Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
| Autor: | Pedro Perfeito da Silva, Luiza Peruffo, André Moreira Cunha |
|---|---|
| Jazyk: | Spanish; Castilian |
| Rok vydání: | 2021 |
| Předmět: |
Embedded neoliberalism
Política econômica media_common.quotation_subject Mainstream economics New Welfare Economics Economia Fluxo de capitais 0502 economics and business 050602 political science & public administration Economics 050207 economics Emerging markets media_common Liberalization embedded neoliberalism Welfare economics 05 social sciences General Medicine Capital account capital mobility Political Economy JZ2-6530 0506 political science Capital (economics) Financial crisis Position (finance) capital controls International relations Autonomy |
| Zdroj: | Contexto Internacional, Vol 43, Iss 1, Pp 173-197 (2021) Contexto Internacional v.43 n.1 2021 Contexto Internacional Pontifícia Universidade Católica do Rio de Janeiro (PUC-RIO) instacron:PUC_RIO Repositório Institucional da UFRGS Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
| ISSN: | 1982-0240 |
| Popis: | The 2007-2009 Global Financial Crisis (GFC) eroded the consensus around the benefits of capital mobility within mainstream economics. Against this background, this paper discusses to what extent the new mainstream position on capital flow management measures, based on the New Welfare Economics, expands the policy space of developing and emerging economies (DEEs). This paper argues that the new position can be classified as an embedded neoliberal one, given that it keeps liberalization as its ultimate goal, while nonetheless accepting to mitigate some of its harmful consequences. After comparing the capital account policies of China and Brazil, this paper concludes that the policy prescriptions of the New Welfare Economics do not lead to higher levels of national autonomy for DEEs and are likewise unable to curb financial instability in these countries. |
| Databáze: | OpenAIRE |
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