FINANCIAL LIBERALIZATION IN DEVELOPING COUNTRIES: THE BRAZILIAN CASE AFTER THE REAL PLAN
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Abstract
On the one hand, those who favor financial liberalization argue that it allows more efficient allocation of savings, which is vital to stimulating investment and economic growth. On the other hand, those who criticize financial liberalization see it as transferring income from the real sector to the financial sector and creating instability in the economic system. Events in Brazil, mainly during the 1990s, proved that arguments against financial liberalization had been correct. In light of that finding, the purpose of this article is to theoretically and empirically present how financial liberalization has been developed in Brazil since the 1990s.
LA LIBERALIZACIÓN FINANCIERA EN LOS PAÍSES EN DESARROLLO: EL CASO BRASILEÑO DESPUÉS DEL PLAN REAL
RESUMEN
Algunos autores sostienen que la liberalización financiera permite una asignación más eficiente del ahorro, que es esencial para estimular la inversión y el crecimiento económico. Los críticos de la liberalización financiera argumentan que transfiere ingresos del sector real al financiero y también crea inestabilidad en el sistema económico. En Brasil, la liberalización financiera, inaugurada durante la década de 1990, mostró que los argumentos de los críticos son acertados. Este artículo tiene por objetivo describir teórica y empíricamente cómo se ha desarrollado la liberalización financiera en Brasil desde la década de 1990.Article Details
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