Capital Account Liberalization
Title | Capital Account Liberalization PDF eBook |
Author | Peter Blair Henry |
Publisher | |
Pages | 82 |
Release | 2006 |
Genre | Capital |
ISBN | 9780979037634 |
"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Inequality, Leverage and Crises
Title | Inequality, Leverage and Crises PDF eBook |
Author | Mr.Michael Kumhof |
Publisher | International Monetary Fund |
Pages | 39 |
Release | 2010-11-01 |
Genre | Business & Economics |
ISBN | 1455210757 |
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
Causes and Consequences of Income Inequality
Title | Causes and Consequences of Income Inequality PDF eBook |
Author | Ms.Era Dabla-Norris |
Publisher | International Monetary Fund |
Pages | 39 |
Release | 2015-06-15 |
Genre | Business & Economics |
ISBN | 1513547437 |
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Globalization and Poverty
Title | Globalization and Poverty PDF eBook |
Author | Ann Harrison |
Publisher | University of Chicago Press |
Pages | 674 |
Release | 2007-11-01 |
Genre | Business & Economics |
ISBN | 0226318001 |
Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
The Impact of Financial Liberalization and the Rise of Financial Rents on Income Inequality
Title | The Impact of Financial Liberalization and the Rise of Financial Rents on Income Inequality PDF eBook |
Author | A. Erinc Yeldan |
Publisher | |
Pages | 52 |
Release | 2000 |
Genre | Capital market |
ISBN |
Discusses and assesses the impact of financial liberalization and the ongoing rise of financial rents on income distribution in the post-1980 Turkish economy.
Reaching Out
Title | Reaching Out PDF eBook |
Author | |
Publisher | World Bank Publications |
Pages | 52 |
Release | 2005 |
Genre | Banks and banking, International |
ISBN |
"The authors (1) present new indicators of banking sector penetration across 99 countries based on a survey of bank regulatory authorities, (2) show that these indicators predict household and firm use of banking services, (3) explore the association between the outreach indicators and measures of financial, institutional, and infrastructure development across countries, and (4) relate these banking outreach indicators to measures of firms' financing constraints. In particular, they find that greater outreach is correlated with standard measures of financial development, as well as with economic activity. Controlling for these factors, the authors find that better communication and transport infrastructure and better governance are also associated with greater outreach. Government ownership of financial institutions translates into lower access, while more concentrated banking systems are associated with greater outreach. Finally, firms in countries with higher branch and ATM penetration and higher use of loan services report lower financing obstacles, thus linking banking sector outreach to the alleviation of firms' financing constraints. "--World Bank web site.
Rising Income Inequality
Title | Rising Income Inequality PDF eBook |
Author | Chris Papageorgiou |
Publisher | International Monetary Fund |
Pages | 42 |
Release | 2008-07 |
Genre | Business & Economics |
ISBN |
We examine the relationship between trade and financial globalization and the rise in inequality in most countries in recent decades. We find technological progress as having a greater impact than globalization on inequality. The limited overall impact of globalization reflects two offsetting tendencies: whereas trade globalization is associated with a reduction in inequality, financial globalization-and foreign direct investment in particular-is associated with an increase. A key finding is that both globalization and technological changes increase the returns on human capital, underscoring the importance of education and training in both developed and developing countries in addressing rising inequality.