{
  "title": "Capital Account Liberalization and Inequality",
  "publication": "IMF Working Papers, November 24, 2015",
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  "summary": "This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- On average, capital account liberalization reforms increase inequality.\n- Capital account liberalization reforms reduce the labor share of income in the short and medium term.\n- The level of financial development plays a key role in shaping the response of inequality to capital account liberalization reforms.\n- The occurrence of crises plays a key role in shaping the response of inequality to capital account liberalization reforms."
    },
    {
      "heading": "Data and methodology",
      "content": "- Panel data for 149 countries from 1970 to 2010 were used."
    },
    {
      "heading": "Scope and subjects",
      "content": "- Subject terms: Balance of payments, Capital account, Capital account liberalization, Income distribution, Income inequality, National accounts, Personal income.\n- Keywords: capital account; Capital account liberalization; capital account liberalization reforms lead; Capital Account Openness; capital liberalization episode; Crises; effect of liberalization; Gini growth; Global; Globalization; globalization reform; impact of capital account liberalization reform; Impulse response functions; Income distribution; Income inequality; Inequality; Institutions; liberalization date; liberalization reform; occurrence of a liberalization reform; occurrence of the liberalization reform; Personal income; WP."
    },
    {
      "heading": "Publication notes",
      "content": "- Working Paper by Davide Furceri and Prakash Loungani.\n- Date on page: November 24, 2015.\n- Series: IMF Working Papers; Working Paper No. 2015/243.\n- Pages: 26."
    },
    {
      "heading": "Disclaimer",
      "content": "- \"This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.\"\n\nDavide Furceri, and Prakash Loungani. \"Capital Account Liberalization and Inequality\", IMF Working Papers, November 24, 2015.\n\n---\n\n Content in this bundle\n\n- wp15243 - References\n  - wp15243 - References (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp15243 - References (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/capital-account-liberalization-and-inequality-43414"
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    "Authors: Davide Furceri, Prakash Loungani",
    "Published: November 24, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513531083.001",
    "On average, capital account liberalization reforms increase inequality.",
    "Capital account liberalization reforms reduce the labor share of income in the short and medium term.",
    "The level of financial development plays a key role in shaping the response of inequality to capital account liberalization reforms.",
    "The occurrence of crises plays a key role in shaping the response of inequality to capital account liberalization reforms.",
    "Panel data for 149 countries from 1970 to 2010 were used.",
    "Subject terms: Balance of payments, Capital account, Capital account liberalization, Income distribution, Income inequality, National accounts, Personal income.",
    "Keywords: capital account; Capital account liberalization; capital account liberalization reforms lead; Capital Account Openness; capital liberalization episode; Crises; effect of liberalization; Gini growth; Global; Globalization; globalization reform; impact of capital account liberalization reform; Impulse response functions; Income distribution; Income inequality; Inequality; Institutions; liberalization date; liberalization reform; occurrence of a liberalization reform; occurrence of the liberalization reform; Personal income; WP.",
    "Working Paper by Davide Furceri and Prakash Loungani.",
    "Date on page: November 24, 2015.",
    "Series: IMF Working Papers; Working Paper No. 2015/243.",
    "Pages: 26.",
    "\"This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.\"",
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