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Make or Buy?: Approaches to Financial Market Integration

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  • Michael Gavin
  • Ricardo Hausmann

Abstract

The sharp differences between financial markets as they exist in Latin America and how we might expect them to look under full integration suggest that the financial constraints on Latin American economic development have much to do with the region's financial markets' incomplete integration in the world financial system. This paper suggests that the underlying cause of Latin America's limited integration with world financial markets is not explicit barriers to international financial transactions. Rather, weaknesses in the domestic financial markets that would be called upon to intermediate international capital flows impedes integration. An appropriate financial integration approach can strengthen and deepen the domestic financial system by permitting indirect imports of the requisite public goods (provided by the banks' home countries) and by allowing a greater diversification of national risks.

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Bibliographic Info

Paper provided by Inter-American Development Bank in its series IDB Publications with number 6420.

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Date of creation: Feb 1997
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Handle: RePEc:idb:brikps:6420

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Keywords: Policy evaluation; Private Sector; Financial Markets; volatility; financial integration; WP-337;

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References

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  1. ter Wengel, Jan, 1995. "International trade in banking services," Journal of International Money and Finance, Elsevier, vol. 14(1), pages 47-64, February.
  2. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1996. "Inflows of capital to developing countries in the 1990s," MPRA Paper 13707, University Library of Munich, Germany.
  3. Liliana Rojas-Suárez & Steven R. Weisbrod, 1996. "Building Stability in Latin American Financial Markets," IDB Publications 5921, Inter-American Development Bank.
  4. repec:fth:inadeb:320 is not listed on IDEAS
  5. Haubrich, Joseph G., 1990. "Nonmonetary effects of financial crises : Lessons from the great depression in Canada," Journal of Monetary Economics, Elsevier, vol. 25(2), pages 223-252, March.
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Cited by:
  1. Philippe Aghion & George-Marios Angeletos & Abhijit Banerjee & Kalina Manova, 2005. "Volatility and Growth: Credit Constraints and Productivity-Enhancing Investment," NBER Working Papers 11349, National Bureau of Economic Research, Inc.
  2. Barry Eichengreen, 2000. "International Economic Policy in the Wake of the Asian Crisis," International Finance 0003005, EconWPA.
  3. Rojas-Suarez, Liliana, 2002. "Can international capital standards strengthen banks in emerging markets?," Journal of Financial Transformation, Capco Institute, vol. 5, pages 51-63.

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