Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics

Detalhes bibliográficos
Autor(a) principal: Peruffo,Luiza
Data de Publicação: 2021
Outros Autores: Silva,Pedro Perfeito da, Cunha,André Moreira
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Contexto Internacional
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0102-85292021000100173
Resumo: 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.
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spelling Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economicscapital mobilitycapital controlsNew Welfare EconomicsPolitical Economyembedded neoliberalism.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.Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais2021-04-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0102-85292021000100173Contexto Internacional v.43 n.1 2021reponame:Contexto Internacionalinstname:Pontifícia Universidade Católica do Rio de Janeiro (PUC-RIO)instacron:PUC_RIO10.1590/s0102-8529.2019430100008info:eu-repo/semantics/openAccessPeruffo,LuizaSilva,Pedro Perfeito daCunha,André Moreiraeng2021-01-11T00:00:00Zoai:scielo:S0102-85292021000100173Revistahttp://contextointernacional.iri.puc-rio.br/cgi/cgilua.exe/sys/start.htm?tpl=homePUBhttps://old.scielo.br/oai/scielo-oai.phpcintjournal@puc-rio.br||contextointernacional@puc-rio.br1982-02400102-8529opendoar:2021-01-11T00:00Contexto Internacional - Pontifícia Universidade Católica do Rio de Janeiro (PUC-RIO)false
dc.title.none.fl_str_mv Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
title Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
spellingShingle Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
Peruffo,Luiza
capital mobility
capital controls
New Welfare Economics
Political Economy
embedded neoliberalism.
title_short Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
title_full Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
title_fullStr Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
title_full_unstemmed Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
title_sort Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
author Peruffo,Luiza
author_facet Peruffo,Luiza
Silva,Pedro Perfeito da
Cunha,André Moreira
author_role author
author2 Silva,Pedro Perfeito da
Cunha,André Moreira
author2_role author
author
dc.contributor.author.fl_str_mv Peruffo,Luiza
Silva,Pedro Perfeito da
Cunha,André Moreira
dc.subject.por.fl_str_mv capital mobility
capital controls
New Welfare Economics
Political Economy
embedded neoliberalism.
topic capital mobility
capital controls
New Welfare Economics
Political Economy
embedded neoliberalism.
description 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.
publishDate 2021
dc.date.none.fl_str_mv 2021-04-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0102-85292021000100173
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0102-85292021000100173
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/s0102-8529.2019430100008
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais
publisher.none.fl_str_mv Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais
dc.source.none.fl_str_mv Contexto Internacional v.43 n.1 2021
reponame:Contexto Internacional
instname:Pontifícia Universidade Católica do Rio de Janeiro (PUC-RIO)
instacron:PUC_RIO
instname_str Pontifícia Universidade Católica do Rio de Janeiro (PUC-RIO)
instacron_str PUC_RIO
institution PUC_RIO
reponame_str Contexto Internacional
collection Contexto Internacional
repository.name.fl_str_mv Contexto Internacional - Pontifícia Universidade Católica do Rio de Janeiro (PUC-RIO)
repository.mail.fl_str_mv cintjournal@puc-rio.br||contextointernacional@puc-rio.br
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