Credit is the lifeblood of capitalism and development. Brazil, Russia, India, and China-also called BRICs-have become important creditors to developing countries. However, how will their loans affect economic development and democracy in recipient countries? We need to understand why governments accept Chinese over Western loan offers before we can predict their likely consequences. In Raise the Debt, Jonas B. Bunte systematically explains how governments choose among competing loan offers. Using statistical analyses and extensive interview data, he shows that the strings attached to loans vary across creditors. Consequently, one domestic interest group may benefit from Chinese credit but not U.S. loans, while the opposite is the case for other groups. Bunte provides evidence that governments cater to whichever domestic interest group is politically dominant when deciding between competing loan offers. Combining a comparative politics approach with international political economy methods, Raise the Debt shows how a deeper understanding of governments' borrowing decisions is critical for gaining insights into how these loans could impact growth and democracy on a global scale.

Auteur

Jonas B. Bunte is Assistant Professor of Political Economy at the University of Texas at Dallas. He studies the politics of finance and development. His work has appeared in the British Journal of Political Science, International Studies Quarterly, Journal of Peace Research, World Development, Review of International Political Economy, and elsewhere. He received his PhD in Political Science from the University of Minnesota.

Contenu

Acknowledgements Dedication List of Tables List of Figures 1 Explaining Variation in Borrowing Portfolios 2 How Governments Choose Their Creditors I Qualitative Evidence 3 Tracing the Process of Borrowing with Fieldwork 4 Ecuador: A Corporatist Coalition chooses BRIC loans 5 Colombia: A Capital Coalition prefers Private Creditors 6 Peru: A Consumer Coalition wants Western Creditors II Quantitative Evidence 7 Generalizing the Findings with Statistical Analyses 8 Measuring Borrowing Portfolios and Group Strength 9 Governments' Borrowing Decisions across the Developing World 10 Evaluating Alternative Explanations 11 Why Greater Choice Matters for Developing Countries Bibliography