Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword

Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
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Volume/Issue: Volume 2021 Issue 004
Publication date: January 2021
ISBN: 9781513566382
$18.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Economics / General , International - Economics , capital flows , capital account , remittances , and inequality

Summary

We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.