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Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics

Luiza Peruffo et al · Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais · 2021

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Author / responsible party
Luiza Peruffo et al
Publisher
Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais
Year
2021
ISSN
1982-0240
ISSN
1982-0240
Language
English

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Abstract The 2007-2009 Global Financial Crisis (GFC) eroded the consensus around the benefits of capital mobility within mainstream economics. Against this background, this paper discusses to what extent the new mainstream position on capital flow management measures, based on the New Welfare Economics, expands the policy space of developing and emerging economies (DEEs). This paper argues that the new position can be classified as an embedded neoliberal one, given that it keeps liberalization as its ultimate goal, while nonetheless accepting to mitigate some of its harmful consequences. After comparing the capital account policies of China and Brazil, this paper concludes that the policy prescriptions of the New Welfare Economics do not lead to higher levels of national autonomy for DEEs and are likewise unable to curb financial instability in these countries.

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APA 7

al, L. P. E. (2021). Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics. https://doi.org/10.1590/s0102-8529.2019430100008

MLA

al, Luiza Peruffo et. "Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics." 2021. https://doi.org/10.1590/s0102-8529.2019430100008.

Chicago

al, Luiza Peruffo et. 2021. "Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics.". https://doi.org/10.1590/s0102-8529.2019430100008.

Harvard

al, L. P. E. 2021, Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics, Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais, available at: https://doi.org/10.1590/s0102-8529.2019430100008 [Accessed 5 Aug. 2026].

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Title
Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
Author / contributors
Luiza Peruffo et al
Publisher
Pontifícia Universidade Católica do Rio de Janeiro, Instituto de Relações Internacionais
Publication year
2021
ISSN
1982-0240
ISSN
1982-0240
Language
English

Subjects

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capital mobility; capital controls; New Welfare Economics; Political Economy; embedded neoliberalism.
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