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Globalización del capital y desarrollo institucional del sistema financiero

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  • Edgar Demetrio Tovar García

    () (Universidad de Guadalajara)

Abstract

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.

Suggested Citation

  • Edgar Demetrio Tovar García, 2007. "Globalización del capital y desarrollo institucional del sistema financiero," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 9(17), pages 75-107, July-Dece.
  • Handle: RePEc:rei:ecoins:v:9:y:2007:i:17:p:75-707
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/etovar17.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    globalization; capital; institutional development; financial system;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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