Kaltenbrunner, A orcid.org/0000-0003-3519-5197 (2018) Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies. Cambridge Journal of Economics, 42 (5). pp. 1315-1341. ISSN 0309-166X
Abstract
This paper conducts an extensive mixed-method study of exchange rate determination in the Brazilian foreign exchange market. It combines semi-structured interviews with foreign exchange market participants in Brazil and London and advanced time-series econometrics. In line with Post Keynesian theory and critical realist ontology, the interviews uncover the context-specific expectations and underlying processes and structures that condition exchange rate dynamics in Brazil and emerging economies more generally. The results point to important structural changes in Brazil’s financial integration in the form of currency internationalisation and financialisation. Moreover, they show that this internationalisation has been mediated through a structured and hierarchic international monetary system which fundamentally distinguishes exchange rate drivers in emerging economies from those in developed ones.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2017, The Author(s). Published by Oxford University Press on behalf of the Cambridge Political Economy Society. This is a pre-copyedited, author-produced PDF of an article accepted for publication in Cambridge Journal of Economics following peer review. The version of record: Annina Kaltenbrunner; Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies, Cambridge Journal of Economics, , bex081, is available online at: https://doi.org/10.1093/cje/bex081 |
Keywords: | Mixed-method research; Critical realism; Foreign exchange market; Post Keynesian; Brazil |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 01 Nov 2017 14:19 |
Last Modified: | 27 Dec 2019 01:38 |
Status: | Published |
Publisher: | Oxford University Press |
Identification Number: | 10.1093/cje/bex081 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:123324 |