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Financial globalization : unequal blessings, Volume 1

Author:	De la Torre, Augusto; Levy Yeyati, Eduardo; Schmukler, Sergio L.;	Collection Title:	Policy, Research working paper series ; no. WPS 2903
Date Stored:	2002/11/01	Document Date:	2002/10/31
Document Type:	Policy Research Working Paper	Language:	English
Report Number:	WPS2903	Sub Sectors:	General finance sector
SubTopics:	Economic Theory & Research; Payment Systems & Infrastructure; Macroeconomic Management; Economic Stabilization; Banks & Banking Reform; Fiscal & Monetary Policy; Financial Intermediation; Financial Economics	Volume 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.


Official Documents Official, scanned versions of documents (may include signatures, etc.)
File Type		Description	File Size (mb)

	PDF 28 pages	Official version*	1.96 (approx.)
	Text	Text version**


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File Type		Description	File Size (mb)

	PDF 20 pages	WPS2903	0.07

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