Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
| Autor: | Luiza Peruffo, Pedro Perfeito da Silva, André Moreira Cunha |
|---|---|
| Jazyk: | Spanish; Castilian<br />French<br />Portuguese |
| Rok vydání: | 2021 |
| Předmět: | |
| Zdroj: | Contexto Internacional, Vol 43, Iss 1, Pp 173-197 (2021) |
| Druh dokumentu: | article |
| ISSN: | 1982-0240 0102-8529 |
| DOI: | 10.1590/s0102-8529.2019430100008 |
| Popis: | Abstract 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: | Directory of Open Access Journals |
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