This paper provides evidence that financial globalization—liberalization of the capital account—makes income distribution more uneven by raising the share of income that goes to the richest income deciles. We also offer evidence that changes in domestic fiscal policies in the aftermath of financial globalization are one channel through which these distributional effects could occur. Specifically, we show that episodes of capital account liberalization are followed by greater fiscal consolidation and reduced fiscal redistribution, both of which lead to increased inequality.

中文翻译：

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金融全球化、财政政策与收入分配

本文提供的证据表明，金融全球化——资本账户的自由化——通过提高最富有的十分之一收入的收入份额，使收入分配更加不均衡。我们还提供证据表明，金融全球化后国内财政政策的变化是这些分配效应可能发生的渠道之一。具体而言，我们表明，资本账户自由化之后是更大的财政整顿和减少的财政再分配，这两者都会导致不平等加剧。