Financial globalisation and human development
AbstractABSTRACT This paper is concerned essentially with the question, how does financial globalisation affect economic welfare? Orthodox theory suggests that because of greater risk-sharing between countries that financial liberalisation 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 liberalisation. 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- and micro-economic factors outlined here influence human development.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 53043.
Date of creation: 13 Aug 2011
Date of revision:
Publication status: Published in Journal of Human Development 1.13(2012): pp. 135-151
Financial globalisation; capital account liberalisation; finance capitalism and human development;
Other versions of this item:
- Singh, A., 2011. "Financial Globalisation and Human Development," ESRC Centre for Business Research - Working Papers wp421, ESRC Centre for Business Research.
- Singh, Ajit, 2011. "Financial globalisation and human development," MPRA Paper 39048, University Library of Munich, Germany.
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- I0 - Health, Education, and Welfare - - General
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