Growth, Debt, and Politics: Economic Adjustment and the Political Performance of Developing Countries

By Lewis W. Snider | Go to book overview

Advanced Developing Countries
Korea
Israel
Singapore
Taiwan
Yugoslavia

Advanced Industrialized Countries
Japan

Notes
1.
Formality of institutions refers to the degree to which operations actually converge with what is constitutionally prescribed and defined, whereas credibility implies a belief or a judgment that there is sufficient convergence between the two domains. The two words, however, are used almost interchangeably in this chapter.
2.
For example, Bolivia and Brazil since 1985, Argentina under Raùl Alfonsin, Peru under Alan Garcia, the Philippines under Ferdinand Marcos, Zaire under Mobuto Sese Seko and Kenya under Daniel Erap Moi.
3.
See North and Weingast ( 1989) for an analysis of the political institutions of seventeenth century England leading up to the Revolution of 1688 and how the revolution led to the development of the English capital market.
4.
For example, suppose an industrialist obtains an import license for $100,000 to purchase TV screens. His projected need, however, is for only $50,000. He then sells the remaining $50,000 at a 10 percent premium to a competitor whose allocation from the state was insufficient to meet his needs. The 10 percent gain represents a rent. It is a gain derived not from any value added, but rather from the manipulation of scarcity.
5.
Irreversibility of investment means that it is not possible to sell the capital goods at their purchase price. When irreversibilities become salient, capital stocks cannot be adjusted instantly and costlessly. Hence uncertainties about the future environment become important decision criteria.
6.
Interval level measurement means the intervals on the scale are equal; whereas ordinal-level data are based on a scale that can distinguish whether an observation is greater (or less) than another, but cannot specify by how much.
7.
M2 is broadly defined money based on the IMF's International Financial Statistics (IFS). Broadly defined money comprises most liabilities of a country's monetary institutions to residents other than the central government. For most countries this is the sum of money, M1 (currency outside banks and demand deposits, IFS, line 34) and quasi-money (time and savings deposits and other bank accounts that the issuer can exchange for money with little if any delay or penalty). Where nonmonetary financial institutions are important issuers of quasi-money liabilities, these are often included in the measure of broadly defined money.
8.
For the purposes of internal validity, it is important to demonstrate that contract-intensive money is measuring institutional credibility and not simply financial depth. Clagueet al. introduce the variable M2/GDP to measure financial sophistication ( Clagueet al. 1995: 11) and demonstrate that it is ( Clagueet al. 1995: 14, 16-18).

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