Economia e Sociedade
versão impressa ISSN 0104-0618
DAMASCENO, Aderbal Oliveira. International financial integration and economic growth: a critique to the conventional approach. Econ. soc. [online]. 2007, vol.16, n.2, pp. 171-198. ISSN 0104-0618. http://dx.doi.org/10.1590/S0104-06182007000200003.
ABSTRACT The arguments in favor of developing an institutional framework for the liberalization of capital flows among countries are based on theoretical models that underline a set of channels through which the International Financial Integration would lead to a better resource allocation, stimulating long run economic growth. The aim of this work is to make a critical evaluation of those models, emphasizing their main fragilities and the lack of empirical evidence to support them. In addition, this paper outline an alternative approach, a Post-Keynesian point of view.
Palavras-chave : International financial integration; Macroeconomic instability; Economic growth.