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Joseph Stiglitz, Aaron Edlin, and J. Bradford DeLong

Print publication date: 2011

Print ISBN-13: 9780231143653

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231143653.001.0001

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Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed?

Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed?

Chapter:
(p.62) Chapter 8 Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed?
Source:
The Economists' Voice
Author(s):

J. Bradford DeLong

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231143653.003.0008

This chapter considers capital flows and a growing controversy among economists. In the past, the author was a strong proponent of international capital mobility—the free flow of investment financing from one country to another. He and others like him believed in freeing up capital flows to encourage large-scale lending from the world's rich countries to the world's poor countries. Such lending, they hoped, might cut a generation off the time it otherwise would have taken developing countries' economies to catch up to the industrial structures and living standards of wealthier nations. Today, however, it is much harder for him to support untrammeled international capital mobility. He is no longer as sure that capital flows are efficient. Worse yet, even if capital flows are efficient, it seems increasingly likely that these flows could benefit rich people from poor countries at the expense of the countries themselves—including their poor.

Keywords:   capital flows, capital market liberalization, developing countries, international capital mobility

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