Capital Account Liberalisation and Poverty
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.
|Date of creation:|
|Date of revision:|
|Contact details of provider:|| Postal: Queen Elizabeth House 3 Mansfield Road, Oxford, OX1 3TB United Kingdom|
Phone: +44 (1865) 281800
Fax: +44 (1865) 281801
Web page: http://www.qeh.ox.ac.uk/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rene M. Stulz, 1999. "Globalization of Equity Markets and the Cost of Capital," NBER Working Papers 7021, National Bureau of Economic Research, Inc.
- Ross Levine & Sara Zervos, .
"Stock markets, banks and economic growth ,"
CERF Discussion Paper Series
95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
- Robert G. King & Ross Levine, 1993.
"Finance and Growth: Schumpeter Might Be Right,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 108(3), pages 717-737.
- 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.
- Michael W. Klein & Giovanni Olivei, 1999.
"Capital Account Liberalization, Financial Depth and Economic Growth,"
NBER Working Papers
7384, National Bureau of Economic Research, Inc.
- Michael W. Klein & Giovanni P. Olivei, 1999. "Capital account liberalization, financial depth, and economic growth," Working Papers 99-6, Federal Reserve Bank of Boston.
- 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.
- Michael P. Dooley & Kenneth M. Kletzer, 1994.
"Capital Flight, External Debt and Domestic Policies,"
NBER Working Papers
4793, National Bureau of Economic Research, Inc.
- Michael P. Dooley & Kenneth M. Kletzer, 1994. "Capital flight, external debt, and domestic policies," Economic Review, Federal Reserve Bank of San Francisco, pages 29-37.
- 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.
- Andreas Haufler & Ian Wooton, .
"Country Size and Tax Competition for Foreign Direct Investment,"
9702, Business School - Economics, University of Glasgow.
- Haufler, Andreas & Wooton, Ian, 1999. "Country size and tax competition for foreign direct investment," Journal of Public Economics, Elsevier, vol. 71(1), pages 121-139, January.
- 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.
- Henry, Peter Blair, 2000. "Do stock market liberalizations cause investment booms?," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 301-334.
- 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.
- Collier, Paul & Gunning, Jan Willem, 1999.
"The IMF's Role in Structural Adjustment,"
Royal Economic Society, vol. 109(459), pages F634-51, November.
- Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1999. "Institutions, financial markets, and firm debt maturity," Journal of Financial Economics, Elsevier, vol. 54(3), pages 295-336, December.
- Sharma, K., 2000. "Export Growth in India: Has FDI Played a Role?," Papers 816, Yale - Economic Growth Center.
- Kishor Sharma, 2000. "Export Growth in India: Has FDI Played a Role," Working Papers 816, Economic Growth Center, Yale University.
- Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
- Alexander Cobham, . "The Financing and Technology Decisions of SMEs: II. Technology and Policy," QEH Working Papers qehwps25, Queen Elizabeth House, University of Oxford.
- 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.
- 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.).
- 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.
- Alexander Cobham, . "Making Bad Decisions: firm size and investment under uncertainty," QEH Working Papers qehwps39, Queen Elizabeth House, University of Oxford.
- Mead, Donald C. & Liedholm, Carl, 1998. "The dynamics of micro and small enterprises in developing countries," World Development, Elsevier, vol. 26(1), pages 61-74, January.
When requesting a correction, please mention this item's handle: RePEc:qeh:qehwps:qehwps70. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rachel Crawford)
If references are entirely missing, you can add them using this form.