Social Protection

The connection between financial globalisation and rising inequality

Coins are laid on a picnic table to buy lunch at a protest camp in Madrid, June 12, 2013. Members of the Asamblea de Parados de Fontarron (Unemployed assembly of Fontarron), most of them unemployed, set up a camp site late Saturday June 8, 2013 at the public park of their neighbourhood in Fontarron, Madrid, to protest against Spain's unemployment and the government's labour reform. At 27 percent in the first quarter, Spain's unemployment rate is the highest in the European Union after Greece, and even if the country pulls out of recession next year as economists forecast, job creation could lag for some time longer. The camp site was dismantled early June 13, 2013 by police on the grounds that it was illegal. Picture taken June 12, 2013. REUTERS/Susana Vera (SPAIN - Tags: SOCIETY CIVIL UNREST) - GM1E96E00UQ01

Capital account liberalisation episodes have had a limited effect on output but have led to a significant increase in inequality. Image: REUTERS/Susana Vera

Davide Furceri
Economist, IMF’s Research Department
Prakash Loungani
Advisor, IMF’s Research Department.
Jonathan D. Ostry
Professor of the Practice of Economics, Georgetown University
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Related topics:
Social ProtectionTrade and InvestmentBanking and Capital MarketsEconomic Progress
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