The International Finance Corporation and the emerging market funds industry

Linking the world’s core equity markets with semi-peripheral and peripheral equity markets has been a fundamentally different process from linking core markets with each other. International financial institutions have played a larger role in core‐periphery equity market integration, and issues of corporate governance assume greater importance in the core‐periphery cases. Illustrating these differences, this article considers the creation of the Korea fund, one of the early country funds in an emerging market promoted by the International Finance Corporation (IFC). The case shows that increasingly sophisticated financial instruments, like country funds, alter the structure of the international financial system in such a way as to reposition governments in developing market economies with respect to their domestic financial systems; allow for some international capital inflows without loss of corporate control; and make diversification possible for a transnational class of investors. Moreover, the article proposes that international financial institutions like the IFC can alter the structural context of a particular market within which various financial actors later strike deals. In the light of the process of coalition building elaborated here, the article reserves a role for considerations of both multilateralism and a state’s position in the world system in a body of literature heavily concentrated on state-level political activity.     

Book Reviews

Mauricio Font, The State and the Private Sector in Latin America: The Shift to Partnership. New York: Palgrave Macmillan, 2015. Figure, bibliography, appendixes, index, 318 pp.; hardcover $100, ebook $79.99. Tracy Beck Fenwick, Avoiding Governors: Federalism, Democracy, and Poverty Alleviation in Brazil and Argentina. Notre Dame: University of Notre Dame Press, 2016. Tables, figures, acronyms, bibliography, index, 277 pp.; hardcover $75, paperback $29. Michael Reid, Brazil: The Troubled Rise of a Global Power. New Haven: Yale University Press, 2016 [2014]. Illustrations, 352 pp.; paperback $22. Ben Ross Schneider, ed., New Order and Progress: Development and Democracy in Brazil. New York: Oxford University Press, 2016. Tables, figures, bibliography, index, 328 pp.; hardcover $99, paperback $31.95, ebook. Anthony P. Maingot, Race, Ideology, and the Decline of Caribbean Marxism. Gainesville: University Press of Florida, 2015. Index, 368 pp.; hardcover $79.95. Sebastián Ureta, Assembling Policy: Transantiago, Human Devices, and the Dream of a World‐Class Society. Cambridge: MIT Press, 2015. Photographs, figures, abbreviations, bibliography, index, 224 pp.; hardcover $39, ebook $27. Carlos de la Torre, De Velasco a Correa: insurreciones, populismos y elecciones en Ecuador, 1944–2013. Quito: Corporación Editora Nacional, 2015. Tables, bibliography, 243 pp.; paperback. Sebastian E. Bitar, US Military Bases, Quasi‐Bases, and Domestic Politics in Latin America. New York: Palgrave Macmillan, 2016. Map, figures, tables, notes, bibliography, index, 220 pp.; hardcover $110, ebook $79.99.     

A Qualitative Study of Young Women’s Abusive First Relationships: What Factors Shape their Process of Disclosure?

Journal of Family Violence - We qualitatively explored young women’s intimate partner violence (IPV) victimization within abusive first relationships (characterized by physical IPV, coercive...     

Female-Offender Parricides in South Korea, 1948–1963: Offender and Offense Characteristics

Asian Journal of Criminology - Existing parricide research is largely situated within a North American and European context, and foregrounds mental illness or adolescent offender typologies. As...     

Sustainable local democracy

To identify what is needed to sustain local democracy we need a model of democratic government and an idea of the kind of social and economic context that is supportive of democracy. Local democracy requires a combination of a liberal democratic model of local government and the prerequisites of democratic stability: economic development, equality, political culture and the development of civil society. However, a number of factors, non-local as well as local, may undermine local government and local democracy, especially centralization, economic decisions, external conflicts, dependency on civil servants, the dilution of elected representation, formalistic participation, skewed representation, class conflict and official attitudes. However, democratic local government can contribute to economic development, the reduction of inequality, a democratic political culture and the development of civil society, thereby strengthening local democracy.