Abstract
This article examines the impact of innovative financial instruments on the relationship between states and financial markets. Using the example of Brazil in the period after 2000, this paper argues that growth in credits default swaps and inflation-linked bond markets have had a tangible impact on this relationship. Growth in these markets has afforded the Brazilian state more autonomy and lessened the normative power of financial markets. This paper shows that developments in global financial markets do not always result in a diminution of state power.
Original language | English |
---|---|
Pages (from-to) | 433-449 |
Number of pages | 17 |
Journal | Globalizations |
Volume | 6 |
Issue number | 4 |
DOIs | |
Publication status | Published - 2009 |
Keywords
- Brazil
- Credit default swap
- Financial markets
- Globalisation
- Inflation-linked bonds