Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword

By Barry J. Eichengreen, Balazs Csonto, Asmaa A ElGanainy, Zsoka Koczan

January 8, 2021

Preview Citation

Format: Chicago

Barry J. Eichengreen, Balazs Csonto, Asmaa A ElGanainy, and Zsoka Koczan. Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.

Subject: Economic sectors, Financial crises

Keywords: And inequality., Capital account, Capital flows, Remittances

Publication Details

Pages:

37
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2021/004
Stock No:

WPIEA2021004
ISBN:

9781513566382
ISSN:

1018-5941

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