*CANCELLED* Borrowing Credibility: Global Banks and Monetary Regimes

*This event has been cancelled. It may be rescheduled in the future.*

​How do countries with new histories and weak institutions establish credibility in the eyes of international investors? Scholars typically attribute credibility to independent central banks or membership in international institutions. Megan Greene and Jana Grittersová will discuss Jana's new research suggesting that governments may “borrow” credibility from prestigious global banks that open branches and subsidiaries in their countries. These banks enhance monetary credibility by promoting financial transparency in the local system, improving the quality of banking regulation and supervision, and serving as private lenders of last resort. In addition to cross-national statistical analysis of over 80 emerging-market countries, she offers case studies of credibility building in emerging Europe and Latin America.