Financial Globalization : Unequal Blessings
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...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2002/10/2031709/financial-globalization-unequal-blessings http://hdl.handle.net/10986/19230 |
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okr-10986-192302021-04-23T14:03:42Z Financial Globalization : Unequal Blessings De la Torre, Augusto Levy Yeyati, Eduardo Schmukler, Sergio L. REAL INTEREST REGULATORY ENVIRONMENT RELATIVE PRICE REPUTABLE CENTRAL BANK RISK OF DOLLAR LENDING RISK PRICING RISK TAKING SAFETY NETS SOFT PEGS STOCK OF CURRENCY IN CIRCULATION STORE OF VALUE TELECOMMUNICATIONS UNEMPLOYMENT VULNERABILITY WAGES WEALTH GLOBALIZATION GLOBAL INTEGRATION INTERNATIONAL FINANCE FACTOR PRICES REGULATORY AGENCY FLEXIBLE EXCHANGE RATE POLICY REGULATORY ENVIRONMENTS CONTRACTS CAPITAL MARKETS FLOATING EXCHANGE RATES FLOATING RATE NOTES VALUATION DOLLARS PESOS EMERGING ECONOMIES FINANCIAL CRISES GLOBALIZATION WEALTH 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. 2014-08-01T20:05:12Z 2014-08-01T20:05:12Z 2002-10 http://documents.worldbank.org/curated/en/2002/10/2031709/financial-globalization-unequal-blessings http://hdl.handle.net/10986/19230 English en_US Policy Research Working Paper;No. 2903 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
REAL INTEREST REGULATORY ENVIRONMENT RELATIVE PRICE REPUTABLE CENTRAL BANK RISK OF DOLLAR LENDING RISK PRICING RISK TAKING SAFETY NETS SOFT PEGS STOCK OF CURRENCY IN CIRCULATION STORE OF VALUE TELECOMMUNICATIONS UNEMPLOYMENT VULNERABILITY WAGES WEALTH GLOBALIZATION GLOBAL INTEGRATION INTERNATIONAL FINANCE FACTOR PRICES REGULATORY AGENCY FLEXIBLE EXCHANGE RATE POLICY REGULATORY ENVIRONMENTS CONTRACTS CAPITAL MARKETS FLOATING EXCHANGE RATES FLOATING RATE NOTES VALUATION DOLLARS PESOS EMERGING ECONOMIES FINANCIAL CRISES GLOBALIZATION WEALTH |
| spellingShingle |
REAL INTEREST REGULATORY ENVIRONMENT RELATIVE PRICE REPUTABLE CENTRAL BANK RISK OF DOLLAR LENDING RISK PRICING RISK TAKING SAFETY NETS SOFT PEGS STOCK OF CURRENCY IN CIRCULATION STORE OF VALUE TELECOMMUNICATIONS UNEMPLOYMENT VULNERABILITY WAGES WEALTH GLOBALIZATION GLOBAL INTEGRATION INTERNATIONAL FINANCE FACTOR PRICES REGULATORY AGENCY FLEXIBLE EXCHANGE RATE POLICY REGULATORY ENVIRONMENTS CONTRACTS CAPITAL MARKETS FLOATING EXCHANGE RATES FLOATING RATE NOTES VALUATION DOLLARS PESOS EMERGING ECONOMIES FINANCIAL CRISES GLOBALIZATION WEALTH De la Torre, Augusto Levy Yeyati, Eduardo Schmukler, Sergio L. Financial Globalization : Unequal Blessings |
| relation |
Policy Research Working Paper;No. 2903 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
De la Torre, Augusto Levy Yeyati, Eduardo Schmukler, Sergio L. |
| author_facet |
De la Torre, Augusto Levy Yeyati, Eduardo Schmukler, Sergio L. |
| author_sort |
De la Torre, Augusto |
| 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 |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2002/10/2031709/financial-globalization-unequal-blessings http://hdl.handle.net/10986/19230 |
| _version_ |
1764439395370270720 |