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, Andre Moreira
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional da UFRGS
Texto Completo: http://hdl.handle.net/10183/225010
Resumo: 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 Peruffo, LuizaSilva, Pedro Perfeito daCunha, Andre Moreira2021-08-04T04:40:19Z20210102-8529http://hdl.handle.net/10183/225010001126285The 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.application/pdfengContexto internacional. Rio de Janeiro. Vol. 43, n. 1 (Jan./Apr. 2021), p. 173-197Fluxo de capitaisEconomiaPolítica econômicaCapital mobilityCapital controlsNew Welfare EconomicsPolitical EconomyEmbedded neoliberalismCapital account regulation and national autonomy : the political economy of the New Welfare Economicsinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/otherinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFRGSinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSTEXT001126285.pdf.txt001126285.pdf.txtExtracted Texttext/plain75640http://www.lume.ufrgs.br/bitstream/10183/225010/2/001126285.pdf.txt1e575d2045f40525f9a8bbec7c30dff3MD52ORIGINAL001126285.pdfTexto completoapplication/pdf1706061http://www.lume.ufrgs.br/bitstream/10183/225010/1/001126285.pdf7824a9f35acac67eb6f0b2016b181eb7MD5110183/2250102021-08-18 04:36:14.5972oai:www.lume.ufrgs.br:10183/225010Repositório de PublicaçõesPUBhttps://lume.ufrgs.br/oai/requestopendoar:2021-08-18T07:36:14Repositório Institucional da UFRGS - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.pt_BR.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
Fluxo de capitais
Economia
Política econômica
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, Andre Moreira
author_role author
author2 Silva, Pedro Perfeito da
Cunha, Andre Moreira
author2_role author
author
dc.contributor.author.fl_str_mv Peruffo, Luiza
Silva, Pedro Perfeito da
Cunha, Andre Moreira
dc.subject.por.fl_str_mv Fluxo de capitais
Economia
Política econômica
topic Fluxo de capitais
Economia
Política econômica
Capital mobility
Capital controls
New Welfare Economics
Political Economy
Embedded neoliberalism
dc.subject.eng.fl_str_mv Capital mobility
Capital controls
New Welfare Economics
Political Economy
Embedded neoliberalism
description 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.accessioned.fl_str_mv 2021-08-04T04:40:19Z
dc.date.issued.fl_str_mv 2021
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dc.identifier.issn.pt_BR.fl_str_mv 0102-8529
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dc.language.iso.fl_str_mv eng
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dc.relation.ispartof.pt_BR.fl_str_mv Contexto internacional. Rio de Janeiro. Vol. 43, n. 1 (Jan./Apr. 2021), p. 173-197
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