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

ABSTRACTThis article considers why Brazilian industrial policies have varied across sectors since the mid‐1990s. It relies on a Polanyian‐inspired framework to propose that the strength of counter‐movements against corporate welfare shapes the sector‐specific capacity of policy makers to exert state discipline over business interests and diverges from neoliberal scripts of industrial policy making. The authors use prototypical case studies on the automotive, animal protein and pharmaceutical sectors to support their argument. In the automotive industry, the continuous pressure from powerful and cohesive labour unions led to the emergence of a neo‐corporatist sectoral regime that was characterized by a tripartite policy design and encompassed conditionalities. In the case of animal protein, the lack of bottom‐up pressure culminated in a disembedded neoliberal sectoral regime, in which business owners received almost unconditional benefits, turning industrial policies into corporate welfare. Finally, in the pharmaceutical industry, the combination of diffuse societal demands and unions with intermediate relevance led to an embedded neoliberal sectoral regime that combined selective conditionalities with some space for non‐business participation in policy design.

Comparison of the paths of two countries with developmental regimes led by left-of-center parties, Chile and Mexico, shows that the democratic regime, Chile's, had better social indicators than its authoritarian counterpart at the price of slower industrialization.Comparação das trajetórias de dois países com regimes desenvolvimentistas dirigidos por partidos do centro-esquerda no Chile e México demostra que o regime democrâtico chileno teve maiores indicadores sociais que sua contraparte autoritária às custas de uma industrialização mais lenta.

ABSTRACTThis article evaluates the effects of external financial liberalization on Brazilian macroeconomic performance from 1995 to 2016. Its main contributions are to assess the influence of the global financial cycle on the level of external financial liberalization and to analyse the short‐ and long‐run macroeconomic effects of such liberalization on the performance of a peripheral economy in the global currency hierarchy. Methodologically, the article employs the Markov‐Switching Vector Autoregressive and Vector Error Correction models. The results show that the global financial cycle directly affects cross‐border financial flows and frames the impact of external financial liberalization on the macroeconomic performance. The article concludes that external financial liberalization has negative macroeconomic effects in the short run and generates a trade‐off between stability and growth in the long run.