Capital Account Liberalization and Poverty

Bibliographic Data

ID12688198
AuthorsAlex Cobham (0000-0002-7242-4115, corresponding author), Alexander Cobham (Finance and Trade Policy Research Centre, University of Oxford, UK)
Year2002
Volume2
Issue2
Pages163-188
Publication date2002-08-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueGlobal Social Policy (JOURNAL)
Journal identifiersISSN: 1468-0181 • E-ISSN: 1741-2803
PublisherSAGE Publishing (PUBLISHER • US)
DOI10.1177/1468018102002002740
OpenAlexW2155964531
LanguageEN
Citations received3
References cited18

Although 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. The implications of financial market regulation for social policy goals are far from well understood, but the same approaches continue to dominate. This article aims to address this weakness and sets out a framework of linkages between capital account regulation and poverty. The key conclusion is that while the growth benefits of liberalization are far from clear for poorer countries, there may also 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. Social policy implications of macroeconomic policies must be made a central goal of research

Capital (architecture · Development economics · Economic growth · Economics · Liberalization · Market economy · Poverty · Poverty reduction · Social policy · Toolbox · Economic Theory and Policy · Fiscal Policies and Political Economy · Global Financial Crisis and Policies

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