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Globalización del capital y desarrollo institucional del sistema financiero

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Author Info
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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Publisher 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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Related research
Keywords: globalization; capital; institutional development; financial system;

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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

References listed on IDEAS
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  3. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2004. "The Positive Link Between Financial Liberalization, Growth, and Crises," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  4. 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. [Downloadable!]
    Other versions:
  5. Daron Acemoglu & Simon Johnson, 2003. "Unbundling Institutions," NBER Working Papers 9934, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. 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. [Downloadable!] (restricted)
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  12. Michael W. Klein & Giovanni Olivei, 1999. "Capital Account Liberalization, Financial Depth and Economic Growth," NBER Working Papers 7384, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. 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. [Downloadable!]
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