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Max Nagel (Scuola Normale Superiore) gives a talk on “Monetary and financial governance in Argentine and Chile: The impact of social consensus on institutional stability and change”

Dates:
  • Tue 15 Oct 2019 16.00 - 18.00
  Add to Calendar 2019-10-15 16:00 2019-10-15 18:00 Europe/Paris Max Nagel (Scuola Normale Superiore) gives a talk on “Monetary and financial governance in Argentine and Chile: The impact of social consensus on institutional stability and change”

Political Economy Working Group

Abstract: "The search among emerging markets and developing countries for a stable monetary and financial governance regime to protect against crises is ongoing for decades. Some of them, such as Chile and South Korea, successfully adjusted their regimes while others like Argentina did less so. What explains the divergence of this adjustment processes and the subsequent stability of the monetary and financial governance regime? A twofold argument is advanced in this chapter. The existence of a social consensus regarding objectives and conduct of monetary and financial policies is crucial for the depoliticization of a stable monetary and financial governance regime. A social consensus based on a pragmatic governance regime entailing the ability for continuous adjustments against the back- ground of a rapidly changing international monetary and financial system, is more likely to prevent crises. It leads to relative institutional stability that is characterized by incremental change as opposed to punctuated change such as occurring under orthodox governance regimes.
To make this case, a comparative, socio-historical analysis of changes of governance regimes in Chile and Argentina since the 1970s is conducted. Chile successfully adopted and depoliticized a pragmatic monetary and financial governance regime based on the experience of the 1982 debt crisis. Argentina, in contrast, adopted a pragmatic governance regime only for a brief period (2003-2007) but could not depoliticize it, resulting in recurring crises and punctuated change."

Sala del Capitolo, Badia Fiesolana DD/MM/YYYY
  Sala del Capitolo, Badia Fiesolana

Political Economy Working Group

Abstract: "The search among emerging markets and developing countries for a stable monetary and financial governance regime to protect against crises is ongoing for decades. Some of them, such as Chile and South Korea, successfully adjusted their regimes while others like Argentina did less so. What explains the divergence of this adjustment processes and the subsequent stability of the monetary and financial governance regime? A twofold argument is advanced in this chapter. The existence of a social consensus regarding objectives and conduct of monetary and financial policies is crucial for the depoliticization of a stable monetary and financial governance regime. A social consensus based on a pragmatic governance regime entailing the ability for continuous adjustments against the back- ground of a rapidly changing international monetary and financial system, is more likely to prevent crises. It leads to relative institutional stability that is characterized by incremental change as opposed to punctuated change such as occurring under orthodox governance regimes.
To make this case, a comparative, socio-historical analysis of changes of governance regimes in Chile and Argentina since the 1970s is conducted. Chile successfully adopted and depoliticized a pragmatic monetary and financial governance regime based on the experience of the 1982 debt crisis. Argentina, in contrast, adopted a pragmatic governance regime only for a brief period (2003-2007) but could not depoliticize it, resulting in recurring crises and punctuated change."


Location:
Sala del Capitolo, Badia Fiesolana

Affiliation:
Department of Political and Social Sciences

Type:
Working group

Discussant:
Max Nagel (Scuola Normale Superiore)

Organiser:
Prof. Dorothee Bohle (EUI - Department of Political and Social Sciences)
Jasper Paul Simons (EUI - Department of Political and Social Sciences)
Timo Seidl (EUI - Department of Political and Social Sciences)

Contact:
Jennifer Rose Dari (EUI - Department of Political and Social Sciences) - Send a mail
 
 

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