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Globalización del capital y desarrollo institucional del sistema financiero

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  • Edgar Demetrio Tovar García

    ()
    (Universidad de Guadalajara)

Abstract

To 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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File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/etovar17.pdf
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Bibliographic Info

Article 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)
Pages: 75-107

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Handle: RePEc:rei:ecoins:v:9:y:2007:i:17:p:75-707

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Keywords: globalization; capital; institutional development; financial system;

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  1. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
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  8. Menzie D. Chinn & Hiro Ito, 2002. "Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence," NBER Working Papers 8967, National Bureau of Economic Research, Inc.
  9. Jordan, Cally & Majnoni, Giovanni, 2002. "Financial regulatory harmonization and the globalization of finance," Policy Research Working Paper Series 2919, The World Bank.
  10. Michael Klein & Giovanni Olivei, 1999. "Capital account liberalization, financial depth, and economic growth," Working Papers 99-6, Federal Reserve Bank of Boston.
  11. Roberto Chang & Andres Velasco, 1998. "Financial Crises in Emerging Markets," NBER Working Papers 6606, National Bureau of Economic Research, Inc.
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  13. Do, Quy-Toan & Levchenko, Andrei A., 2004. "Trade and financial development," Policy Research Working Paper Series 3347, The World Bank.
  14. Barry Eichengreen & Michael D. Bordo, 2002. "Crises Now and Then: What Lessons from the Last Era of Financial Globalization," NBER Working Papers 8716, National Bureau of Economic Research, Inc.
  15. Kenneth Kletzer & Robert Dekle, 2001. "Domestic Bank Regulation and Financial Crises," IMF Working Papers 01/63, International Monetary Fund.
  16. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," Journal of Economic Growth, Springer, vol. 9(3), pages 271-303, 09.
  17. Machiko Nissanke & Howard Stein, 2003. "Financial Globalization and Economic Development: Toward an Institutional Foundation," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 287-308, Spring.
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