Abstract

Recent debates on financialization in emerging market economies highlight the terms of unequal exchange that they are embedded in, where international capital flows steered by powerful financial actors and transnationalized banks have a major impact on economic growth performance. As a result, many of the small open economies in the Global South have become increasingly sensitive to international market volatilities, as the post-2008 Global Financial Crisis (GFC) episode has shown. Yet, we know much less about the political implications of these interactions. How do unequal financial relations influence political trajectories in emerging market economies? Using process tracing and based on original evidence from Turkey, we find that when GDP growth is dependent on financial inflows under a credit-led growth model, the constraints on the domestic policy space following an economic crisis allowed the ruling party to instrumentalize monetary and regulatory institutions as financial agents of political repression.

摘要

最近关于新兴市场经济体金融化的争论凸显了它们所蕴含的不平等交换条件，其中由强大的金融参与者和跨国化银行引导的国际资本流动对经济增长绩效产生重大影响。因此，正如 2008 年全球金融危机 (GFC) 事件所表明的那样，全球南方的许多小型开放经济体对国际市场波动变得越来越敏感。然而，我们对这些互动的政治影响知之甚少。不平等的金融关系如何影响新兴市场经济体的政治轨迹？使用过程追踪并基于土耳其的原始证据，我们发现，当 GDP 增长依赖于信贷主导的增长模式下的资金流入时，