ABSTRACT
This chapter discusses the dynamics of continuity and change with respect to the longer-term trajectory of cross-border finance management in Brazil and South Africa. The main argument developed is that the post-crisis policy response in the two countries involved the creation, enhancement, and adaptation of financial and monetary regulatory capacity (involving both drastic innovation and more subtle forms of change) to continue with the differentiated capital account management strategies started in the previous decade, while mitigating their (perceived) worst consequences and vulnerabilities. Next, the chapter addresses the question of similitude and unevenness between these forms of re-articulation of state power and reflects on the production of underlying commonalities and continual processes of (re)differentiation in cross-border finance management in the two countries and in other emerging markets. The chapter identifies a number of relatively similar forms of policy designs, institutions, and regulations, which shape and pattern the contextually embedded forms of cross-border financial policies in emerging markets.
