How Presidents Answer the Call of International Capital

IF 1.6 Q2 POLITICAL SCIENCE Journal of Politics in Latin America Pub Date : 2023-11-01 DOI:10.1177/1866802x231210581
Christian Arnold, David Doyle, Nina Wiesehomeier
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Abstract

How do governments manage expectations from international capital keen on pressuring them into adopting market-oriented economic policies during times of crises? Studying executive communication in 267 annual state-of-the-union speeches in 12 Latin American countries between 1980 and 2014 reveals two broad options for strategic position-taking on economic policies. First, when times are dire, presidents not only talk more about the economy and less about social policy, but they also attempt to repurpose other policies as an investment in development. Second, economic turmoil encourages presidents to signal policies, which are appealing to international capital owners. However, while currency crises exert more enduring pressure, the effects of loan crises are more fleeting. Our results are particularly relevant to all who seek to understand how governments use public statements to address pressures from financial markets.
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美国总统如何应对国际资本的召唤
在危机时期,各国政府如何管理国际资本的期望,这些资本急于迫使政府采取以市场为导向的经济政策?通过研究1980年至2014年间12个拉美国家267次年度国情咨文演讲中的高管沟通,我们发现在经济政策上采取战略立场有两种广泛的选择。首先,当形势严峻时,总统不仅更多地谈论经济,更少谈论社会政策,而且还试图将其他政策重新定位为对发展的投资。其次,经济动荡促使总统发出对国际资本所有者有吸引力的政策信号。然而,尽管货币危机带来的压力更为持久,但贷款危机的影响更为短暂。我们的研究结果对所有想要了解政府如何利用公开声明来应对金融市场压力的人来说都特别重要。
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来源期刊
CiteScore
2.00
自引率
0.00%
发文量
13
审稿时长
8 weeks
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