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Worker Influence on Capital Account Policy: Inflow Liberalization and Outflow Restrictions

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  • Amy Pond

Abstract

How do workers impact openness to international investment flows? This article distinguishes between two types of openness: openness to inflows and openness to outflows of investment. Workers benefit from inflow openness due to increases in wages, productivity, and efficiency and due to reductions in borrowing costs, which are associated with investment inflows. Workers are hurt by outflow openness, as investors gain investment options, and therefore bargaining power, when outflows are permitted. Labor rights help workers overcome collective action problems, and democratic institutions increase policymakers’ responsiveness to labor organizations and make their commitment to labor rights credible. The theory thus predicts that, particularly under democratic institutions, labor rights are positively correlated with inflow openness and negatively correlated with outflow openness. Evidence from time-series, cross-sectional data is consistent with the theoretical expectations.

Suggested Citation

  • Amy Pond, 2018. "Worker Influence on Capital Account Policy: Inflow Liberalization and Outflow Restrictions," International Interactions, Taylor & Francis Journals, vol. 44(2), pages 244-267, March.
    • Handle: RePEc:taf:ginixx:v:44:y:2018:i:2:p:244-267
    DOI: 10.1080/03050629.2017.1344125
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    Cited by:

    1. Fangjin Ye, 2020. "The impact of bilateral investment treaties (BITs) on collective labor rights in developing countries," The Review of International Organizations, Springer, vol. 15(4), pages 899-921, October.
    2. Steven Liao & Daniel McDowell, 2022. "Closing time: Reputational constraints on capital account policy in emerging markets," The Review of International Organizations, Springer, vol. 17(3), pages 543-568, July.
    3. Timm Betz & Amy Pond & Weiwen Yin, 2021. "Investment agreements and the fragmentation of firms across countries," The Review of International Organizations, Springer, vol. 16(4), pages 755-791, October.
    4. Jacque Gao, 2022. "Investment with insecure property rights: Capital outflow openness under dictatorship," The Review of International Organizations, Springer, vol. 17(3), pages 569-595, July.

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