Financial Globalization : Unequal Blessings

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Tác giả: Eduardo Levy Yeyati

Ngôn ngữ: eng

Ký hiệu phân loại: 339.22 Distribution of aggregate personal income and wealth

Thông tin xuất bản: World Bank, Washington, DC, 2014

Mô tả vật lý:

Bộ sưu tập: Tài liệu truy cập mở

ID: 295350

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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