Of Currency Wars and Other Demons: Exchange Controls

Of Currency Wars and Other Demons: Exchange Controls

Of Currency Wars and Other Demons: Exchange Controls and the Governance of State-Capitalist Policies within Democratic Transition Bruno Meyerhof Salama FGV Law School, So Paulo, Brazil Columbia Law School Faculty Lunch Workshop, Fall 2010 November 16, 2010 What is this paper about? Crisis New mercantilist agendas

Change in regulatory toolkit Developmental FEX controls as paradigm administrative law Arguments 1. 2. 3.

Critique to standard developmental debate on financial regulation: misguided naturalization of relationship between institutional design and governance Applied study Brazil: Governance and institutional design partly independent and historically conditioned Theory of L&D: political contrariness in law as additional explanation for failure of rule of law reforms Developmental Debate PostWWII

Comunism Second World First World Third World Ideological Libertarianism

Developmental Debate: PostSoviet State Capitalism Market Capitalism Non-Ideological FEX Controls Developmental Debate: Post-Soviet Heterodoxy Orthodoxy

State Capitalist Policies Market Capitalist Policies Keynesian Macroeconomic Argument Market Failure Argument Neoclassic Economic Argument Public Choice Argument

Where Law Matters Institutional Design: Efficiency Governance: Legality & Legitimacy A Misleading Comparison Free Market U S A Legal

Governance C h i n a Interventive States Administrative Governance

The Democratic Normative Bend Interventive States Free Market Legal Governance > Administrative governance < Positive Variable: Degree of democractic entrenchment FEX Controls Where Brazil stands Administrative

Interventionism China Governance Legal Institutional Design Brazil Free Market

Historical constraints The 80s threefold evolutionary process Tensions in financial regulation: Static: democracy x expediency Dynamic: transient legal structure X intransient political regime Historical note 2 illustrative narratives

Law & Development Theorization Political contrariness in law Demand-sided constraint to law reforms rule of

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