International finance and Caribbean development

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/FI 30(113/2001)
cepal.callNumberLC/L.1609-P
cepal.cityOfEventBogotá
cepal.dateOfEvent9-10 noviembre 2000
cepal.divisionEngFinancing for Development Division
cepal.divisionOldUnidad de Estudios Especiales
cepal.divisionSpaDivisión de Financiamiento para el Desarrollo
cepal.docTypeSeries
cepal.eventConsulta Regional de América Latina y el Caribe sobre Financiamiento del Desarrollo
cepal.idSade8327
cepal.jobNumberS0110843 E
cepal.physicalDescriptiondiagramas, tablas
cepal.regionalOfficeSantiago
cepal.saleNumber01.II.G.151
cepal.topicEngFOREIGN DIRECT INVESTMENT
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngSAVING
cepal.topicSpaINVERSIÓN EXTRANJERA DIRECTA
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.topicSpaAHORRO
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaEngSTATISTICS
cepal.workareaSpaDESARROLLO ECONÓMICO
cepal.workareaSpaESTADÍSTICAS
dc.contributor.authorBrunton, P. Desmond
dc.contributor.authorKelsick, S. Valerie
dc.contributor.entityNU. CEPAL. Unidad de Estudios Especiales
dc.coverage.spatialEngCARIBBEAN REGION
dc.coverage.spatialSpaCARIBE
dc.date.accessioned2014-01-02T15:43:30Z
dc.date.available2014-01-02T15:43:30Z
dc.date.issued2001-10
dc.descriptionIncludes bibliography
dc.description.abstractIntroduction Globalization, defined as the international integration of markets in goods and services, is at the centre of the development process in the contemporary world and is an inescapable part of the external environment in which Caribbean 1 countries must exist. Global financial integration, the integration of the world's financial markets into a single global marketplace, is a subset of globalization. The developing countries of the Caribbean can ill afford to disregard the existence of this process. Indeed, advances in communications and recent developments in finance make the path toward financial integration unavoidable (World Bank, 1997). The real issue is not whether the Region should be part of this new age of global capital, but rather, how to proceed along the road to financial integration such that the considerable benefits could be realized and the significant pitfalls mitigated.Creating the right macroeconomic environment is a prerequisite for effective financial integration. But the small countries of the Caribbean also face peculiar constraints in attracting global capital. Small size and the associated structural inefficiencies, a limited natural resource base and high transportation costs to export markets, all reduce the relative attractiveness of many of the economies to international capital. In effect, these features make the Caribbean market for global funds inefficient. Providers of international capital find it difficult to adequately measure and allocate the risks. The imminent cessation of preferential trading arrangements, under which critical segments of the regional productive sector have operated, exacerbates the risk perceptions. A relatively broad consensus has emerged concerning the necessary conditions for successful financial integration. These include an appropriate macroeconomic framework, a liberalized trading environment so as to preclude large domestic price distortions, a sound and well regulated banking system and appropriate capital market infrastructure. It is the thesis of this paper, that in the small and very vulnerable countries of the Caribbean, these conditions are not sufficient to ensure financial integration. It is argued that in spite of the low and declining volume of official flows to the Region, such flows are critical in assisting these countries address risk perceptions and help to induce increased private flows. This paper examines the recent developments of international capital flows into the Caribbean. It first reviews the experience of the Region in the 1990s with respect to both official and private capital flows. The major determinants of the flows are then examined and the policy implications are identified. The impact of external flows on domestic savings is analyzed. Finally, the paper examines the accessibility of international capital markets to regional economies and the role the Caribbean Development Bank could play in facilitating such access.
dc.formatTexto
dc.format.extent44 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.isbn9211213231
dc.identifier.unSymbolLC/L.1609-P
dc.identifier.urihttps://hdl.handle.net/11362/5094
dc.language.isoeng
dc.physicalDescription44 p. : diagrs., tabls.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Financiamiento del Desarrollo
dc.relation.isPartOfSeriesNo113
dc.rights.coarDisponible
dc.subject.unbisEngCAPITAL MOVEMENTS
dc.subject.unbisEngDEVELOPMENT ASSISTANCE
dc.subject.unbisEngFINANCIAL ASSISTANCE
dc.subject.unbisEngFINANCIAL LIBERALIZATION
dc.subject.unbisEngSAVINGS
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaAHORROS
dc.subject.unbisSpaASISTENCIA AL DESARROLLO
dc.subject.unbisSpaASISTENCIA FINANCIERA
dc.subject.unbisSpaLIBERALIZACION DE MERCADOS FINANCIEROS
dc.subject.unbisSpaMOVIMIENTOS DE CAPITAL
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titleInternational finance and Caribbean development
dc.type.coarlibro
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