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Panoeconomicus
2009, vol. 56, iss. 2, pp. 143-197
article language: Serbian
document type: Original Scientific Paper
published on: 07/07/2009
doi: 10.2298/PAN0902143K
Financial globalization: A reappraisal
aIMF Research Department, Washington, USA
bCornell University, New York, USA + Brookings Institution, Washington, USA
cHarvard University, Cambridge, USA
dGraduate School of Business, Columbia University, New York, USA

Abstract

(not available in English)
Literatura o koristima i troškovima finansijske globalizacije za zemlje u razvoju je naprasno porasla poslednjih godina, i to kroz mnoge, potpuno različite kanale sa raznovršnošću očigledno konfliktnih rezultata. Još uvek je malo snažnih dokaza o rastućim koristima široke liberalizacije kapitalnog računa, ali veći broj skorijih radova u finansijskoj literaturi izveštava da liberalizacije tržišta akcija zaista značajno povećavaju rast. Slično tome, dokazi zasnovani na mikroekonomskim (na nivou firme ili industrije) podacima pokazuju određene koristi finansijske integracije i distorzivne efekte kontrola kretanja kapitala, ali makroekonomski dokazi i dalje ne pružaju zaključke. Istovremeno, dok neke studije zauzimaju stav da finansijska globalizacija podstiče makroekonomsku stabilnost zemalja u razvoju, druge tvrde suprotno. Ovaj rad pokušava da pruži ujedinjen pojmovni okvir za organizovanje ovako široke i rastuće literature, naročito naglašavajući skorije pristupe merenju katalizatorskih i indirektnih koristi finansijske globalizacije. U suštini, rad ukazuje da su indirektni efekti finansijske globalizacije na razvoj finansijskog sektora, institucija, vladanje i makroekonomsku stabilnost, po svoj prilici daleko bitniji od bilo kog direktnog uticaja putem akumulacije kapitala ili diversifikacije portfolia. Takav pogled objašnjava neuspeh istraživanja zasnovanih na regresijama rasta između zemalja u pronalaženju pozitivnih efekata finansijske globalizacije, usmeravajući se na novije, potencijalno korisnije i ubedljivije pristupe. (Izvorno, rad je objavljen u IMF Staff Papers (2009) 56, 8-62, pod originalnim nazivom Financial Globalization: A Reappraisal. © 2009 International Monetary Fund. Zahvaljujemo se autorima i Palgrave Macmillan Ltd na dozvoli za prevod i objavljivanje u našem časopisu).

Keywords

liberalizacija kapitalnog računa; finansijska integracija; rast i volatilnost; finansijske krize; zemlje u razvoju

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