E. Nosrati, Andreas Kern, B. Reinsberg, Dilec Sevinc
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Structural adjustment and the political economy of capital flight
The financial haemorrhaging of lower income countries in the form of capital flight is a leading cause of global economic inequality. On an annual basis, trillions of dollars bypass the already starved fiscal spaces of nations mired in poverty, making their way instead to lucrative offshore bank accounts governed by secrecy jurisdictions. The present article relates this phenomenon to the institutional architecture of the global financial system and provides causal evidence that structural adjustment programmes implemented at the behest of international financial organizations amplify such capital flight. In particular, by isolating exogenous variation in policy conditionalities through the use of instrumental variables, we find that trade liberalization, financial sector reforms and privatization measures mandated by the International Monetary Fund in developing contexts substantially increase financial outflows occurring via current and capital account transactions. Our findings thus document the contribution that structural adjustment makes to an underappreciated facet of contemporary global inequality.
期刊介绍:
Originating in the Society for the Advancement of Socio-Economics (SASE), Socio-Economic Review (SER) is part of a broader movement in the social sciences for the rediscovery of the socio-political foundations of the economy. Devoted to the advancement of socio-economics, it deals with the analytical, political and moral questions arising at the intersection between economy and society. Articles in SER explore how the economy is or should be governed by social relations, institutional rules, political decisions, and cultural values. They also consider how the economy in turn affects the society of which it is part, for example by breaking up old institutional forms and giving rise to new ones. The domain of the journal is deliberately broadly conceived, so new variations to its general theme may be discovered and editors can learn from the papers that readers submit. To enhance international dialogue, Socio-Economic Review accepts the submission of translated articles that are simultaneously published in a language other than English. In pursuit of its program, SER is eager to promote interdisciplinary dialogue between sociology, economics, political science and moral philosophy, through both empirical and theoretical work. Empirical papers may be qualitative as well as quantitative, and theoretical papers will not be confined to deductive model-building. Papers suggestive of more generalizable insights into the economy as a domain of social action will be preferred over narrowly specialized work. While firmly committed to the highest standards of scholarly excellence, Socio-Economic Review encourages discussion of the practical and ethical dimensions of economic action, with the intention to contribute to both the advancement of social science and the building of a good economy in a good society.