The International Political Economy of Money and Credit

Session Submission Type: Full Paper Panel

Session Description

The aim of this panel to provide a forum for leading scholars in international political economy working on the dynamic interplay between politics and global financial markets to present recent findings on the nexus between sovereign debt, monetary policy, financial crises, and tectonic political shifts. For example, a central stream of the recent political economy literature places the financial consequences of the Global Financial Crisis at the center in the debate concerning the rise of populist movements. Furthermore, an increasing number of contributions are analyzing the role of rising inequality and its effect on the emergence of populism and party fragmentation. Whereas governments under severe fiscal stress – such as the administration in Italy – have opted to mobilize voters against the EU and are vividly attacking existing institutional safeguards, populist governments elsewhere have been succeeding in undermining central bank independence. For example, in Turkey; a government that does not believe in interest rate mechanisms as a means of effective monetary policy has switched out its central bank governor that was unwilling to bend to the government’s will. To date little is known about the political-economic mechanisms behind these movements and their effectiveness to shape the political debate and process. Thus, the guiding theme of this panel is to identify and decipher these underlying political mechanisms in a systematic fashion and contribute novel insights into the larger international political economy debate.

Sub Unit

• Division 16: International Political Economy

Discussants

• Timm Betz Technical University of Munich

• Andreas Kern Georgetown University

Individual Presentations

• What Influences Learning from Financial Crisis? The Role of IMF Programs and CBI - Puspa D Amri, Sonoma State University; Thomas D. Willett, Claremont Graduate University; Greg Richey, California State University San Bernardio

• The Political Consequences of Household Wealth Shocks - Andrew Walter, School of Social and Political Sciences, University of Melbourne; Jeffrey M. Chwieroth, London School of Economics; Jonathan Hopkin, London School of Economics; Giovanni Francesco Angioni, London School of Economics and Political Science

• How Governments Shape Peer Networks in Sovereign Bond Markets - Jared Falkenberg Edgerton, Ohio State University; Sarah M. Brooks, Ohio State University; Layna Mosley, Princeton University