IDEAS home Printed from https://ideas.repec.org/a/vrs/ecobur/v6y2020i4p51-71n4.html
   My bibliography  Save this article

Financial cooperation initiatives in Latin America: Conditions of origins, subsistence and eventual vanishing

Author

Listed:
  • Alves Elia Elisa Cia

    (Federal University of Paraiba (UFPB), Departamento de Relações Internacionais. Centro de Ciências Sociais Aplicada CCSA—Campus Universitário CEP.: 58051-900—João Pessoa— Paraíba, Brazil)

  • Biancarelli André Martins

    (Universidade Estadual de Campinas (Unicamp), Instituto de Economia, Centro de Estudos de Conjuntura, Rua Pitágoras, 353, Cidade Universitária Zeferino Vaz, Barão Geraldo, CEP. 13083857—Campinas, SP—Brasil—Caixa-postal: 6135)

Abstract

Why do countries engage in Regional Financial Cooperation (RFC) initiatives and why they may give up on them? Under which conditions are those mechanisms born and how may changes affect their performance? Although comparative studies have been a prolific strategy to investigate RFC the focus on the experiences of a specific region may reveal new insights. Therefore the aim of this paper is to map the existing RFC mechanisms in Latin America, seeking to identify the demand, supply and conjectural conditions behind the processes of their creation and evolution. The theoretical framework provides concepts from International Relations’ theories concerning regional institution building. Empirically fourteen Latin American RFC initiatives are surveyed. As a result important variables explaining RFC mechanisms in Latin America are presented in the paper: demand for greater participation (sense of belonging), material and political capacity from a paymaster and macroeconomic coordination.

Suggested Citation

  • Alves Elia Elisa Cia & Biancarelli André Martins, 2020. "Financial cooperation initiatives in Latin America: Conditions of origins, subsistence and eventual vanishing," Economics and Business Review, Sciendo, vol. 6(4), pages 51-71, December.
    • Handle: RePEc:vrs:ecobur:v:6:y:2020:i:4:p:51-71:n:4
    DOI: 10.18559/ebr.2020.4.4
    as

    Download full text from publisher

    File URL: https://doi.org/10.18559/ebr.2020.4.4
    Download Restriction: no
    File URL: https://libkey.io/10.18559/ebr.2020.4.4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Keohane, Robert O., 1982. "The demand for international regimes," International Organization, Cambridge University Press, vol. 36(2), pages 325-355, April.
    2. Sagasti, Francisco R. & Prada, Fernando, 2006. "Regional development banks: a comparative perspective," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1924.
    3. Maldonado, Raúl, 2003. "La cooperación financiera en América Latina y el Caribe: las instituciones financieras subregionales en el fomento de las inversiones y del comercio exterior," Comercio Internacional 4377, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Stephany Griffith-Joneswith & David Griffith-Jo & Dagmar Hertova, 2008. "Enhancing the Role of Regional Development Banks," G-24 Discussion Papers 50, United Nations Conference on Trade and Development.
    5. Ocampo, José Antonio, 2006. "Regional financial cooperation: experiences and challenges," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1923.
    6. Prada, Fernando, 2012. "World Bank, Inter-American Development Bank, and Subregional Development Banks in Latin America: Dynamics of a System of Multilateral Development Banks," ADBI Working Papers 380, Asian Development Bank Institute.
    7. -, 2006. "Regional financial cooperation," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1922 edited by Eclac.
    8. José Antonio Ocampo & Daniel Titelman, 2012. "Regional Monetary Cooperation in Latin America," Finance Working Papers 23324, East Asian Bureau of Economic Research.
    9. Ocampo, José Antonio, 2006. "La cooperación financiera regional: experiencias y desafíos," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 2460.
    10. Artecona, Raquel & Bisogno, Marcelo & Fleiss, Pablo, 2019. "Financing development in Latin America and the Caribbean: The role and perspectives of multilateral development banks," Studies and Perspectives – ECLAC Office in Washington 44608, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    11. Rebecca Ray & Rohini Kamal, 2019. "Can South–South Cooperation Compete? The Development Bank of Latin America and the Islamic Development Bank," Development and Change, International Institute of Social Studies, vol. 50(1), pages 191-220, January.
    12. Fritz, Barbara & Biancareli, André & Mühlich, Laurissa, 2012. "Regional payment systems: A comparative perspective on Europe and the developing world," Discussion Papers 2012/10, Free University Berlin, School of Business & Economics.
    13. José Antonio Ocampo, 1984. "El comercio intra-regional y el problema de pagos," Coyuntura Económica, Fedesarrollo, vol. 14(1), pages 179-197, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fritz, Barbara & Biancareli, André & Mühlich, Laurissa, 2012. "Regional payment systems: A comparative perspective on Europe and the developing world," Discussion Papers 2012/10, Free University Berlin, School of Business & Economics.
    2. Laurissa Mühlich & Barbara Fritz, 2021. "Borrowing Patterns in the Global Financial Safety Net: Does Governance Play a Role?," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 47-68, May.
    3. Ilene Grabel, 2010. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Khan, Haider, 2013. "Global Financial Governance: Towards a New Global Financial Architecture for Averting Deep Financial Crises," MPRA Paper 49275, University Library of Munich, Germany.
    5. José Antonio Ocampo & Daniel Titelman, 2012. "Regional Monetary Cooperation in Latin America," Finance Working Papers 23324, East Asian Bureau of Economic Research.
    6. José Antonio Ocampo & Stephany Griffith-Jones, 2007. "A counter-cyclical framework for a development-friendly international financial architecture," Working Papers 39, United Nations, Department of Economics and Social Affairs.
    7. Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), 2014. "New Global Economic Architecture," Books, Edward Elgar Publishing, number 15654.
    8. Khan, Haider, 2013. "Basel III, BIS and Global Financial Governance," MPRA Paper 49513, University Library of Munich, Germany.
    9. Soyoung Kim & Sunghyun Kim & Yoonseok Choi, 2018. "International capital mobility: regional versus global perspective," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(1), pages 157-176, February.
    10. Laurissa Mühlich & Barbara Fritz, 2018. "Safety for Whom? The Scattered Global Financial Safety Net and the Role of Regional Financial Arrangements," Open Economies Review, Springer, vol. 29(5), pages 981-1001, November.
    11. Khan, Haider, 2013. "Constructing a New Global Economy after the Global Financial Crisis : Stagnation and Social Crisis or Towards a Green Economy and Global Freedom?," MPRA Paper 49516, University Library of Munich, Germany.
    12. Griffith-Jones, Stephany & Tyson, Judith, 2013. "The European Investment Bank: Lessons for Developing Countries," WIDER Working Paper Series 019, World Institute for Development Economic Research (UNU-WIDER).
    13. Ilene Grabel, 2018. "Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(4), pages 653-659, December.
    14. Khan, Haider, 2013. "Deep Financial Crises, Reforming the IMF and Building Regional Autonomy:Towards a New Hybrid Global Financial Architecture," MPRA Paper 49514, University Library of Munich, Germany.
    15. Machinea, José Luis, 2008. "The international financial crisis: its nature and the economic policy challenges," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    16. Ilene Grabel, 2013. "Global Financial Governance and Development Finance in the Wake of the 2008 Financial Crisis," Feminist Economics, Taylor & Francis Journals, vol. 19(3), pages 32-54, July.
    17. Sebastian Dullien & Barbara Fritz & Laurissa Mühlich, 2013. "Regional Monetary Cooperation: Lessons from the Euro Crisis for Developing Areas?," World Economic Review, World Economics Association, vol. 2013(2), pages 1-1, February.
    18. Fernando Prada, 2014. "World Bank, Inter-American Development Bank, and subregional development banks in Latin America: dynamics of a system of multilateral development banks," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 10, pages 215-248, Edward Elgar Publishing.
    19. Khan, Haider, 2011. "Constructing Global Governance of Global Finance: Towards a Hybrid Global Financial Architecture," MPRA Paper 40249, University Library of Munich, Germany, revised Jan 2012.
    20. Ilene Grabel, 2011. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241_revised, Political Economy Research Institute, University of Massachusetts at Amherst.

    More about this item

    Keywords

    regional financial cooperation; financial institution building; regional institutions;
    All these keywords.

    JEL classification:

    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:ecobur:v:6:y:2020:i:4:p:51-71:n:4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.