Globalización del capital y desarrollo institucional del sistema financiero
AbstractTo obtain benefits from capital globalization, it is necessary for the domestic financial market to be well-developed and regulated. This paper analyzes the effect of capital globalization on the financial system from an institutional perspective. Institutional change is produced by the market and the government and non-government agreements introduced by the financial integration. The empiric evidence suggests that capital globalization has a positive relationship with the institutional development of the financial system, because it reinforces private property rights and reduces monopolist financial markets.
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Bibliographic InfoArticle provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.
Volume (Year): 9 (2007)
Issue (Month): 17 (July-December)
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More information through EDIRC
globalization; capital; institutional development; financial system;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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