Short Summary: Women lose more than men from slow or unstable economic growth and financial crises. Although the increased liberalisation of trade has been given considerable attention there has been little exploration of the gender implications of financial liberalisation. Freer international capital flows to developing countries negatively affect the long-term growth rate of Gross Domestic Product (GDP) and therefore the wages and employment, particularly of women. Economic downturns invariably lead to pressure by the International Financial Institutions (IFIs) to initiate Structural Adjustment Programmes (SAPs). This leads to a reduction in expenditure on social services and a reduction of subsidies for basic goods such as transport and food with inevitable consequences for those that undertake unpaid household duties and care work. Capital controls are needed to ensure that capital is committed on a long-term basis and so supports the development strategy of developing countries. International creditors should share the burden of bad debt with debtors in developing countries (in the absence of debt cancellation). Any adjustment programmes agreed with multi-lateral financial institutions should be transparent and have wider civil society participation in their design and implementation. Available in hardcopy and electronically (by subscription to World Development) USA & Canada: usinfo-f@elsevier.com Europe, Middle East & Africa: nlinfo-f@elsevier.nl Latin America: elsevier@campus.com.br