When the Lenders Leave Town: Veto Players, Electoral Calculations and Vested Interests as Determinants of Policy Reversals in Spain and Portugal

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Abstract

This article aims to identify the resilience of measures adopted during bailout programmes, and the conditions under which decisions-makers reverse them. Focusing on Spain and Portugal (2014–2019), we calculated that almost half (46 per cent) of the most important measures adopted during the programmes were reversed in the five years following the bailouts. We also show that left-wing parties reversed more than right wing and that the bulk of structural reforms remained unchanged. Using crisp-set qualitative-comparative analysis (QCA), we find that business interests, veto players’ preferences and governments’ electoral calculations are determinants of reversals.
Original languageEnglish
Pages (from-to)177-204
Number of pages28
JournalSouth European Society And Politics
Volume24
Issue number2
DOIs
Publication statusPublished - 1 Jan 2019

Keywords

  • bailout programmes
  • conditionality
  • European semester
  • European Union
  • IMF
  • Policy reversals
  • Southern Europe

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