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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/55347
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| Title: | | Globalization and the (mis)governance of nations  |
| Authors: | | Blouin, Arthur Ghosal, Sayantan Mukand, Sharun |
| Issue Date: | | 2012 |
| Series/Report no.: | | CESifo working paper: Monetary Policy and International Finance 3715 |
| Abstract: | | We analyze whether or not the globalization of capital, disciplines governments and improves governance. We demonstrate that globalization affects governance, by increasing a country's vulnerability to sudden capital flight. This increased threat of capital flight can discipline governments and improve governance and welfare by placing countries in a golden straitjacket. However, globalization may also overdiscipline governments - resulting in a perverse impact on governmental incentives that catalyzes (mis)governance. Accordingly, the paper suggests a novel (and qualified) role for capital controls. Finally, we provide some suggestive evidence consistent with the predictions from our theoretical framework. |
| Subjects: | | globalization governance capital flight capital controls discipline |
| JEL: | | F55 F36 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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