Financial globalization: unequal blessings

This paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of value), asset and factor price flexibility, and contractual and regulatory institutions. Countries th...

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Detalles Bibliográficos
Autores principales: Torre, Augusto de la, Levy Yeyati, Eduardo, Schmukler, Sergio L.
Formato: Documento de trabajo acceptedVersion
Publicado: Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF) 2017
Materias:
Crisis monetaria
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/6280
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R16320.500.13098-6280
record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
topic Crisis monetaria
spellingShingle Crisis monetaria
Torre, Augusto de la
Levy Yeyati, Eduardo
Schmukler, Sergio L.
Financial globalization: unequal blessings
description This paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of value), asset and factor price flexibility, and contractual and regulatory institutions. Countries that have the “blessed trinity” (international currency, flexible exchange rate regime, and sound contractual and regulatory environment) can integrate successfully into the (imperfect) world financial markets. But developing countries normally display the “unblessed trinity” (weak currency, fear of floating, and weak institutional framework). The paper defines and discusses two alternative avenues (a “dollar trinity” and a “peso trinity”) for developing countries to safely embrace international financial integration while the blessed trinity remains beyond reach.
format Documento de trabajo
acceptedVersion
author Torre, Augusto de la
Levy Yeyati, Eduardo
Schmukler, Sergio L.
author_facet Torre, Augusto de la
Levy Yeyati, Eduardo
Schmukler, Sergio L.
author_sort Torre, Augusto de la
title Financial globalization: unequal blessings
title_short Financial globalization: unequal blessings
title_full Financial globalization: unequal blessings
title_fullStr Financial globalization: unequal blessings
title_full_unstemmed Financial globalization: unequal blessings
title_sort financial globalization: unequal blessings
publisher Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/6280
work_keys_str_mv AT torreaugustodela financialglobalizationunequalblessings
AT levyyeyatieduardo financialglobalizationunequalblessings
AT schmuklersergiol financialglobalizationunequalblessings
bdutipo_str Repositorios
_version_ 1764820543075254275

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