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Banking on Democracy: The Political Economy of International Private Bank Lending in Emerging Markets

BBVA, Paseo de la Castellana, 81, 28046 Madrid, Spain, javier.rgarcia{at}grupobbva.com

Javier Santiso

OECD, 2 rue André TAt? VM!~ T~m~ o/'C/nMa !M La~M Arnica (2007). ADDRESS: OECD, 2 rue Andre Pascal, 75116 Paris, France, javier.santiso{at}oecd.org]

Clearly, a new agenda is emerging for private international banks. Political issues such as human rights seem to be a current concern. But what about democracy? What about political regimes? Are they taken into account by private banks when they decide whether to invest in a country? Put another way, do private banks have democratic political preferences? In this article, we focus on cross-border lending from international bank(er)s. The questions asked are as follows. Do bank(er)s react positively (that is by increasing their lending) when an emerging democracy appears? Do we witness increased bank lending after democratic transitions? Lastly, is there any relation between democratic consolidation and bank lending?

Key Words: Banks • Capital flows • Democracy • Emerging markets

International Political Science Review, Vol. 29, No. 2, 215-246 (2008)
DOI: 10.1177/0192512107085613


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