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Iniciativas internacionales para darle estabilidad a la integración financiera


  • Eduardo Fernández-Arias


  • Ricardo Hausmann


(Disponible en idioma inglés únicamente) La apertura y la integración financieras han producido resultados decepcionantes. Se suponía que debían producir una situación en la que todos salieran ganando: la idea era que los capitales fluyeran de países industrializados maduros, de abundante capital y bajo rendimiento hacia países emergentes jóvenes, de escaso capital y elevado rendimiento. El crecimiento que gozarían los países receptores se aceleraría y tanto los países dadores como los receptores se beneficiarían y mejorarían las oportunidades de diversificación para todos. Y además, los diseñadores de políticas de los países emergentes adquirirían la disciplina que representa la pérdida del acceso a sus mercados financieros nacionales cautivos.

Suggested Citation

  • Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "Iniciativas internacionales para darle estabilidad a la integración financiera," Research Department Publications 4175, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4175

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    References listed on IDEAS

    1. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-272, January.
    2. Fischer, S. & Cooper, R.N. & Dornbusch, R. & Garber, P.M. & Massad, C. & Polak, J.J. & Rodrik, D. & Tarapore, S.S., 1998. "Should the IMF Pursue Capital-Account Convertibility?," Princeton Essays in International Economics 207, International Economics Section, Departement of Economics Princeton University,.
    3. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, vol. 79(1), pages 43-50, March.
    4. Velasco, A. & Chang, R., 1998. "The Asian Liquidity Crisis," Working Papers 98-27, C.V. Starr Center for Applied Economics, New York University.
    5. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    6. C. Fred Bergsten & C. Randall Henning, 1996. "Global Economic Leadership and the Group of Seven," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 45.
    7. Raffer, Kunibert, 1990. "Applying chapter 9 insolvency to international debts: An economically efficient solution with a human face," World Development, Elsevier, vol. 18(2), pages 301-311, February.
    8. Ricardo Hausmann & Michael Gavin & Carmen Pagés-Serra & Ernesto H. Stein, 1999. "Financial Turmoil and Choice of Exchange Rate Regime," Research Department Publications 4170, Inter-American Development Bank, Research Department.
    9. Tullio Jappelli & Marco Pagano, 1999. "Information Sharing in Credit Markets: International Evidence," Research Department Publications 3069, Inter-American Development Bank, Research Department.
    10. Ronald I. McKinnon & Huw Pill, 1996. "Credible Liberalizations and International Capital Flows: The "Overborrowing Syndrome"," NBER Chapters,in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 7-50 National Bureau of Economic Research, Inc.
    11. Robert Litan & William Isaac & William Taylor, 1994. "Financial Regulation," NBER Chapters,in: American Economic Policy in the 1980s, pages 519-572 National Bureau of Economic Research, Inc.
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