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Financial Globalization: From Crises-Prone to Development-Friendly?

In: Economic Growth with Equity

Author

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  • Ricardo Ffrench-Davis

Abstract

Opening of the capital account has been one of the strongest policy recipes of mainstream economics since the 1980s. The recipe has been implemented vigorously in Latin America, encompassing a wide variety of flows including acquisitions of public and private firms, bonds, equity stock and derivatives.2 After significant innovations in international capital markets in the 1990s, private flows flowed abundantly into Latin America, particularly, in 1990–97. Liberalization has also included flows of domestic capital, seeking the full integration of local financial markets to international markets.

Suggested Citation

  • Ricardo Ffrench-Davis, 2007. "Financial Globalization: From Crises-Prone to Development-Friendly?," Palgrave Macmillan Books, in: Ricardo Ffrench-Davis & José Luis Machinea (ed.), Economic Growth with Equity, chapter 8, pages 175-197, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80091-5_8
    DOI: 10.1057/9780230800915_8
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    References listed on IDEAS

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    1. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    2. Merlinda D. Ingco & John D. Nash, 2004. "Agriculture and the WTO : Creating a Trading System for Development," World Bank Publications - Books, The World Bank Group, number 14930, December.
    3. Michael A. Clemens & Jeffrey G. Williamson, 2001. "A Tariff-Growth Paradox? Protection's Impact the World Around 1875-1997," NBER Working Papers 8459, National Bureau of Economic Research, Inc.
    4. Jim Love & Ramesh Chandra, 2004. "Testing Export‐Led Growth in India, Pakistan and Sri Lanka Using a Multivariate Framework," Manchester School, University of Manchester, vol. 72(4), pages 483-496, July.
    5. Douglas A. Irwin, 2002. "Interpreting the Tariff-Growth Correlation of the Late Nineteenth Century," NBER Working Papers 8739, National Bureau of Economic Research, Inc.
    6. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
    7. Douglas A. Irwin, 2002. "Interpreting the Tariff–Growth Correlation of the Late 19th Century," American Economic Review, American Economic Association, vol. 92(2), pages 165-169, May.
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    Cited by:

    1. Titelman Kardonsky, Daniel & Vera, Cecilia, 2009. "A summary of the experiences of Chile and Colombia with unremunerated reserve requirements on capital flows during the 1990's," Financiamiento para el Desarrollo 5200, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

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