Prof Valpy FitzGerald

Professor Emeritus of International Development Finance

Professor FitzGerald was educated at Oxford (PPE, BA 1968) and Cambridge (Economics, PhD 1972). In between he worked for The Economist. He was Assistant Director of Development Studies at Cambridge (1973-80) and then Professor of Development Economics at the Institute of Social Studies, The Hague. During the 1980s he also served as economic adviser to the Government of Nicaragua on secondment from the Kingdom of the Netherlands.

Valpy returned to Oxford in 1992 to join what was then Queen Elizabeth House and which he helped transform into the Oxford Department of International Development. He was Director of the Finance and Trade Policy Research Centre 1992-2006; Tutor for Admissions 2000-5; Head of Department 2007-12; and REF Coordinator 2012-14; finally retiring in 2014. He is now a Professorial Fellow Emeritus of St Antony's College Oxford.

Valpy FitzGerald's current research interests include the determinants of capital flows to developing countries (particularly the effect of uncertainty on the asset demand schedule), international taxation issues and their relation to income inequality and Latin American economic history. He is also preparing a history of QEH/ODID framed by the post-colonial transformation of the University.

During his professional career Professor FitzGerald acted as economic adviser to a number of developing country governments (ranging from Peru and Mexico to Cambodia and the Maldives); as well as several United Nations agencies and the OECD. He acted as adviser on international investment to the newly formed UK Department for International Development 1997-2002, contributing to the seminal 2000 White Paper Eliminating World Poverty: Making Globalization Work for the Poor.

Currently, he serves as a commissioner – with colleagues Piketty, Ocampo and Stiglitz – on the Independent Commission on the Reform of International Corporate Taxation (ICRICT)

Valpy has a close relationship with progressive Spanish academic economics, having held the Queen Victoria Eugenia chair at the Universidad Complutense (Madrid) 1995-6 and 1996-7; receiving the Gabarrón Prize in Economics in 2007 and an Honorary Doctorate from the Complutense in 2014. He was elected Honorary President of the Sociedad de Economia Mundial in 2015; and is a founding scientific board member of the Red Española de Estudios de Desarrollo and of the Sociedad Española de Economía Critica.   

Since retirement Valpy and Angelines have divided their time between Oxford and Andalucía, where they grow olives and keep horses. A somewhat charitable valedictory biography may be found in John Toye ‘Valpy FitzGerald: radical macroeconomist of developmentOxford Development Studies Vol 45 No 2, June 2017 pp. 116-124.  

In the media
FitzGerald, Valpy (2001) 'Regulating Large International Firms',
FitzGerald, Valpy (1999) 'The Security of International Finance',

Books and monographs

FitzGerald, Valpy (with J Heyer, R Thorp) (eds) (2011) 'Overcoming the Persistence of Inequality and Poverty', Basingstoke, New York: Palgrave Macmillan
FitzGerald, Valpy (with R Thorp) (eds) (2005) 'The Tranmission of Economic Ideas in Latin America', Basingstoke: Palgrave Macmillan
FitzGerald, Valpy (with P Astora, A Berges) (2003) 'The Oxford Latin American Economic History Database', (Monograph)
FitzGerald, Valpy (with J A Alonso) (eds) (2003) 'Financiacion del desarrollo y coherencia en las politicas de los donantes', Madrid: Catarata
FitzGerald, Valpy (2003) 'Global Markets and the Developing Economy', Palgrave pps 224
FitzGerald, Valpy (ed) (2002) 'Institutions and Development: Essays in Memory of Kurt Martin', The Hague: Kluwer
FitzGerald, Valpy (1995) 'Global Markets and the Developing Economy', Basingstoke: Palgrave

Journal articles and special issues

FitzGerald, Valpy (2012) 'Global capital markets, direct taxation and the redistribution of income', International Review of Applied Economics 26 (2) 241-52
FitzGerald, Valpy (with P Astorga, A Berges) (2011) 'Productivity Growth in Latin America over the Long Run', The Review of Income and Wealth 57 (2) 203-23
FitzGerald, Valpy (2008) 'Economic Development and Fluctuations in Earnings Inequality in the Very Long Run: The Evidence from Latin America 1900-2000', Journal of International Development 20(8) 1028-48
FitzGerald, Valpy (with P Astorga, A Berges) (2005) 'The Standard of Living in Latin America during the Twentieth Century', The Economic History Review 58(4) 765-96
FitzGerald, Valpy (2004) 'Global Financial Information, Compliance Incentives and Terrorist Funding', European Journal of Political Economy 20 (2)(June) 387-401
FitzGerald, Valpy (2004) 'Financial Globalisation and Poor Countries: The Impact of International Asset Demand Instability on Emerging Markets', IDS Bulletin 35 (1) 50-9
FitzGerald, Valpy (1999) 'Global Capital Market Volatility and the Developing Countries: Lessons from the East Asian Crisis', IDS Bulletin 30 (1) (January) pp 19-32
FitzGerald, Valpy (1999) 'Global Linkages, Vulnerable Economies and the Outbreak of Conflict', Development 42 (3) 57-64
FitzGerald, Valpy (1999) 'La volatilidad del mercado internacional de capitales y el diseno de una arquitectura financiera global', Mientra Tanto 47 pp 95-120
FitzGerald, Valpy (1997) 'Measuring External Shock and Domestic Response in LDCs: Completing Balassa's Decomposition Method', Journal of International Development 9 (5) pp 675-693
FitzGerald, Valpy (1997) 'Paying for the War: Macroeconomic Stabilisation in Poor Countries Under Conflict Conditions', Oxford Development Studies Carfax Publishing 25 (1)
FitzGerald, Valpy (with H Grabbe) (1997) 'Integracion Financiera: La Experiencia Europea y Sus Lecciones Para America Latina', Integracion y Commercio 1 (2) pp 85-124
FitzGerald, Valpy (1996) 'International Capital Markets and Open Economy Macroeconomics', Oxford Development Studies Carfax Publishing 25 (1)


FitzGerald, Valpy (2008) 'Finance and Growth in Developing Countries: Sound Principles and Unreliable Evidence'. In P Arestis, J Eatwell (eds) Issues in Finance and Industry: Essays in Honour of Ajit Singh 29-51 , Basingstoke, New York: Palgrave Macmillan
FitzGerald, Valpy (2008) 'Stabilization Policy and Structural Adjustment'. In A K Dutt, J Ros (eds) International Handbook of Development Economics , Cheltenham, Northampton MA: Edward Elgar
FitzGerald, Valpy (2005) 'Monetary Models and Inflation Targeting in Emerging Market Economies'. In P Arestis (ed) New Monetary Policy: Implications and Relevance , Aldershot: Edward Elgar
FitzGerald, Valpy (2005) 'Models of Saving, Income and the Macroeconomics of Developing Countries in the Post-Keynesian Tradition'. In P Arestis, J McCrombie, R Vickerman (eds) Growth and Economic Development: Essays in Honour of AP Thirlwall , Aldershot: Edward Elgar
FitzGerald, Valpy (2005) 'Policy Issues in Market Based and Non-market Based Measures to Control the Volatility of Portfolio Investment'. In C J Green, C Kirkpatrick, V Murinde (eds) Finance and Development: Surveys of Theory, Evidence and Policy , Aldershot: Edward Elgar
FitzGerald, Valpy (2003) 'The Instability of International Demand for Emerging Market Assets'. In R Ffrench-Davis, S Griffith-Jones (eds) From Capital Surges to Drought: Seeking Stability for Developing Economies pp 191-213 , Basingstoke: Palgrave for UNU/WIDER
FitzGerald, Valpy (2001) 'Developing Countries and Multilateral Investment Negotiations'. In E C Nieuwenhuys and M M T A Brus (ed) Multilateral Regulation of Investment pp 35-66 , Kluwer Law International
FitzGerald, Valpy (1999) 'Trade, Investment and the NAFTA: The Economics of Neighbourhood'. V Bulmer-Thomas, J Dunkerley (eds), The United States and Latin America: The New Agenda pp 99-122 , Harvard MA: Harvard University Press
FitzGerald, Valpy (1999) 'Revaluando la ayuda para el desarrollo: implicaciones de una ciudadania social en una economia global'. C Hewitt, A Minujin (eds), Globalizacion y Derechos Humanos pp 179-212 , Bogota and Madrid: Santillana
FitzGerald, Valpy (1999) 'Financing Sustainable High Growth in Developing Countries'. In P Grant (ed) Fiscal Implications of Debt and Debt Relief , London: Department for International Development
FitzGerald, Valpy (with G Perosino) (1999) 'Trade Liberalization, Employment and Wages: A Critical Approach'. In G B Navaretti, R Faini, G Zanalda (eds) Labour Markets, Poverty and Development pp 34-63 , Oxford: OUP
FitzGerald, Valpy (with K Jansen) (1997) 'International Finance, Growth and Adjustment: An Introduction'. K Jansen, R Vos (eds), External Finance and Adjustment: Failure and Success in the Developing World , Macmillan
FitzGerald, Valpy (with K Sarmad) (1997) 'External Shocks and Domestic Adjustment in the 1970s and 1980s'. K Jansen, R Vos (eds), External Finance and Adjustment: Failure and Success in the Developing World , Macmillan
FitzGerald, Valpy (1996) 'The New Trade Regime, Macroeconomic Behaviour and Income Distribution in Latin America'. In V Bulmer-Thomas (ed) The New Economic Model in Latin America and its Impact on Income Distribution and Poverty , Macmillan
FitzGerald, Valpy (1996) 'International Markets and Open-economy Macroeconomics: A Keynesian View'. In P Arestis, M Sawyer (eds) The Relevance of Keynesian Economic Policies Today pp 186-206 , Macmillan
FitzGerald, Valpy (1996) 'The Impact of NAFTA on the Latin American Economies'. V Bulmer-Thomas (ed), Mexico and the North American Trade Agreement , Macmillan
FitzGerald, Valpy (1995) 'Hamlet Without the Prince: Structural Adjustment, Firm Behaviour and Private Investment in Semi-Industrialised Economies'. In P Arestis, V Chick (eds) Finance, Development and Structural Change: Post-Keynesian Perspectives , Aldershot: Elgar


FitzGerald, Valpy (with A Cobham) (2000) 'Export Credit Appropriateness and Risk in Poorer Countries', Background paper for DfID Submission to HMG Review of the Export Credit Guarantee Department
FitzGerald, Valpy (1999) 'International Investment Treaties and Developing Countries', IDS/DfID Trade and Investment Briefing No 9 Sussex University
FitzGerald, Valpy (1999) 'Policy Issues in Market Based and Non Market Based Measures to Control the Volatility of Portfolio Investment', Geneva: UNCTAD/Global Development Policy Division
FitzGerald, Valpy (with A Grigsby) (1997) 'Nicaragua: The Political Economy of Social Reform and Armed Conflict', Report to the Swedish Development Cooperation Agency (SIDA) pps 186
FitzGerald, Valpy (with G Mavrotas) (1996) 'Private Investment Recovery and Sustainable Growth after Adjustment', (RS914) Report to the Overseas Development Administration
FitzGerald, Valpy (with G Mavrotas) (1996) 'Employment Effects of Foreign Investment in Developing Countries', Geneva: ILO

Working papers

FitzGerald, Valpy (2013) 'The international fiscal implications of global poverty reduction and global public goods provision ', WIDER Working Paper WP/2013/136 Helsinki: UNU-WIDER
FitzGerald, Valpy (2010) 'International Tax Cooperation and International Development Finance', Background Papers for the World Economic and Social Survey 2010 New York: United Nations Division for Economic and Social Affairs
FitzGerald, Valpy (with P Astora, A Berges) (2005) 'Endogenous Growth and Exogenous Shocks in Latin America During the XXth Century', Oxford University, Discussion Papers in Economic and Social History 57
FitzGerald, Valpy (with P Astogra, A Berges) (2004) 'The Standard of Living in Latin America During the Twentieth Century', Oxford University, Discussion Papers in Economic and Social History 54
FitzGerald, Valpy (with D Krolzig) (2003) 'Modelling the Demand for Emerging Market Assets. The Instability of the Emerging Markets Asset Demand Schedule', Oxford University, Financial Economics Working Paper 2003-FE-10
FitzGerald, Valpy (with P Astorga, A Berges) (2003) 'Productivity Growth in Latin America During the Twentieth Century', Oxford University, Discussion Papers in Economic and Social History 52
FitzGerald, Valpy (1999) 'The Security of International Finance (1999 Wolfson Lecture)', QEH Working Paper Series QEHWPS23
FitzGerald, Valpy (1999) 'Capital Surges, Investment Instability and Income Distribution after Financial Liberalisation', Finance and Development Research Programme Paper University of Manchester/IDPM 6
FitzGerald, Valpy (with G Mavrotas) (1996) 'The Employment Impact of External Capital Flows in Developing Countries', Employment and Training Papers Geneva: ILO 5
FitzGerald, Valpy (1996) 'Intervention Versus Regulation: The Role of the IMF in Crisis Prevention and Management', UNDP Discussion Paper Geneva: UNDP

Conference papers

FitzGerald, Valpy (1999) 'The Development Dimension of the New International Financial Architecture', Paper for 9th EADI General Conference, Paris
16 June, 2017
New ODS special issue celebrates work of Valpy FitzGerald
10 December, 2016
Valpy FitzGerald speaks at UK Global Tax Transparency Summit
25 January, 2016
Valpy FitzGerald Appointed to Independent Commission for Reform of International Corporate Taxation
06 January, 2015
ODID Holds Workshop in Honour of Valpy FitzGerald
11 December, 2013
New WIDER Working Paper by Valpy FitzGerald on International Fiscal Implications of Global Poverty Reduction and Global Public Goods Provision
15 July, 2013
Valpy FitzGerald Awarded Honorary Doctorate by University of Madrid
09 July, 2012
Oxford Latin American Economic History Database Moves to Montevideo
23 Nov, 2016
'"Doing Business" Should Stop Promoting Tax Competition'. Valpy FitzGerald co-authors critique of World Bank report in Project Syndicate
Research interests:

Financial linkages between developed and developing countries; macroeconomics of emerging markets; Latin American economic history; taxation and income distribution