Capital account liberalization and its effects on economic growth and financial instability: the exante orthodox models were wrong

Autor:	DIEGO GARCIA ANGELICO, GIULIANO CONTENTO DE OLIVEIRA
Jazyk:	English<br />Portuguese
Rok vydání:	2020
Předmět:	Financial globalization capital account liberalization mainstream economics financial instability emerging economies Economics as a science HB71-74
Zdroj:	Brazilian Journal of Political Economy, Vol 40, Iss 4, Pp 669-688 (2020)
Druh dokumentu:	article
ISSN:	1809-4538 0101-3157
DOI:	10.1590/0101-31572020-3027
Popis:	ABSTRACT The financial crises in emerging economies during the 1990s and 2000s propelled academia and multilateral institutions to investigate whether the promised benefits of capital account liberalization were being delivered or not. In the course of empirical studies on the subject, many ex ante theoretical assumptions on financial globalization were demystified, and previously unknown risks and dysfunctions began to be evidenced. This article analyzes the main empirical studies on the effects of financial globalization published in the last two decades and shows that the main conventional assumptions that were built to theoretically base the capital account liberalization processes that occurred in the 1980s and 1990s were wrong.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/0fa14ffc0c8d40dbaa39cf3c1859f8eb Zobrazit plný text záznamu View record in DOAJ Plný text ve formátu PDF