Please use this identifier to cite or link to this item: http://repositorio.unicamp.br/jspui/handle/REPOSIP/24327
Type: Artigo de periódico
Title: Globalização e inconversibilidade monetária
Title Alternative: Globalization and monetary inconvertibility
Author: Carneiro, Ricardo
Abstract: The central hypothesis of this article is that in the context of globalization, monetary inconvertibility is a crucial problem of peripheral countries. It begins with a brief review of the debate from a historical point of view and then stresses the contemporary opposite's views on the fragility of financial system of emerging countries: the original sin and the debt intolerance hypothesis. Despite of supporting the first one, the article goes further and explores the domestic implication of inconvertibility. It criticizes the jurisdicional uncertainty proposition showing that an inherent flaw in the store of value of emerging market currencies, derived from original sin is the main reason for de facto inconvertibility and underdevelopment of domestic financial system of these countries.
Subject: Globalization
convertibility
exchange rate volatility
interest rate volatility
financial deepening
Editor: Editora 34
Rights: aberto
Identifier DOI: 10.1590/S0101-31572008000400001
Address: http://dx.doi.org/10.1590/S0101-31572008000400001
http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572008000400001
Date Issue: 1-Dec-2008
Appears in Collections:Artigos e Materiais de Revistas Científicas - Unicamp

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