus of public scrutiny to governments and public finances with the invaluable help of the media, an assortment of international financial institutions, the rating agencies and an enormous number of advisors and orthodox economists.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.