UNICEF Social Inclusion, Policy and Budgeting

Capital Account Liberalisation and Poverty

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AUTHOR Alexander Cobham
ORGANIZATION Finance and Trade Policy Research Centre
TYPE Working Paper
DATE 2001
TOPIC Child poverty and disparities
LANGUAGE English
ABSTRACT

While poverty reduction has become the central focus of the multilateral institutions, research into macroeconomic policy has lagged behind and continues to be almost soley growth-focused. This paper aims to contribute to one policy area, that of capital account regulation, and sets out a framework of linkages to poverty. The key conclusion is that while the growth benefits of liberalisation are far from clear for poorer countries, there may be significant costs in poverty terms. While further research is required in a number of areas identified, the main policy implication is that capital controls must be retained as part of the toolbox of pro-poor macroeconomic policy-making.            


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