Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies

Detalhes bibliográficos
Autor(a) principal: DAVIDSON,PAUL
Data de Publicação: 2000
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista de Economia Política
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572000000300191
Resumo: ABSTRACT Until 1973 the postwar international payments system was, in large measure, shaped by Keynes’s thesis that flexible exchange rates and free international capital mobility are incompatible with global full employment and rapid economic growth in an era of multilateral free trade (Felix, 1977-8). This resulted in a stable international monetary system that permitted the global economy to experience unparalleled economic growth and prosperity despite widespread capital controls and international financial market regulations. Since 1973, the financial system has grown progressively more fragile with recurrent and increasingly stressful international debt and currency liquidity crises threatening the stability of the global economy.
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spelling Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing EconomiesExchange rate regimeMarket efficiencyuncertaintyABSTRACT Until 1973 the postwar international payments system was, in large measure, shaped by Keynes’s thesis that flexible exchange rates and free international capital mobility are incompatible with global full employment and rapid economic growth in an era of multilateral free trade (Felix, 1977-8). This resulted in a stable international monetary system that permitted the global economy to experience unparalleled economic growth and prosperity despite widespread capital controls and international financial market regulations. Since 1973, the financial system has grown progressively more fragile with recurrent and increasingly stressful international debt and currency liquidity crises threatening the stability of the global economy.Centro de Economia Política2000-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572000000300191Brazilian Journal of Political Economy v.20 n.3 2000reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31572000-1238info:eu-repo/semantics/openAccessDAVIDSON,PAULeng2022-02-14T00:00:00Zoai:scielo:S0101-31572000000300191Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2022-02-14T00:00Revista de Economia Política - EDITORA 34false
dc.title.none.fl_str_mv Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
title Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
spellingShingle Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
DAVIDSON,PAUL
Exchange rate regime
Market efficiency
uncertainty
title_short Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
title_full Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
title_fullStr Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
title_full_unstemmed Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
title_sort Liquidity vs. Efficiency in Liberalized International Financial Markets: a Warning to Developing Economies
author DAVIDSON,PAUL
author_facet DAVIDSON,PAUL
author_role author
dc.contributor.author.fl_str_mv DAVIDSON,PAUL
dc.subject.por.fl_str_mv Exchange rate regime
Market efficiency
uncertainty
topic Exchange rate regime
Market efficiency
uncertainty
description ABSTRACT Until 1973 the postwar international payments system was, in large measure, shaped by Keynes’s thesis that flexible exchange rates and free international capital mobility are incompatible with global full employment and rapid economic growth in an era of multilateral free trade (Felix, 1977-8). This resulted in a stable international monetary system that permitted the global economy to experience unparalleled economic growth and prosperity despite widespread capital controls and international financial market regulations. Since 1973, the financial system has grown progressively more fragile with recurrent and increasingly stressful international debt and currency liquidity crises threatening the stability of the global economy.
publishDate 2000
dc.date.none.fl_str_mv 2000-09-01
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dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572000000300191
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dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/0101-31572000-1238
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Centro de Economia Política
publisher.none.fl_str_mv Centro de Economia Política
dc.source.none.fl_str_mv Brazilian Journal of Political Economy v.20 n.3 2000
reponame:Revista de Economia Política
instname:EDITORA 34
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collection Revista de Economia Política
repository.name.fl_str_mv Revista de Economia Política - EDITORA 34
repository.mail.fl_str_mv ||cecilia.heise@bjpe.org.br
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