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Integrating Uneven Partners: The Destabilizing Effects of Financial Liberalization and Internationalization of Latin American Economics

In: Monetary Integration and Dollarization

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  • Rogério Studart

Abstract

This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly, the book argues, the main advantage of monetary integration in the OCA context is the reduction of transaction costs, yet the validity of OCA to analyze processes of monetary integration seems to be limited at best.

Suggested Citation

  • Rogério Studart, 2006. "Integrating Uneven Partners: The Destabilizing Effects of Financial Liberalization and Internationalization of Latin American Economics," Chapters, in: Matías Vernengo (ed.), Monetary Integration and Dollarization, chapter 9, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3483_9
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    References listed on IDEAS

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    1. Lance Taylor & Stephen A. O'Connell, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(Supplemen), pages 871-885.
    2. Ross Levine, 1990. "Financial structure and economic development," International Finance Discussion Papers 381, Board of Governors of the Federal Reserve System (U.S.).
    3. Franklin R. Edwards, 1993. "Financial markets in transition; or, the decline of commercial banking," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 5-69.
    4. Ocampo, José Antonio, 1999. "Reforming the international financial architecture: consensus and divergence," Series Históricas 7459, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Alberto Alesina & Robert J. Barro, 2001. "Dollarization," American Economic Review, American Economic Association, vol. 91(2), pages 381-385, May.
    6. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross & Maksimovic, Vojislav, 2000. "Financial structure and economic development - firm, industry, and country evidence," Policy Research Working Paper Series 2423, The World Bank.
    7. Stallings, Barbara & Studart, Rogério, 2001. "Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis," Macroeconomía del Desarrollo 5438, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Franklin R. Edwards, 1993. "Financial markets in transition - or the decline of commercial banking," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 5-69.
    9. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    10. Edwards, F.R., 1993. "Financial Markets in Transition -- or the Decline of Commercial Banking," Papers 93-06, Columbia - Graduate School of Business.
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    Cited by:

    1. Rogerio Andrade & Daniela Prates, 2013. "Exchange rate dynamics in a peripheral monetary economy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 399-416.
    2. Daniela Magalhães Prates & Luiz Fernando De Paula, 2016. "Financial Flows To Emerging Economies And Policy Alternatives In Post-2008," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 117, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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