Arbeitspapier
Rethinking the Economics of Capital Mobilityand Capital Controls
This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.
- Sprache
-
Englisch
- Erschienen in
-
Series: IMK Working Paper ; No. 1/2009
- Klassifikation
-
Wirtschaft
International Economics: General
Current Account Adjustment; Short-term Capital Movements
International Monetary Arrangements and Institutions
- Thema
-
capital mobility
capital controls
impossible trinity.
Kapitalmobilität
Kapitalverkehrskontrolle
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Palley, Thomas I.
- Ereignis
-
Veröffentlichung
- (wer)
-
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
- (wo)
-
Düsseldorf
- (wann)
-
2009
- Handle
- URN
-
urn:nbn:de:101:1-2009071348
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Palley, Thomas I.
- Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
Entstanden
- 2009
Ähnliche Objekte (12)
Three globalizations, not two: rethinking the history and economics of trade and globalization
Three globalizations, not two: Rethinking the history and economics of trade and globalization
Rethinking wage vs. profit-led growth theory with implications for policy analysis
Rethinking capacity utilization choice: The role of surrogate inventory and entry deterrence
Rethinking trade and trade policy: Gomory, Baumol, and Samuelson on comparative advantage
Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory
Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory
The economics of the super-multiplier
The economics of deleveraging: The aftermath of financialization
The economics of outsourcing: How should policy respond?
A theory of economic policy lock-in and lock-out via hysteresis: Rethinking economists' approach to economic policy
Milton Friedmans economics and political economy: an old Keynesian critique
Three globalizations, not two: rethinking the history and economics of trade and globalization
Three globalizations, not two: Rethinking the history and economics of trade and globalization
Rethinking wage vs. profit-led growth theory with implications for policy analysis
Rethinking capacity utilization choice: The role of surrogate inventory and entry deterrence
Rethinking trade and trade policy: Gomory, Baumol, and Samuelson on comparative advantage
Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory
Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory
The economics of the super-multiplier
The economics of deleveraging: The aftermath of financialization
The economics of outsourcing: How should policy respond?
A theory of economic policy lock-in and lock-out via hysteresis: Rethinking economists' approach to economic policy
Milton Friedmans economics and political economy: an old Keynesian critique
Three globalizations, not two: rethinking the history and economics of trade and globalization
Three globalizations, not two: Rethinking the history and economics of trade and globalization
Rethinking wage vs. profit-led growth theory with implications for policy analysis
Rethinking capacity utilization choice: The role of surrogate inventory and entry deterrence
Rethinking trade and trade policy: Gomory, Baumol, and Samuelson on comparative advantage
Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory
Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory
The economics of the super-multiplier
The economics of deleveraging: The aftermath of financialization
The economics of outsourcing: How should policy respond?
A theory of economic policy lock-in and lock-out via hysteresis: Rethinking economists' approach to economic policy