Integrazione finanziaria, movimento dei capitali e debito estero: lezioni dall’America Latina - Financial Integration, Capital Movements and External Debt: Lessons from Latin America

Michele Bagella

Economia Internazionale / International Economics, 1996, vol. 49, issue 3, 347-372

Abstract: The international financial markets are clearly following a trend of on-going integration due to free capital movements. The explosion of external debt, occurred in the eighties in the developing countries, and specifically in Latin America, showed the consequences of higher interconnectedness among the two areas: debtor countries are subject to external shocks, primarily exchange rates ones, while industrialized countries are more linked to the events of developing markets. The stability of financial markets, then, has become the primary target to pursue. The suggestion in this paper is the constitution of an IMF “Special Fund” to face balance of payments needs not due to internal economic policies.

Date: 1996
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