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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. Barry Eichengreen & Michael D. Bordo, 2002. "Crises Now and Then: What Lessons from the Last Era of Financial Globalization," NBER Working Papers 8716, National Bureau of Economic Research, Inc.
  2. Michael W. Klein & Giovanni Olivei, 1999. "Capital Account Liberalization, Financial Depth and Economic Growth," NBER Working Papers 7384, National Bureau of Economic Research, Inc.
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  7. Islam, Roumeen, 2004. "What are the right institutions in a globalizing world? and... can we keep them if we have found them?," Policy Research Working Paper Series 3448, The World Bank.
  8. Maurice Obstfeld & Alan M. Taylor, 2002. "Globalization and Capital Markets," NBER Working Papers 8846, National Bureau of Economic Research, Inc.
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  11. Michael D. Bordo & Alan M. Taylor & Jeffrey G. Williamson, 2003. "Globalization in Historical Perspective," NBER Books, National Bureau of Economic Research, Inc, number bord03-1, August.
  12. Jordan, Cally & Majnoni, Giovanni, 2002. "Financial regulatory harmonization and the globalization of finance," Policy Research Working Paper Series 2919, The World Bank.
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