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Liberalización financiera en América Latina: efectos sobre los mercados financieros locales

Author

Listed:
  • Jesús Ferreiro Aparicio

    (Universidad del País Vasco)

  • Carmen Gómez Vega

    (Universidad del País Vasco)

  • Carlos Rodríguez González

    (Universidad del País Vasco)

  • Eugenia Correa Vázquez

    (Universidad Nacional Autónoma de México)

Abstract

During the last decades, Latin American economies have liberalized their capital accounts and their domestic capital markets and banking-financial sectors to accelerate economic growth. It was taken for granted that Latin American countries suffered from a deep scarcity of capital and an inefficient working of domestic banking and financial intermediaries. The existing empirical evidence shows that despite the depth of these reforms the path of economic growth in the region is not higher or more stable. In this paper we suggest that an explanation for this bad performance is that the financial liberalization process has not lead to the expected higher levels of private savings and investments and to a higher financial depth.

Suggested Citation

  • Jesús Ferreiro Aparicio & Carmen Gómez Vega & Carlos Rodríguez González & Eugenia Correa Vázquez, 2007. "Liberalización financiera en América Latina: efectos sobre los mercados financieros locales," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 66(03), pages 266-293.
  • Handle: RePEc:ekz:ekonoz:2007312
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    Cited by:

    1. San-Martín-Albizuri, Nerea & Rodríguez-Castellanos, Arturo, 2012. "Globalisation And The Unpredictability Of Crisis Episodes: An Empirical Analysis Of Country Risk Indexes / La Imprevisibilidad De Los Episodios De Crisis: Un Análisis Sobre Los Índices De Riesgo País ," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 18(2), pages 148-155.

    More about this item

    Keywords

    Financial liberalization; Washington Consensus; financial deepening;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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