Research interests
Financial linkages between developed and developing countries; macroeconomics of emerging markets; Latin American economic history; taxation and income distribution
Valpy FitzGerald
Professor FitzGerald comes from an Irish and English background and was educated at Oxford (PPE, BA 1968) and Cambridge (Economics, PhD 1972). He was first employed by The Economist; was Assistant Director of Development Studies at Cambridge until 1979; then Professor of Development Economics at the Institute of Social Studies, The Hague (part of Erasmus University Rotterdam). During the 1980s Valpy 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 reform of international taxation (on both corporate profits and personal wealth), the macroeconomics of income inequality in the Kaleckian tradition, and the long-run economic history of Latin America. He is also writing a history of QEH/ODID framed by the post-colonial transformation of the University.
During his professional career Professor FitzGerald has 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, the G24 and the OECD. Between 1997 and 2002 he acted as adviser on international investment to the newly formed UK Department for International Development, contributing to the seminal 2000 White Paper Eliminating World Poverty: Making Globalization Work for the Poor. Currently, he serves as a commissioner – with colleagues Ocampo, Piketty and Stiglitz – of the Independent Commission on the Reform of International Corporate Taxation (ICRICT, www.icrict.com).
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 Crítica.
Since retirement Valpy and Angelines live between Oxford and Andalucía, where they grow olives and almonds. A somewhat charitable valedictory biography may be found in John Toye ‘Valpy FitzGerald: radical macroeconomist of development’ Oxford Development Studies https://doi.org/10.1080/13600818.2017.1311851.
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Books and monographs( ) Overcoming the Persistence of Inequality and Poverty , Basingstoke, New York: Palgrave Macmillan( ) Globalization, Self-Determination and Violent Conflict . , Palgrave( ) The Tranmission of Economic Ideas in Latin America . , Basingstoke: Palgrave Macmillan( ) Global Markets and the Developing Economy . , Palgrave pps 224( ) Financiacion del desarrollo y coherencia en las politicas de los donantes . , Madrid: Catarata( ) Institutions and Development: Essays in Memory of Kurt Martin . , The Hague: Kluwer( ) Global Markets and the Developing Economy . , Basingstoke: Palgrave
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Journal articles and special issues( ) Sharing the corporate tax base: equitable taxing of multinationals and the choice of formulary apportionment . Transnational Corporations 25 (2) 67-87( ) Shaping the global tax base equitably: international cooperation to stop corporate tax avoidance and re-source the SDGs . Global Solutions Journal 1 (2) 246-54( ) Global economy, academic economics and the World Economy Journal . Revista de Economía Mundial 50 19-26( ) Global capital markets, direct taxation and the redistribution of income . International Review of Applied Economics 26 (2) 241-52( ) Productivity Growth in Latin America over the Long Run . The Review of Income and Wealth 57 (2) 203-23( ) 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( ) Desarrollo financiero y crecimiento económico: una visión crítica’ . Principios, Estudios de Economía Política 7 5-30( ) The Standard of Living in Latin America during the Twentieth Century . The Economic History Review 58(4) 765-96( ) Risk Appetite, Home Bias and the Unstable Demand for Emerging Market Assets . International Review of Applied Economics 19 (4) 459-76( ) Modelos monetarios y control de la inflación en las economías de mercado emergente . Principios, Estudios de Economía Política 2 5-23( ) Global financial Information, compliance Incentives and terrorist funding . European Journal of Political Economy 20 (2) 387-401( ) Financial Globalisation and Poor Countries: The Impact of International Asset Demand Instability on Emerging Markets . IDS Bulletin 35 (1) 50-9( ) Modelos monetarios y control de la inflación en economías de mercado emergentes . Principios, Estudios de Economía Política 2 5-23( ) International Tax Cooperation and Capital Mobility . Oxford Development Studies 30 (3) 251-66( ) La cooperación fiscal internacional y los países en vías de desarrollo . Ekonomiaz 48 128-55( ) Global Capital Market Volatility and the Developing Countries: Lessons from the East Asian Crisis . IDS Bulletin 30 (1) (January) pp 19-32( ) Global Linkages, Vulnerable Economies and the Outbreak of Conflict . Development 42 (3) 57-64( ) La volatilidad del mercado internacional de capitales y el diseno de una arquitectura financiera global . Mientra Tanto 47 pp 95-120( ) Integracion Financiera: La Experiencia Europea y Sus Lecciones Para America Latina . Integracion y Commercio 1 (2) pp 85-124( ) Paying for the War: Macroeconomic Stabilisation in Poor Countries Under Conflict Conditions . Oxford Development Studies , Carfax Publishing 25 (1)( ) Measuring External Shock and Domestic Response in LDCs: Completing Balassa's Decomposition Method . Journal of International Development 9 (5) pp 675-693( ) International Capital Markets and Open Economy Macroeconomics . Oxford Development Studies , Carfax Publishing 25 (1)
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Chapters( ) Stabilization Policy and Structural Adjustment . In A K Dutt, J Ros International Handbook of Development Economics , Cheltenham, Northampton MA: Edward Elgar( ) Finance and Growth in Developing Countries: Sound Principles and Unreliable Evidence . In P Arestis, J Eatwell Issues in Finance and Industry: Essays in Honour of Ajit Singh , Basingstoke, New York: Palgrave Macmillan 29-51( ) 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 Finance and Development: Surveys of Theory, Evidence and Policy , Aldershot: Edward Elgar( ) Monetary Models and Inflation Targeting in Emerging Market Economies . In P Arestis New Monetary Policy: Implications and Relevance , Aldershot: Edward Elgar( ) Models of Saving, Income and the Macroeconomics of Developing Countries in the Post-Keynesian Tradition . In P Arestis, J McCrombie, R Vickerman Growth and Economic Development: Essays in Honour of AP Thirlwall , Aldershot: Edward Elgar( ) The Instability of International Demand for Emerging Market Assets . In R Ffrench-Davis, S Griffith-Jones From Capital Surges to Drought: Seeking Stability for Developing Economies , Basingstoke: Palgrave for UNU/WIDER pp 191-213( ) Developing Countries and Multilateral Investment Negotiations . In E C Nieuwenhuys and M M T A Brus Multilateral Regulation of Investment , Kluwer Law International pp 35-66( ) Trade, Investment and the NAFTA: The Economics of Neighbourhood . V Bulmer-Thomas, J Dunkerley (eds), The United States and Latin America: The New Agenda , Harvard MA: Harvard University Press pp 99-122( ) Financing Sustainable High Growth in Developing Countries . In P Grant Fiscal Implications of Debt and Debt Relief , London: Department for International Development( ) Revaluando la ayuda para el desarrollo: implicaciones de una ciudadania social en una economia global . C Hewitt, A Minujin (eds), Globalizacion y Derechos Humanos , Bogota and Madrid: Santillana pp 179-212( ) Trade Liberalization, Employment and Wages: A Critical Approach . In G B Navaretti, R Faini, G Zanalda Labour Markets, Poverty and Development , Oxford: OUP pp 34-63( ) 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( ) International Finance, Growth and Adjustment: An Introduction . K Jansen, R Vos (eds), External Finance and Adjustment: Failure and Success in the Developing World , Macmillan( ) The Impact of NAFTA on the Latin American Economies . V Bulmer-Thomas (ed), Mexico and the North American Trade Agreement , Macmillan( ) International Markets and Open-economy Macroeconomics: A Keynesian View . In P Arestis, M Sawyer The Relevance of Keynesian Economic Policies Today , Macmillan pp 186-206( ) The New Trade Regime, Macroeconomic Behaviour and Income Distribution in Latin America . In V Bulmer-Thomas The New Economic Model in Latin America and its Impact on Income Distribution and Poverty , Macmillan( ) Hamlet Without the Prince: Structural Adjustment, Firm Behaviour and Private Investment in Semi-Industrialised Economies . In P Arestis, V Chick Finance, Development and Structural Change: Post-Keynesian Perspectives , Aldershot: Elgar
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Reports( ) Export Credit Appropriateness and Risk in Poorer Countries . Background paper for DfID Submission to HMG Review of the Export Credit Guarantee Department( ) Policy Issues in Market Based and Non Market Based Measures to Control the Volatility of Portfolio Investment . , Geneva: UNCTAD/Global Development Policy Division( ) International Investment Treaties and Developing Countries . IDS/DfID Trade and Investment Briefing No 9 , Sussex University( ) Nicaragua: The Political Economy of Social Reform and Armed Conflict . Report to the Swedish Development Cooperation Agency (SIDA) pps 186( ) Employment Effects of Foreign Investment in Developing Countries . , Geneva: ILO( ) Private Investment Recovery and Sustainable Growth after Adjustment . (RS914) Report to the Overseas Development Administration
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Working papers( ) The international fiscal implications of global poverty reduction and global public goods provision . WIDER Working Paper WP/2013/136 , Helsinki: UNU-WIDER( ) 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( ) Endogenous Growth and Exogenous Shocks in Latin America During the XXth Century . Oxford University, Discussion Papers in Economic and Social History 57( ) The Standard of Living in Latin America During the Twentieth Century . Oxford University, Discussion Papers in Economic and Social History 54( ) 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( ) Productivity Growth in Latin America During the Twentieth Century . Oxford University, Discussion Papers in Economic and Social History 52( ) Capital Surges, Investment Instability and Income Distribution after Financial Liberalisation . Finance and Development Research Programme Paper , University of Manchester/IDPM 6( ) The Security of International Finance (1999 Wolfson Lecture) . QEH Working Paper Series QEHWPS23( ) Intervention Versus Regulation: The Role of the IMF in Crisis Prevention and Management . UNDP Discussion Paper , Geneva: UNDP( ) The Employment Impact of External Capital Flows in Developing Countries . Employment and Training Papers , Geneva: ILO 5
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Conference papers( ) The Development Dimension of the New International Financial Architecture . Paper for 9th EADI General Conference, Paris