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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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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4052.

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Date of creation: Feb 1997
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Handle: RePEc:idb:wpaper:4052

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  1. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1996. "Inflows of capital to developing countries in the 1990s," MPRA Paper 13707, University Library of Munich, Germany.
  2. repec:fth:inadeb:320 is not listed on IDEAS
  3. ter Wengel, Jan, 1995. "International trade in banking services," Journal of International Money and Finance, Elsevier, vol. 14(1), pages 47-64, February.
  4. Liliana Rojas-Suárez & Steven R. Weisbrod, 1996. "Building Stability in Latin American Financial Markets," Research Department Publications 4028, Inter-American Development Bank, Research Department.
  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. Liliana Rojas-Suarez, 2001. "Can International Capital Standards Strengthen Banks in Emerging Markets?," Working Paper Series WP01-10, Peterson Institute for International Economics.
  2. 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.
  3. Eichengreen, Barry, 1998. "International Economic Policy in the Wake of the Asian Crisis," Center for International and Development Economics Research, Working Paper Series qt78c3z577, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.

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