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Capital Account Liberalisation and Poverty

  • Alexander Cobham

While poverty reduction has become the central focus of the multilateral institutions, research into macroeconomic policy has lagged behind and continues to be almost solely growth-focused. This paper aims to contribute to one policy area, that of capital account regulation, and sets out a framework of linkages to poverty. The key conclusion is that while the growth benefits of liberalisation are far from clear for poorer countries, there may be significant costs in poverty terms. While further research is required in a number of areas identified, the main policy implication is that capital controls must be retained as part of the toolbox of pro-poor macroeconomic policymaking.

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File URL: http://www3.qeh.ox.ac.uk/RePEc/qeh/qehwps/qehwps70.pdf
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Paper provided by Queen Elizabeth House, University of Oxford in its series QEH Working Papers with number qehwps70.

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Handle: RePEc:qeh:qehwps:qehwps70
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  1. Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
  2. Haufler, Andreas & Wooton, Ian, 1999. "Country size and tax competition for foreign direct investment," Munich Reprints in Economics 20408, University of Munich, Department of Economics.
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  10. Toye, John, 2000. "Fiscal Crisis and Fiscal Reform in Developing Countries," Cambridge Journal of Economics, Oxford University Press, vol. 24(1), pages 21-44, January.
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  12. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  13. Michael Klein & Giovanni Olivei, 1999. "Capital account liberalization, financial depth, and economic growth," Working Papers 99-6, Federal Reserve Bank of Boston.
  14. Alexander Cobham, . "The Financing and Technology Decisions of SMEs: II. Technology and Policy," QEH Working Papers qehwps25, Queen Elizabeth House, University of Oxford.
  15. Khan, Mohsin S. & Montiel, Peter & Haque, Nadeem U., 1990. "Adjustment with growth : Relating the analytical approaches of the IMF and the World Bank," Journal of Development Economics, Elsevier, vol. 32(1), pages 155-179, January.
  16. Jaramillo, Fidel & Schiantarelli, Fabio & Weiss, Andrew, 1993. "The effect of financial liberalization on allocation of credit : panel data evidence for Ecuador," Policy Research Working Paper Series 1092, The World Bank.
  17. E.V.K. FitzGerald, 1999. "Policy Issues in Market Based and Non Market Based Measures To Control the Volatility of Portfolio Investment," Development Working Papers 129, Centro Studi Luca d\'Agliano, University of Milano.
  18. Paul Collier & Jan Willem Gunning, 1999. "The IMF's role in structural adjustment," CSAE Working Paper Series 1999-18, Centre for the Study of African Economies, University of Oxford.
  19. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  20. Kishor Sharma, 2000. "Export Growth in India: Has FDI Played a Role," Working Papers 816, Economic Growth Center, Yale University.
  21. J Benson Durham, . "A Survey of the Econometric Literature on the Real Effects of International Capital Flows in Lower Income Countries," QEH Working Papers qehwps50, Queen Elizabeth House, University of Oxford.
  22. Lisa M. Schineller, 1997. "An econometric model of capital flight from developing countries," International Finance Discussion Papers 579, Board of Governors of the Federal Reserve System (U.S.).
  23. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
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