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Making globalization endogenous :the domestic determinants of international capital mobility

AutorFernández Albertos, José
Palabras claveCiencias Políticas
Movilidad del capital
Fecha de publicaciónfeb-2002
EditorCentro de Estudios Avanzados en Ciencias Sociales (Madrid)
SerieEstudios / Working Papers ( Centro de Estudios Avanzados en Ciencias Sociales )
Nº 172
ResumenGlobalization is usually depicted as an exogenous force of recent times that alters the fundamentals of our societies, economies, and political systems. In sharp contrast, this paper is a first step to show how the process of economic internationalization can be seen as the result of political decisions taken at the national level. By looking at governmental regulation of international capital flows, I develop a very simple political-economy model to account for the different incentives of governments to liberalize. The derived hypotheses are tested –and confirmed- using a worldwide dataset. In democratic regimes, liberalization of international capital flows is more easily embraced by wealthier countries –because capital-owners have much more to benefit from such a policy- and by countries with lower levels of government intervention in the economy –because compensating losers is very costly in these economies. This conclusion implies a fundamental difference between trade and financial liberalization. Whereas compensating the negatively affected groups of openness is easy in the former case, international capital mobility makes the task of compensation more difficult, because it involves high transaction costs. Autocracies, in contrast with democracies, do not appear to be bounded by these politico-economic constraints, and their movements towards more integration in global markets appear somewhat more unpredictable.
Versión del editorhttp://www.march.es/ceacs/ingles/publicaciones/working/archivos/2002_172.pdf
Aparece en las colecciones: (CCHS-IPP) Informes y documentos de trabajo
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