International Initiatives to Bring Stability to Financial Integration

24 Pages Posted: 21 Apr 2011

See all articles by Eduardo Fernandez-Arias

Eduardo Fernandez-Arias

Inter-American Development Bank (IDB)

Ricardo Hausmann

Harvard University - Harvard Kennedy School (HKS)

Multiple version iconThere are 3 versions of this paper

Date Written: March 1999

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

Fernandez-Arias, Eduardo and Hausmann, Ricardo, International Initiatives to Bring Stability to Financial Integration (March 1999). IDB Working Paper No. 333, Available at SSRN: https://ssrn.com/abstract=1817199 or http://dx.doi.org/10.2139/ssrn.1817199

Eduardo Fernandez-Arias (Contact Author)

Inter-American Development Bank (IDB) ( email )

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Ricardo Hausmann

Harvard University - Harvard Kennedy School (HKS) ( email )

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HOME PAGE: http://www.hks.harvard.edu/about/faculty-staff-directory/ricardo-hausmann

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