International Initiatives to Bring Stability to Financial Integration

Eduardo Fernandez-Arias and Ricardo Hausmann

No 4174, Research Department Publications from Inter-American Development Bank, Research Department

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.

Date: 1999-03
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Working Paper: International Initiatives to Bring Stability to Financial Integration (1999)
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