Financial globalisation, state autonomy and modern financial instruments: The case of Brazil

Research output: Contribution to journalArticlepeer-review

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 languageEnglish
Pages (from-to)433-449
Number of pages17
JournalGlobalizations
Volume6
Issue number4
DOIs
Publication statusPublished - 2009

Keywords

  • Brazil
  • Credit default swap
  • Financial markets
  • Globalisation
  • Inflation-linked bonds

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