The Political Economy of Intermediate Capital Account Regimes: a Fuzzy-Set Qualitative Comparative Analysis

Abstract Contrary to expectations, the global push for liberalizing reforms during 1980s and 1990s did not abolish policy diversity in regard capital flow management. Even though many countries fully opened their accounts, there remain several examples of divergence, which go from maintenance high levels controls partial liberalization. Against this background, relying on data 84 between 1995 2017, article uses fuzzy-set qualitative comparative analysis (fsQCA) shed light conditions underlying different account regimes. In line with Polanyian theoretical framework, findings reveal that two kinds causal paths paved way intermediate regimes: statist path was followed by right-leaning authoritarian regimes attempted combine integration into markets control over domestic private sector; pluralist observed where either manufacturing industries or popular sectors were strong enough motivate reregulation flows. Conversely, show extreme such as open closed ones associated homogenous like, respectively, leftist rich democracies stable economies.