International Initiatives to Bring Stability to Financial Integration

Eduardo Fernandez-Arias and Ricardo Hausmann

No 1304, IDB Publications (Working Papers) from Inter-American Development Bank

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.

Keywords: financial architecture; liquidity; WP-402; global lender (search for similar items in EconPapers)
Date: 1999-03
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Citations: View citations in EconPapers (3)

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Working Paper: International Initiatives to Bring Stability to Financial Integration (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:idb:brikps:1304

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