Introduction

Conti, V.; Hamaui, Rony

doi:10.1007/978-94-011-1208-6_1

Cited by 19 publications

(1 citation statement)

References 4 publications

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“…Third, resident investors are often individual -'Belgian dentists and Italian grandmothers' -rather than institutional (professional) investors. For instance, household investors traditionally held most Italian government securities; institutional investors played a relatively marginal role, holding only 11% of bonds in the early 1990s, compared with approximately 45% of outstanding bonds in the UK and France (Conti and Hamaui, 1994). Individual investors may act differently not because of nationality but because of different asset allocation processes.…”

Section: Resident Investment and Debt Managementmentioning

confidence: 99%

Government–Financial Market Relations after EMU

Mosley

2004

European Union Politics

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A B S T R A C TThe European Monetary Union (EMU) has generated a variety of changes, including the loss of national monetary policy autonomy and the creation of deeper integrated intra-European markets for goods, services, and financial instruments. This article explores the extent to which EMU has changed the ways in which and the extent to which international financial markets influence national policy choices. There are important reasons to expect that financial markets exert greater influence on governments after EMU; for instance, governments now borrow in what is essentially a foreign currency. This change might serve to heighten the perceived danger of default in Europe. At the same time, however, financial markets appear to reward governments for the fiscal consolidation and increased market liquidity that flow from the single currency. I argue that, as a result of these offsetting trends, there have thus far been no dramatic changes in financial market-government relations. Although governments continue to face external pressures on domestic policy-making, these pressures may be only slightly more severe for EMU than for non-EMU countries.As in the past, domestic politics and institutions will be as important as, if not more important than, financial market pressures in EU governments' policy decisions.

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Section: Resident Investment and Debt Managementmentioning

confidence: 99%

Government–Financial Market Relations after EMU

Mosley

2004

European Union Politics

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Global Capital and National Governments

Mosley

2001

431

279

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Global Capital and National Governments, first published in 2003, suggests that international financial integration does not mean the end of social democratic welfare policies. Capital market openness allows participants to react swiftly and severely to government policy; but in the developed world, capital market participants consider only a few government policies when making decisions. Governments that conform to capital market pressures in macroeconomic areas remain relatively unconstrained in supply-side and micro-economic policy areas. Therefore, despite financial globalization, cross-national policy divergence among advanced democracies remains likely. Still, in the developing world, the influence of financial markets on government policy autonomy is more pronounced. The risk of default renders market participants willing to consider a range of government policies in investment decisions. This inference, however, must be tempered with awareness that governments retain choice. As evidence for its conclusions, Global Capital and National Governments draws on interviews with fund managers, quantitative analyses, and archival investment banking materials.

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National Governments and Global Capital: A Recasting

Mosley¹

2001

Global Capital and National Governments

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Introduction

Cited by 19 publications

References 4 publications

Government–Financial Market Relations after EMU

Government–Financial Market Relations after EMU

Global Capital and National Governments

National Governments and Global Capital: A Recasting

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