Liberalización financiera en América Latinaefectos sobre los mercados financieros locales

1. Ferreiro Aparicio, Jesús
2. Gómez Vega, María del Carmen
3. Rodríguez González, Carlos
4. Correa Vázquez, Eugenia

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More publications in: Ekonomiaz: Revista vasca de economía

Abstract

During the last decades, Latin American economies have liberalized their capital accounts and their domestic capital markets and banking-financial sectors to accelerate economic growth. It was taken for granted that Latin American countries suffered from a deep scarcity of capital and an inefficient working of domestic banking and financial intermediaries. The existing empirical evidence shows that despite the depth of these reforms the path of economic growth in the region is not higher or more stable. In this paper we suggest that an explanation for this bad performance is that the financial liberalization process has not lead to the expected higher levels of private savings and investments and to a higher financial depth.

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