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1、ThePoliticsofMarketDisciplineinLatinAmericaThePoliticsofMarketDisciplineinLatinAmericausesamultimethodapproachtochallengetheconventionalwisdomthatfinancialmarketsimposebroadandsevereconstraintsoverleftisteconomicpoliciesinemergingmarketcountries.Itshows,rather,thatin
2、LatinAmericathisinfluencevariesmarkedlyamongcountriesandovertime,dependingoncyclesofcurrencyboomsandcrisesexogenoustopolicymaking.Marketdisciplineisstrongestduringperiodsofdollarscarcitythat,inthelow-savings,commodity-exportingcountriesoftheregion,hap-penwhencommodit
3、ypricesarehighandinternationalinterestratesarelow.Inperiodsofdollarabundance,whentheoppositeoccurs,markets’capacitytoconstrainleftistgovernmentsbecomesverylim-ited.Ultimately,DanielaCampelloarguesthatfinancialintegrationshouldforcealong-termmoderationoftheLeftinecono
4、mieslesssubjecttothesecycles,butnotinthosemostvulnerabletothem.DanielaCampelloisanassistantprofessorofpoliticsandinter-nationalaffairsattheGetulioVargasFoundation(FGV),Brazil.´BeforejoiningtheFGVinJuly2013,Campellowasanassistantprofessorinthedepartmentofpoliticsanda
5、ttheWoodrowWilsonSchoolofPublicandInternationalAffairsatPrincetonUniversity.HerworkhasbeenpublishedinComparativePoliticalStudies,ReviewofInternationalPoliticalEconomy,andTheOxfordHand-bookofLatinAmericanPoliticalEconomy,andineditedvolumespublishedintheUnitedStates,S
6、pain,Uruguay,andBrazil.ThePoliticsofMarketDisciplineinLatinAmericaGlobalizationandDemocracyDANIELACAMPELLOGetulioVargasFoundation(FGV),Brazil´32AvenueoftheAmericas,NewYork,NY10013-2473,USACambridgeUniversityPressispartoftheUniversityofCambridge.ItfurtherstheUniversi
7、ty’smissionbydisseminatingknowledgeinthepursuitofeducation,learning,andresearchatthehighestinternationallevelsofexcellence.www.cambridge.orgInformationonthistitle:www.cambridge.org/9781107039254cDanielaCampello2015Thispublicationisincopyright.Subjecttostatutoryexce
8、ptionandtotheprovisionsofrelevantcollectivelicensingagreements,noreproductionofanypartmaytakeplacewithoutthewrittenpermissionofCambridgeUn
