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Financial globalization : unequal blessings, Volume 1
 
Author:De la Torre, Augusto; Levy Yeyati, Eduardo; Schmukler, Sergio L.; Date Stored:2002/11/01
Document Date:2002/10/31Document Type:Policy Research Working Paper
SubTopics:Economic Theory & Research; Payment Systems & Infrastructure; Macroeconomic Management; Economic Stabilization; Banks & Banking Reform; Fiscal & Monetary Policy; Financial Intermediation; Financial EconomicsLanguage:English
Report Number:WPS2903Sub Sectors:General finance sector
Collection Title:Policy, Research working paper series ; no. WPS 2903Volume No:1

Summary: The authors present a framework to analyze financial globalization. They argue 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 world financial markets. But developing countries normally display the "unblessed trinity" (weak currency, fear of floating, and weak institutional framework). The authors define and discuss 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.

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