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International Initiatives to Bring Stability to Financial Integration

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  • Eduardo Fernández-Arias
  • Ricardo Hausmann

Abstract

Financial liberalization and integration have generated disappointing results. They were supposed to set up a win-win situation: capital would flow from capital-abundant, low-return, aging industrial countries to capital-scarce, high-return, young emerging countries. Growth in receiving countries would accelerate and both giver and receiver would be happier, while everyone`s diversification opportunities improved. As a bonus, emerging market policymakers would be disciplined by losing access to a captive local financial market.

Suggested Citation

  • Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "International Initiatives to Bring Stability to Financial Integration," Research Department Publications 4174, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4174
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    References listed on IDEAS

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    Cited by:

    1. Javier Gómez Biscarri, 2008. "The accounting dimension in financial integration: International pricing under different accounting standards," Faculty Working Papers 03/08, School of Economics and Business Administration, University of Navarra.
    2. Ricardo Hausmann & Eduardo Fernández-Arias, 2000. "Cómo hacerlo bien: qué reformar en los mercados financieros internacionales," Research Department Publications 4224, Inter-American Development Bank, Research Department.
    3. Ricardo Hausmann & Eduardo Fernández-Arias, 2000. "Getting it Right: What to Reform in International Financial Markets," Research Department Publications 4223, Inter-American Development Bank, Research Department.
    4. Ilan Goldfajn & Roberto Rigobon, 2000. "Hard currency and financial development," Textos para discussão 438, Department of Economics PUC-Rio (Brazil).
    5. Jane Sneddon Little & Giovanni P. Olivei, 1999. "Why the interest in reforming the International Monetary System?," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 53-84.

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