Yumi Park

Fin­an­cial mar­ket de­vel­op­ment is shaped not only by eco­nom­ics but by do­mest­ic polit­ics. Com­pet­ing in­terests—busi­nesses, banks, spe­cial in­terests—and the design of polit­ic­al in­sti­tu­tions in­flu­ence ac­cess to cred­it, reg­u­la­tion, and re­form. These struggles de­term­ine wheth­er fin­ance sup­ports broad growth or en­trenches elite power.

In­ter­na­tion­al mon­et­ary polit­ics cen­ters on agree­ments that man­age ex­change rates, li­quid­ity, and crisis re­sponse. States ne­go­ti­ate co­oper­a­tion through in­sti­tu­tions like the IMF and swap lines, but out­comes re­flect do­mest­ic in­terests and glob­al power asym­met­ries, shap­ing whose eco­nom­ies gain sta­bil­ity and whose bear ad­just­ment costs.