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

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...

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Bibliographic Details
Main Author: Eichengreen, Barry
Other Authors: Csonto, Balazs, ElGanainy, Asmaa, Koczan, Zsoka
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2021
Series:IMF Working Papers
Subjects:
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Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
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
Physical Description:37 pages
ISBN:9781513566382