Essays On Financial Globalization Inequality And Economic Growth
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Globalization and Poverty
Author | : Ann Harrison |
Publisher | : University of Chicago Press |
Total 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.
Essays on Financial Markets, Inequality and Economic Development
Author | : Joaquin Blaum |
Publisher | : |
Total Pages | : 128 |
Release | : 2012 |
Genre | : |
ISBN | : |
In Chapter 1, I study the effects of wealth inequality on economies where financial markets are imperfect. I exploit the idea that inequality should have a different effect across sectors. Using a difference-in-difference strategy, I show that sectors that are more in need of external finance are relatively smaller in countries with higher income inequality. I then build a model in which sectors differ in their fixed cost requirement, agents face collateral constraints, and production is subject to decreasing returns. A calibrated version of the model is consistent with the documented facts on inequality and cross-sector outcomes. At the calibrated parameters, wealth inequality exacerbates the effect of financial frictions on the economy. Quantitatively, wealth inequality can generate losses of up to 46 percent of per capita income. In Chapter 2, co-authored with Claire Lelarge and Michael Peters, we explore the ingredients that a model of import behavior should have in order to be consistent with the firm level evidence. We build a model where firms are heterogeneous in their factor neutral productivity, and prices, fixed costs and input qualities are common across firms. Using a comprehensive dataset of French firms, we test the qualitative predictions of such model. The model fares well in describing firm's expenditure across imported varieties, but fails to account for the pattern of expenditure between domestic and foreign inputs. We conclude that a mechanism inducing firm-level heterogeneity in the relative price of domestic varieties is needed to model import demand. In Chapter 3, I study the effects of financial frictions on the pattern of cross-industry growth rates. I document two facts: (i) externally dependent sectors tend to grow faster along the economy's development path, and (ii) externally dependent sectors grow disproportionately faster in countries with better financial institutions. I argue that financial frictions can account for these facts. I build a dynamic two-sector model in which sectors differ in their liquidity requirement and agents face collateral constraints. Financial frictions generate faster growth in the sector with higher liquidity requirement. I identify conditions under which financial development leads to higher excess growth in the externally dependent sector.
A Study into Financial Globalization, Economic Growth and (In)Equality
Author | : Fikret Čaušević |
Publisher | : Springer |
Total Pages | : 184 |
Release | : 2017-03-21 |
Genre | : Business & Economics |
ISBN | : 3319514032 |
This book focuses on the impact of financial liberalisation and globalisation on economic growth and inequality worldwide over the past quarter century. It places a particular emphasis on the first fourteen years of this century. It begins by exploring certain assumptions developed as a result of early works in the field, providing a critical review of some of the most important academic works published over the past twenty years. It then goes on to present a comparative measurement of the economic performance of key countries for which data is available in the World Bank database, including G-10 countries, EU countries, and fastest growing countries like China, India, and small-open oil-producing economies.
Globalization and the State: Volume II
Author | : C. Peláez |
Publisher | : Springer |
Total Pages | : 252 |
Release | : 2008-10-31 |
Genre | : Business & Economics |
ISBN | : 0230228291 |
This book analyzes the issues surrounding globalization and explores the prospects of the global economy, as well as the potential vulnerabilities. Issues covered include trade agreements, poverty and inequality, financial globalization, the environment, international economic law and threats to the future of globalization.
Links Between Growth, Inequality, and Poverty: A Survey
Author | : Ms. Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2021-03-12 |
Genre | : Business & Economics |
ISBN | : 1513572660 |
Is there a tradeoff between raising growth and reducing inequality and poverty? This paper reviews the theoretical and empirical literature on the complex links between growth, inequality, and poverty, with causation going in both directions. The evidence suggests that growth can be effective in reducing poverty, but its impact on inequality is ambiguous and depends on the underlying sources of growth. The impact of poverty and inequality on growth is likewise ambiguous, as several channels mediate the relationship. But most plausible mechanisms suggest that poverty and inequality reduce growth, at least in the long run. Policies play a role in shaping these relationships and those designed to improve equality of opportunity can simultaneously improve inclusiveness and growth.
Rising Income Inequality
Author | : Chris Papageorgiou |
Publisher | : International Monetary Fund |
Total 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.
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
Author | : Mr.Barry J. Eichengreen |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2021-01-08 |
Genre | : Business & Economics |
ISBN | : 1513566385 |
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.