Financial Globalisation and Human Development
AbstractThis paper is concerned essentially with the question of how does financial globalization affect economic welfare? Orthodox theory suggests that because of the greater risk-sharing between countries that financial liberalization entails, there should be no welfare losses. Greater risk-sharing should lead to greater smoothing of consumption and/or growth trajectories for developing countries. Yet there is widespread evidence of crises following liberalization. Apart from these international macro-economic issues, it is argued here that financial globalization changes the very nature of capitalism from managerial to finance capitalism. This profoundly affects at the micro-economic level corporate governance, corporate finance and income distribution. Both macro-economic and micro-economic factors outlined here influence human development.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp421.
Date of creation: Jun 2011
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Financial globalisation; poverty; income distribution and employment; capital account liberalisation;
Other versions of this item:
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- I0 - Health, Education, and Welfare - - General
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