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Financial Globalisation and Human Development

Author

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  • Singh, A.

Abstract

This 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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Singh, A., 2011. "Financial Globalisation and Human Development," Working Papers wp421, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp421
    Note: PRO-2
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    Cited by:

    1. Muhammad Haseeb & Tulus Suryanto & Nira Hariyatie Hartani & Kittisak Jermsittiparsert, 2020. "Nexus Between Globalization, Income Inequality and Human Development in Indonesian Economy: Evidence from Application of Partial and Multiple Wavelet Coherence," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 147(3), pages 723-745, February.
    2. Sheng, Andrew & Singh, Ajit, 2012. "The Challenge of Islamic Finance," MPRA Paper 53044, University Library of Munich, Germany.
    3. Singh, Ajit & Sheng, Andrew, 2011. "Islamic finance revisited: conceptual and analytical issues from the perspective of conventional economics," MPRA Paper 39007, University Library of Munich, Germany, revised 10 Apr 2012.
    4. Ghulam Akhmat & Khalid Zaman & Tan Shukui, 2014. "Impact of financial development on SAARC’S human development," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2801-2816, September.
    5. Funda Hatice Sezgin & Yunus Budak, 2022. "The Growth Impact of Human Development: A Developed- and Developing-Country Comparison," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 72(72-1), pages 81-104, June.

    More about this item

    Keywords

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    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • I0 - Health, Education, and Welfare - - General

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