- New Directions in Post-Keynesian Economics series
Chapter 5: Financial flows, distribution and capital controls
AbstractThe chapter reviews major stylized facts about global financial flows and explores crises episodes after financial liberalization processes, such as the Mexican and the East Asian crisis. It presents a Kaleckian model to analyse the interaction between private external debt, income distribution and growth, which is empirically tested with Mexican and South Korean data. The chapter concludes with policy implication and alternative measures to deal with substantial capital inflows, including a novel capital control instrument, designed to foster productive investment and counteract debt-fuelled speculative investment.
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