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Research interests

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

Valpy FitzGerald

Professor Emeritus of International Development Finance

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.

  • Chapters

    FitzGerald, Valpy
    ( ) Finance and Growth in Developing Countries: Sound Principles and Unreliable Evidence . P Arestis, J Eatwell Finance and Growth in Developing Countries: Sound Principles and Unreliable Evidence Issues in Finance and Industry: Essays in Honour of Ajit Singh Basingstoke, New York: Palgrave Macmillan 29-51
    FitzGerald, Valpy
    ( ) Stabilization Policy and Structural Adjustment . A K Dutt, J Ros Stabilization Policy and Structural Adjustment International Handbook of Development Economics Cheltenham, Northampton MA: Edward Elgar
    FitzGerald, Valpy
    ( ) Models of Saving, Income and the Macroeconomics of Developing Countries in the Post-Keynesian Tradition . P Arestis, J McCrombie, R Vickerman Models of Saving, Income and the Macroeconomics of Developing Countries in the Post-Keynesian Tradition Growth and Economic Development: Essays in Honour of AP Thirlwall Aldershot: Edward Elgar
    FitzGerald, Valpy
    ( ) Monetary Models and Inflation Targeting in Emerging Market Economies . P Arestis Monetary Models and Inflation Targeting in Emerging Market Economies New Monetary Policy: Implications and Relevance Aldershot: Edward Elgar
    FitzGerald, Valpy
    ( ) Policy Issues in Market Based and Non-market Based Measures to Control the Volatility of Portfolio Investment . C J Green, C Kirkpatrick, V Murinde Policy Issues in Market Based and Non-market Based Measures to Control the Volatility of Portfolio Investment Finance and Development: Surveys of Theory, Evidence and Policy Aldershot: Edward Elgar
    FitzGerald, Valpy
    ( ) The Instability of International Demand for Emerging Market Assets . R Ffrench-Davis, S Griffith-Jones The Instability of International Demand for Emerging Market Assets From Capital Surges to Drought: Seeking Stability for Developing Economies Basingstoke: Palgrave for UNU/WIDER pp 191-213
    FitzGerald, Valpy
    ( ) Developing Countries and Multilateral Investment Negotiations . E C Nieuwenhuys and M M T A Brus Developing Countries and Multilateral Investment Negotiations Multilateral Regulation of Investment Kluwer Law International pp 35-66
    FitzGerald, Valpy
    ( ) Trade, Investment and the NAFTA: The Economics of Neighbourhood . 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
    FitzGerald, Valpy
    ( ) Revaluando la ayuda para el desarrollo: implicaciones de una ciudadania social en una economia global . 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
    FitzGerald, Valpy
    G Perosino ( ) Trade Liberalization, Employment and Wages: A Critical Approach . G B Navaretti, R Faini, G Zanalda Trade Liberalization, Employment and Wages: A Critical Approach Labour Markets, Poverty and Development Oxford: OUP pp 34-63
    FitzGerald, Valpy
    ( ) Financing Sustainable High Growth in Developing Countries . P Grant Financing Sustainable High Growth in Developing Countries Fiscal Implications of Debt and Debt Relief London: Department for International Development
    FitzGerald, Valpy
    K Sarmad ( ) External Shocks and Domestic Adjustment in the 1970s and 1980s . 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
    K Jansen ( ) International Finance, Growth and Adjustment: An Introduction . 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
    ( ) The New Trade Regime, Macroeconomic Behaviour and Income Distribution in Latin America . V Bulmer-Thomas The New Trade Regime, Macroeconomic Behaviour and Income Distribution in Latin America The New Economic Model in Latin America and its Impact on Income Distribution and Poverty Macmillan
    FitzGerald, Valpy
    ( ) The Impact of NAFTA on the Latin American Economies . The Impact of NAFTA on the Latin American Economies V Bulmer-Thomas (ed), Mexico and the North American Trade Agreement Macmillan
    FitzGerald, Valpy
    ( ) International Markets and Open-economy Macroeconomics: A Keynesian View . P Arestis, M Sawyer International Markets and Open-economy Macroeconomics: A Keynesian View The Relevance of Keynesian Economic Policies Today Macmillan pp 186-206
    FitzGerald, Valpy
    ( ) Hamlet Without the Prince: Structural Adjustment, Firm Behaviour and Private Investment in Semi-Industrialised Economies . P Arestis, V Chick Hamlet Without the Prince: Structural Adjustment, Firm Behaviour and Private Investment in Semi-Industrialised Economies Finance, Development and Structural Change: Post-Keynesian Perspectives Aldershot: Elgar
  • Reports

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

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

    FitzGerald, Valpy
    ( ) The Development Dimension of the New International Financial Architecture . The Development Dimension of the New International Financial Architecture Paper for 9th EADI General Conference, Paris
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