Skip to main content
SpringerLink
Log in
Book cover

Financial Liberalization pp 43–89Cite as

Palgrave Macmillan

The Importance of the Gender Dimension in the Finance and Economic Development Nexus

  • Chapter

  • 135 Accesses

Part of the book series: International Papers in Political Economy Series ((IPPE))

Abstract

Using an open developing economy case, this chapter presents a conceptual framework for understanding the significant gender-related, equity and welfare implications of domestic and international resource mobilization. This conceptual framework builds upon the notion of economic development as a process of structural transformation and changes in production and distribution processes involving the two sectors of the real economy engaged in human provisioning namely, the market and non-market, domestic sectors. It highlights the role of gender, along with class, as an important analytical category; not only does it serve as a basis for fundamental division of labour in societies, but also for socially defining one’s role in economic life. Both class and gender are constitutive bases of power. The chapter also explores the interaction between the financial sector and the real sector in terms of the allocation of resources by governments in order to mobilize foreign savings vis-à-vis foreign investment. It serves to illustrate the underlying power structure of market liberalization policies and current dominant economic growth strategies.

This is a preview of subscription content, log in via an institution.

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   84.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD   109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • AfricanDevelopment Bank (ADB) (1994), African DevelopmentReport, Abidjan, Cote d’ Ivoire: African Development Bank.

    Google Scholar 

  • Agosin, M. and Mayer, R. (2000), ‘Foreign Investment in Developing Countries: Does it Crowd in Domestic Investment?’, United Nations Conference on Trade and Development (UNCTAD) Discussion Paper, No. 146.

    Google Scholar 

  • Arestis, P. and Demetriades, P.O. (1993). ‘Financial Liberalization and Economic Development: A Critical Exposition’, in P. Arestis (ed.), Money and Banking: Issues for the Twenty First Century, Basingstoke: Macmillan, pp. 287–303.

    Chapter  Google Scholar 

  • Arestis, P., Nissanke, M. and Stein, H. (2005), ‘Finance and Development: Institutional and Policy Alternatives to Financial Liberalisation Theory’, Eastern Economic Journal, (forthcoming).

    Google Scholar 

  • Bajtelsmit, V. and Bernasek, A. (1996), ‘Why Do Women Invest Differently Than Men?’, Financial Counseling and Planning, 7 (1), 1–10.

    Google Scholar 

  • Balakrishnan, R. (ed.) (2002), The Hidden Assembly Line. Gender Dynamics of Subcontracted Work in a Global Economy, Bloomfield Connecticut: Kumarian Press.

    Google Scholar 

  • Balicasan, Arsenio and Rosemarie Edillon (2001), ‘Socioeconomic Dimension of the Asian Crisis: Impact and Household Response in the Philippines’, in Yun-Peng Chu and Hal Hill (eds), The Social Impact of the Asian Financial Crisis, Cheltenham: Edward Elgar, pp. 167–192.

    Google Scholar 

  • Barnett, Kathleen and Caren Grown (2004), Gender Impacts of Government Revenues, Commonwealth Economic Paper Series, London: Commonwealth Secretariat.

    Book  Google Scholar 

  • Basu, Santonu (2002), ‘Financial Fragility: Is it Rooted in the Development Process? An Examination with Special Reference to the South Korean Experience’, International Paper in Political Economy, 9 (1), 1–32.

    Article  Google Scholar 

  • Beneria, L. (2001), ‘Shifting the Risk: New Employment Patterns, Informalization, and Women’s Work, International Journal ofPolitics, Culture and Society, 15(1), 27–53.

    Google Scholar 

  • Beneria, L. and Floro, M. (2004), Deconstructing Poverty, Labor Market Informalization, Income Volatility and Economic Insecurity in Ecuador and Bolivia (co-authored with Lourdes Beneria), Geneva: UNRISD Background Paper.

    Google Scholar 

  • Berik, Gunseli (2000), ‘Mature Export-led Growth and Gender Wage Inequality in Taiwan’ Feminist Economics, 6 (3), November, 1–26.

    Google Scholar 

  • Blecker, Robert (1998), ‘The Globalization of Finance and the Limits on National Policy Autonomy: A Survey of the Debate’, paper prepared for the Economic Policy Institute Project on Global Finance and Domestic Economic Policy, July.

    Google Scholar 

  • Bouton, L., C. Jones and M. Kiguel (1994), ‘Macroeconomic Reforms and Growth in Africa: Adjustment in Africa Revisited’, World Bank Policy Research Working Paper No. 1394, Washington DC: World Bank.

    Google Scholar 

  • Braunstein, Elissa (2000), ‘Engendering Foreign Direct Investment: Family Structure, Labor Markets and International Capital Mobility’, World Development, 28 (7), 1157–72.

    Article  Google Scholar 

  • Braunstein, Elissa and Gerald Epstein (2004), ‘Bargaining Power and Foreign Direct Investment in China: Can 1.3 Billion Consumers Tame the Multi-nationals?’, in William Milberg (ed.), Labor and the Globalization ofProduction. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Buffie, E.F. (1984), ‘Financial Repression: The New Structuralists and Stabilization Policy in Semi-Industrial Countries’, Journal of Development Economics, 14(3), 305–20.

    Article  Google Scholar 

  • Bulir, Ales (2001), ‘The Impact of Macroeconomic Policies on the Distribution of Income’, Annals ofPublic and Cooperative Economics, 72 (2), 253–70.

    Article  Google Scholar 

  • Cagatay, Nilufer, Diane Elson and Caren Grown (1995), ‘Introduction to the Special Issue on Gender, Adjustment and Macroeconomics’, World Development, 23(11), 1827–36.

    Article  Google Scholar 

  • Chen, Martha, Jennifer Sebstad and Lesley 0’ Connell (1999), ‘Counting the Invisible Workforce: The Case of Homebased Workers’, World Development, 27(3).

    Google Scholar 

  • Cho, Hee Yeon and Eun Mee Kim (1998), ‘State Autonomy and Its Social Conditions for Economic Development in South Korea and Taiwan’, in Eun Mee Kim (ed.), The Four Asian Tigers: Economic Development and the Global Political Economy, San Diego and London: Academic Press, pp. 125–58.

    Google Scholar 

  • Deyo, Frederic (1998), ‘Industrial Flexibility, Economic Restructuring and East Asian Labour’, in Eun Mee Kim (ed.), The Four Asian Tigers: Economic Development and the Global Political Economy, San Diego and London: Academic Press, pp. 184–209.

    Google Scholar 

  • Diaz-Alejandro, Carlos (1985), ‘Good-Bye Financial Repression, Hello Financial Crash’, Journal of Development Economics, 19 (1–2), 1–24.

    Article  Google Scholar 

  • Elson, Diane (1996), ‘Appraising Recent Developments in the World Market for Nimble Fingers’, in Amrita Chachhi and Renee Pitin (eds), Confronting State, Capital and Patriarchy, Basingstoke: Macmillan Press, pp. 35–55.

    Chapter  Google Scholar 

  • Elson, Diane and Nilufer Cagatay (2000), ‘The Social Content of Macroeconomic Policies’, World Development, 28(7), 1145–56.

    Article  Google Scholar 

  • FitzGerald, E.V.K. (2000), ‘Capital Surges, Investment Instability and Income Distribution after Financial Liberalisation’, in W. Mahmud (ed.), Adjustment and Beyond: the Reform Experience in South Asia, Basingstoke: Macmillan in association with the International Economic Association.

    Google Scholar 

  • Floro, Maria (2001), ‘Gender Dimensions of Finandng for Development’, Background Paper, New York: United Nations Development Fund for Women (UNIFEM).

    Google Scholar 

  • Floro, M., N. cagatay, J. Willoughby and K. Erturk (2003), ‘Gender Issues and Concerns in Financing for Development’, Background Paper, Santo Domingo, Dominican Republic: United Nations International Research and Training Institute for the Advancement of Women (INSTRAW).

    Google Scholar 

  • Floro, Maria Sagrario and Pan Yotopoulos (1991), Informal Credit Markets and the New Institutional Economics, Boulder: Westview Press.

    Google Scholar 

  • Fontana, Marzia and Adrian Wood (2000), ‘Modeling the Effects of Trade on Women, At Work and At Home’, World Development, 28(7), 1173–90.

    Article  Google Scholar 

  • Fong, Monica and Heli Perrett (1991), Women and Credit. Cassa di Risparmio delle Provincie Lombarde, Milan: FinAFRICA.

    Google Scholar 

  • Fussell, Elizabeth (2000), ‘Making Labor Flexible: The Recomposition of Tijuana’s Maquiladora Female Labor Force’, Feminist Economics, 6(3), 59–79.

    Article  Google Scholar 

  • Geda, Alemayehu (2002), Finance and Trade in Africa: Macroeconomic Response in the World Economy Context, Basingstoke, UK and New York: Palgrave Macmillan.

    Book  Google Scholar 

  • Germidis, Dimitri et al. (1991), Financial Systems and Development: What Role for the Formal and Informal Financial Sectors?, Development Centre Studies, Paris: Organization for Economic Cooperation and Development.

    Google Scholar 

  • Ghate, Prabhu (1992), Informal Finance: Some Findings from Asia, New York and Manila: Oxford University Press and Asian Development Bank.

    Google Scholar 

  • Greenwood, J. and Boyan Jovanovic (1990), ‘Financial Development, Growth, and the Distribution of Income’, Journal ofPolitical Economy, 98(5), 1076–107.

    Article  Google Scholar 

  • Griffith-Jones, Stephany (2002), ‘Capital Flows to Developing Countries: Does the Emperor Have Clothes?’, Oxford University Working Paper.

    Google Scholar 

  • Grown, Caren, Diane Elson and Nilufer Cagatay (2000), ‘Introduction’, World Development, 29(7), 1145–56.

    Article  Google Scholar 

  • Hoddinott, John, Harold Alderman and Lawrence Haddad (eds) (1998), Intrahousehold Resource Allocation in Developing Countries: Methods, Models and Policy. Baltimore: Johns Hopkins University Press.

    Google Scholar 

  • Hsiung, Ping-Chun (1996), Living Room as Factories: Class, Gender and the Satellite Factory System in Taiwan, Philadelphia: Temple University Press.

    Google Scholar 

  • Hungerford, Thomas (1999), ‘Saving for a Rainy Day: Does Pre-retirement Access to Retirement Savings Increase Retirement Saving?’, Working Paper, Washington DC: Social Security Administration.

    Google Scholar 

  • Kapur, Basant (1983), ‘Optimal Financial and Foreign Exchange Liberalization of less Developed Economies’, Quarterly Journal of Economics, 98(1), 41–62.

    Article  Google Scholar 

  • Kasekende, I., D. Kitabire and M. Martin (1997), ‘Capital Flows and Macro-economic Policy in Sub-Saharan Africa’, International Monetary and Financial Issues for the 1990s, Vol. VIII, New York and Geneva: United Nations.

    Google Scholar 

  • Kim, Seung-Kyung (1997), Class Struggle or Family Struggle?: The Lives of Women Factory Workers in South Korea, Cambridge: Cambridge University Press.

    Book  Google Scholar 

  • Kim, L. and Jeffrey Nugent (1993), ‘Korean SMEs and Their Support Mechanisms: An Empirical Analysis of the Role of Government and Other Non-Profit Organizations’, Washington DC: World Bank Policy Research Department.

    Google Scholar 

  • King, Robert and Ross Levine (1993), ‘Finance and Growth: Schumpeter Might Be Right’, Quarterly Journal ofEconomics, 108(3), 717–37.

    Google Scholar 

  • Kucera, David (2001), ‘The Effects of Core Workers’ Rights on Labour Costs and Foreign Direct Investment: Evaluating the ‘Conventional Wisdom’, International Institute for Labour Studies Discussion Paper No. 130.

    Google Scholar 

  • Liew, Leong Hoe (1997), The Chinese Economy in Transition: From Plan to Market, Cheltenham: Edward Elgar.

    Google Scholar 

  • Lim, Joseph (2000), ‘The Effects of the East Asian Crisis on the Employment of Women and Men: The Philippine Case’, World Development, 29(7), 1285–306.

    Article  Google Scholar 

  • Lipumba, Nguyuru (1997), ‘The Liberalisation of Foreign Exchange Markets and Economic Growth in Sub-saharan Africa’, Paper presented at WIDER conference, Kampala, 19–20 June.

    Google Scholar 

  • Lucas, Robert (1988), ‘On the Mechanics of Economic Development’, Journal of Monetary Economics, 22(1), 3–42.

    Article  Google Scholar 

  • Manning, Linda and Patricia Graham (1999), ‘Banking and Credit’, in Janice Petersen and Meg Lewis (eds), The Elgar Companion to Feminist Economics, Cheltenham: Edward Elgar, 27–33.

    Google Scholar 

  • McKinnon, Ronald (1973), Money and Capital in Economic Development, Washington DC: Brookings Institution.

    Google Scholar 

  • Mehmet, Ozay and Akbar Tavakoli (2003), ‘Does Foreign Direct Investment Cause a Race to the Bottom?’, Journal of the Asia Pacific Economy, 8(2), 133–56.

    Article  Google Scholar 

  • Milberg, William (1999), ‘Foreign Direct Investment and Development: Balancing the Costs and Benefits’, in International Monetary and Financial Issues for the 1990s, Vol. XI, Geneva: UNCTAD.

    Google Scholar 

  • Mwega, Francis M. (2003), ‘Financial Sector Reforms in Eastern and Southern Africa’, in Thandika Mkandawire and Charles Saludo (eds) African Voices on Structural Adjustment, Trenton: Africa World Press, 147–64.

    Google Scholar 

  • Mwega, Francis M. (1995), ‘Private Saving Behavior in Less Developed countries and Beyond: Is Sub-Saharan Africa Different?’, paper presented at the XI World Congress of the International Economic Association, Tunis, December 18–22.

    Google Scholar 

  • Nissanke, M., E. Aryeteey, H. Hettige, and W.F. Steel (1995), Financial Integration and Development in Sub-Saharan Africa, Washington DC: World Bank.

    Google Scholar 

  • Nussbaum, Martha (2002), ‘Women’s Capabilities and Social Justice’, in L. Beneria and S. Bisnath (eds), Global Tensions. Opportunities and Challenges in the World Economy, New York: Routledge, 241–58.

    Google Scholar 

  • Oshikoya, T.W. (1992), ‘Interest Rate Liberalization, Savings, Investment and Growth: The Case of Kenya’, Savings and Development, 26(3), 305–20.

    Google Scholar 

  • Pagano, Marco (1993), ‘Financial Markets and Growth: An Overview’, European Economic Review, 37 (2–3), 613–22.

    Article  Google Scholar 

  • Pollin, Robert (ed.) (1997), The Macroeconomics of Finance, Saving and Investment, Ann Arbor: University of Michigan Press.

    Google Scholar 

  • Prugl, Elizabeth (1999), The Global Construction of Gender: Home-Based Work in the Political Economy of the 20 Century, New York: Columbia University Press.

    Google Scholar 

  • Seguino, Stephanie (2000a), ‘Gender Inequality and Economic Growth: A Cross Country Analysis’, World Development 28(7), 1211–30.

    Article  Google Scholar 

  • Seguino, Stephanie (2000b), ‘The Effects of Structural Change and Economic Liberalization on Gender Wage Differentials in South Korea and Taiwan’, Cambridge Journal of Economics 24(4), 437–59.

    Article  Google Scholar 

  • Seguino, Stephanie and Maria Floro (2003), ‘Does Gender Have Any Effect on Aggregate Savings?: An Empirical Analysis,’ International Review of Applied Economics, 17(2), 147–166.

    Article  Google Scholar 

  • Sen, Amartya and Jean Dreze (1995), Hunger and Public Action, New Delhi and Oxford: Oxford University Press.

    Google Scholar 

  • Shaw, Edward (1973), Financial Deepening in Economic Development, New York: Oxford University Press.

    Google Scholar 

  • Singh, Ajit (1997), ‘Financial Liberalization, Stock Markets and Economic Development’, Economic Journal, 107(442), 771–82.

    Article  Google Scholar 

  • Singh, Ajit and Ann Zammit (2000), ‘International Capital Flows: Identifying the Gender Dimension’, World Development, 29(7), 1249–68.

    Article  Google Scholar 

  • Standing, Guy (1999), Global Labour Flexibility: Seeking Distributive Justice, Basingstoke, UK and New York: Palgrave Macmillan.

    Book  Google Scholar 

  • Stewart, Frances (1995), Adjustment and Poverty: Options and Choices, London and New York: Routledge.

    Google Scholar 

  • Stiglitz, Joseph (1994), ‘The Role of the State in Financial Markets’, in Michael Bruno and Boris Peskovic (eds), Proceedings of the World Bank Annual Bank Conference on Development Economics1993, Washington D.C.: World Bank, pp. 19–52.

    Google Scholar 

  • Stotsky, Janet (1997), ‘Gender Bias in Tax Systems’, Tax Notes International, 9, June, 1913–1923.

    Google Scholar 

  • Sunden, Annika and B. Surette (1998), ‘Gender Differences in the Allocation of Assets in Retirement Savings Plans’, American Economic Review, 88 (2), 207–11.

    Google Scholar 

  • Taylor, Lance (1983), Structuralist Macroeconomics: Applicable Models for the Third World, New York: Basic Books.

    Google Scholar 

  • Taylor, Lance (1991), ‘Economic Openness: Problems to the Century’s End’, in Tariq Banuri (ed.), Economic Liberalization: No Panacea. The Experiences of Latin America and Asia, Oxford: Oxford University Press, pp. 99–147.

    Google Scholar 

  • United NationsDevelopment Programme (UNDP) (2003), Human Development Report, New York and Oxford: Oxford University Press.

    Google Scholar 

  • United Nations (1999), 1999 World Survey on the Role of Women in Development: Globalization, Gender and Work, New York: UN Division for the Advancement of Women, Department of Economic and Social Affairs.

    Google Scholar 

  • United Nations Development Fund for Women (UNIFEM) (2000), Progress of the World’s Women 2000, New York: UNIFEM.

    Google Scholar 

  • Wade, Robert (1990), Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization, Princeton, New Jersey: Princeton University Press.

    Google Scholar 

  • Wijnbergen, van S. (1983), ‘Interest Rate Management in LDCs’, Journal of Monetary Economics, 12(3), 433–452.

    Article  Google Scholar 

  • Weeks, John (2003), ‘Exports, Foreign Investment and Growth in Latin America: Skepticism by Way of Simulation’, paper prepared for Globalization and the Myths of Free Trade Conference, Center for Economic Policy Analysis, New School for Social Research.

    Google Scholar 

  • World Bank (1993), The East Asian Miracle: Economic Growth and Public Policy, New York: Oxford University Press.

    Google Scholar 

  • World Bank (1994), Adjustment in Africa: Reforms, Results and the Road Ahead, World Bank Policy Research Report, New York: World Bank and Oxford University Press.

    Google Scholar 

  • World Bank (2001), Engendering Development: Through Gender Equality in Rights, Resources and Voice, New York and Washington DC: World Bank and Oxford University Press.

    Google Scholar 

  • Wu, Harry (1994), ‘Rural Enterprise Contributions to Growth and Structural Change’, in Christopher Findlay, Andrew Watson and Harry X Wu (eds), Rural Enterprises in China, Basingstoke, UK and New York: Palgrave Macmillan.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. American University, Lebanon

    Maria S. Floro

Authors
  1. Maria S. Floro
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Philip Arestis Malcolm Sawyer

Copyright information

© 2005 Maria S. Floro

About this chapter

Cite this chapter

Floro, M.S. (2005). The Importance of the Gender Dimension in the Finance and Economic Development Nexus. In: Arestis, P., Sawyer, M. (eds) Financial Liberalization. International Papers in Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230522381_2

Download citation

Publish with us

Policies and ethics

Search

Navigation