Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/87926
Authors: 
Fernández-Arias, Eduardo
Hausmann, Ricardo
Year of Publication: 
1999
Series/Report no.: 
Working Paper, Inter-American Development Bank, Office of the Chief Economist 402
Abstract: 
Financial liberalization and integration have generated disappointing results. They were supposed to set up a win-win situation: capital would flow from capital-abundant, low-return, aging industrial countries to capital-scarce, high-return, young emerging countries. Growth in receiving countries would accelerate and both giver and receiver would be happier, while everyone`s diversification opportunities improved. As a bonus, emerging market policymakers would be disciplined by losing access to a captive local financial market.
Document Type: 
Working Paper

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