Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes

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Autores

Ratna Sahay
Martin Čihák
Papa N’Diaye
Adolfo Barajas
Ran Bi
Diana Ayala
Yuan Gao
Annette Kyobe
Lam Nguyen
Christian Saborowski
Katsiaryna Svirydzenka
Seyed Reza Yousefi

Resumen

En este escrito se usa una nueva medida del desarrollo financiero para mostrar que la mayoría de los mercados emergentes aún puede obtener beneficios de crecimiento y estabilidad con un mayor desarrollo financiero. Primero define el desarrollo financiero como una combinación de profundidad, acceso y eficiencia. Luego muestra que el crecimiento económico se debilita a mayores niveles de desarrollo financiero y que el ritmo del desarrollo financiero es importante; además propone una nueva manera de ver los “tradeoffs” de la regulación financiera. Concluye que no hay una secuencia única en el desarrollo de las instituciones y los mercados financieros, aunque se observa cuando las economías se desarrollan los beneficios relativos de las instituciones disminuyen y los de los mercados aumentan.

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