Globalização e inconversibilidade monetária

Revista de Economia Política

Ricardo Carneiro¹ 

[1] ,unicamp Centro de Estudos de Conjuntura e Política Econômica Instituto de Economia

关键词: Globalization;    convertibility;    exchange rate volatility;    interest rate volatility;    financial deepening;   

DOI  :  10.1590/S0101-31572008000400001

来源: SciELO

【 摘 要 】

The central hypothesis of this article is that in the context of globalization, monetary inconvertibility is a crucial problem of peripheral countries. It begins with a brief review of the debate from a historical point of view and then stresses the contemporary opposite's views on the fragility of financial system of emerging countries: the original sin and the debt intolerance hypothesis. Despite of supporting the first one, the article goes further and explores the domestic implication of inconvertibility. It criticizes the jurisdicional uncertainty proposition showing that an inherent flaw in the store of value of emerging market currencies, derived from original sin is the main reason for de facto inconvertibility and underdevelopment of domestic financial system of these countries.

【 授权许可】

CC BY   
 All the contents of this journal, except where otherwise noted, is licensed under a Creative Commons Attribution License