Financial Globalization: Unequal Blessings
Copyright policy )Financial Globalization: Unequal Blessings
This paper presents a framework to analyse 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. Developing countries, though, 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.
- King’s University United States
- World Bank United States
- Torcuato di Tella University Argentina
- Universidad de las Américas Puebla Mexico
- Columbia University United States
Imperfect, Monetary economics, Economics and Econometrics, Financial Integration, Developing country, Liberian dollar, Economics, Flexibility (engineering), Social Sciences, Exchange rate, Financial asset, International economics, Financial market, Financial Liberalization, International Finance and Capital Flows, Financial system, Value (mathematics), Computer security, Market economy, Machine learning, Financial integration, Business, Economic growth, Crisis monetaria, Exchange-rate regime, Economic Theory&Research,Fiscal&Monetary Policy,Banks&Banking Reform,Payment Systems&Infrastructure,Financial Intermediation,Financial Economics,Macroeconomic Management,Economic Stabilization,Economic Theory&Research,Fiscal&Monetary Policy, Banking and Finance in Economic Systems, Linguistics, Currency, Computer science, Management, FOS: Philosophy, ethics and religion, Philosophy, Economics, Econometrics and Finance, International finance, Causes and Implications of Macroeconomic Trends, Impact of Infrastructure and Taxation on Economic Growth, FOS: Languages and literature, Exchange-rate flexibility, General Economics, Econometrics and Finance, Globalization, Finance, Asset (computer security), Financial globalization
Imperfect, Monetary economics, Economics and Econometrics, Financial Integration, Developing country, Liberian dollar, Economics, Flexibility (engineering), Social Sciences, Exchange rate, Financial asset, International economics, Financial market, Financial Liberalization, International Finance and Capital Flows, Financial system, Value (mathematics), Computer security, Market economy, Machine learning, Financial integration, Business, Economic growth, Crisis monetaria, Exchange-rate regime, Economic Theory&Research,Fiscal&Monetary Policy,Banks&Banking Reform,Payment Systems&Infrastructure,Financial Intermediation,Financial Economics,Macroeconomic Management,Economic Stabilization,Economic Theory&Research,Fiscal&Monetary Policy, Banking and Finance in Economic Systems, Linguistics, Currency, Computer science, Management, FOS: Philosophy, ethics and religion, Philosophy, Economics, Econometrics and Finance, International finance, Causes and Implications of Macroeconomic Trends, Impact of Infrastructure and Taxation on Economic Growth, FOS: Languages and literature, Exchange-rate flexibility, General Economics, Econometrics and Finance, Globalization, Finance, Asset (computer security), Financial globalization
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