Financial globalization and peripheral strategies: recent experiences in Latin America and lections from Asia

In the literature about Economic Development, a great number of theories
suggest a positive relationship between financial liberalization and economic
growth. Despite this, recent wage of financial liberalization has generated
financial crisis, economic instability and a low growth rate in the peripheral
economies. In this paper, we stress the idea that there is a remaing conflict
between the tendency to globalize the economic relations and the search for
autonomy in the management of the economic policy, within an environment
of instability and a liberal new economic order. We compare the Asian and
Latin American economic paths after the financial crisis of 1997, analyzing,
moreover, some recent changes in the international financial architecture.
André Moreira Cunha
Julimar da Silva Bichara
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