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Globalización del capital y desarrollo institucional del sistema financiero

  • Edgar Demetrio Tovar García

    ()

    (Universidad de Guadalajara)

To obtain benefits from capital globalization, it is necessary for the domestic financial market to be well-developed and regulated. This paper analyzes the effect of capital globalization on the financial system from an institutional perspective. Institutional change is produced by the market and the government and non-government agreements introduced by the financial integration. The empiric evidence suggests that capital globalization has a positive relationship with the institutional development of the financial system, because it reinforces private property rights and reduces monopolist financial markets.

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File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/etovar17.pdf
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Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

Volume (Year): 9 (2007)
Issue (Month): 17 (July-December)
Pages: 75-107

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Handle: RePEc:rei:ecoins:v:9:y:2007:i:17:p:75-707
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  1. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2004. "The Positive Link Between Financial Liberalization Growth and Crises," UCLA Economics Working Papers 834, UCLA Department of Economics.
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