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

Author

Listed:
  • Mr. Barry J. Eichengreen
  • Mr. Balazs Csonto
  • Ms. Asmaa A ElGanainy
  • Zsoka Koczan

Abstract

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.

Suggested Citation

  • Mr. Barry J. Eichengreen & Mr. Balazs Csonto & Ms. Asmaa A ElGanainy & Zsoka Koczan, 2021. "Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword," IMF Working Papers 2021/004, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2021/004
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    Citations

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    Cited by:

    1. Valerie Cerra, 2022. "A Framework For Inclusive And Sustainable Growth In Asia And The Pacific," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 29(1), pages 17-41, May.
    2. Duong, Khanh & Nguyen Phuc Van, 2023. "Innovation and Globalization: Benefactors or Barriers to Inclusive Growth?," GLO Discussion Paper Series 1357, Global Labor Organization (GLO).
    3. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parrága, Susana & Carvalho,, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    4. Tomasz Serwach, 2023. "The European Union and within‐country income inequalities. The case of the new member states," The World Economy, Wiley Blackwell, vol. 46(7), pages 1890-1939, July.
    5. Juzhong Zhuang, 2023. "Income and Wealth Inequality in Asia and the Pacific: Trends, Causes, and Policy Remedies," Asian Economic Policy Review, Japan Center for Economic Research, vol. 18(1), pages 15-41, January.
    6. Tomasz Serwach, 2022. "The European Union and within-country income inequalities. The case of the New Member States," Working Papers hal-03548416, HAL.

    More about this item

    Keywords

    capital flows; capital account; remittances; and inequality.;
    All these keywords.

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