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Development in Latin America pp 179–214Cite as

Palgrave Macmillan

Financing Development in the Financial Globalization: Revisiting Old Challenges in a New Context

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Abstract

The growth in the international financial markets during the past decades produced several transformations of the world economy. In Latin America, these changes have been reflected in the increase in magnitude and volatility of financial flows (both banking and capital markets) and the expansion of the capital market-based financing for firms. The chapter revisits Latin American structuralist vision on international capital flows and how this topic has been addressed by the more recent contributions from the so-called New Latin American Structuralism. By distinguishing between the domestic and international spheres, we analyze the continuity and discontinuity between new structuralism, traditional structuralism, and mainstream regarding, on the domestic side, development of banks and supervision of domestic interest rates, and on the international side, international loans and capital movements.

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Notes

  1. 1.

    From 1970 to 1984 Brazil, Chile, Argentina, Venezuela, Peru and Uruguay (in average) were more financially open (1970 = 0.34/1984 = 0.10 in KOPEN index) than China (1984 = 0.16 in KOPEN index) or South Korea (1970 = 0.16/1984 = 0.16 in KOPEN index). Higher values of the index mean more financially open.

  2. 2.

    This distinction that we are using is closely related with that of Chenery and Bruno (1962), Chenert and Strout (1966), and McKinnon (1964), among others. It also has a long tradition in LAS growth and balance of payment constraint modeling. See Diamand and Crovetto (1988).

  3. 3.

    Note that for many structuralists thinkers the causality runs from savings to investment, in line with the orthodox view of validation of Say’s law. Within this view, foreign capital is in charge to fill the gap between required investment and the saving rate domestically available. Some authors, like Prebisch, point out that if the saving gap cannot be filled with foreign savings, the private sector would satisfy its demand for additional savings recurring to bank credit. Hence, banks have the capacity to create credit endogenously. However, newly created bank credit would have inflationary movements since the additional demand that it caused would not be matched by a sufficiently rapid expansion of supply (Prebisch 1973a).

  4. 4.

    Also in Taiwan virtually the entirety of the credit system was publicly owned (Wade 1988).

  5. 5.

    According to Bielschowsky (1998) and the official ECLAC perspective, the main links between the old LAS and the NLAS approach is methodological. But some relevant disagreements as the rejection for state direct production of goods and services, the absence of class struggle in the inequality and the absence of recognition of political conflict in the international relationship made the methodological approach the main difference and not the main link. See Telechea and Zeolla (2014).

  6. 6.

    This is also strongly related to the deep neoclassical Solow “convergence theory” on development. Consider a world of free capital markets, if capitals move internationally chasing profit differentials, the inverse relation between physical capital stocks and their returns (interest rates) implies that for less capitalized economies free capital movements would determine the inflow to investment from high capitalized economies. The foreign savings inflows will boost investment and the country will grow at a faster pace than developed countries. In the long run this process will produce a convergence in the income per capita between the two countries.

  7. 7.

    “There is overwhelming evidence that capital flows to developing countries are pro-cyclical and have become one of the major determinants (and perhaps the major determinant) of business cycles in emerging economies” (Ocampo 2012, 13).

  8. 8.

    The “Financial inclusion” ECLAC program is devote to study the best financial inclusion instrument for development. It has start with a series of workin paper document about national level which include in Argentina, Brazil, Colombia, Costa Rica, Ecuador, Mexico and Peru, and thereafter, built a regional perspective, that will be forthcoming document.

  9. 9.

    “Economic development should be financed essentially with domestic savings. In order to achieve this goal, the creation of public financial institutions to ensure full utilization of domestic resources, in particular labor, finance innovation and support investment is required” (Sao Paolo School of Economics 2010, 2). “Secondly, and depending of the planning scale in financial leverage subject, it is important to know if it would be decided to go forward to the institutionalization of an organization (new or existent) or it would look forward to increase the efforts of deepening and coordination between different state agencies and organization that today act as development banks” (Woyecheszen 2017; [authors translation]).

  10. 10.

    From a broader perspective, Culpeper et al. (2016) show that both commitments and disbursements of loans from development banks increased considerably during the global downturn of the economy, mostly due to the public sector.

  11. 11.

    Even though the increase in the resources reflects a general trend, they seem still far from satisfying regional needs. Bhattacharya et al. (2012) estimate that the global investment required in infrastructure is the double of that currently available. Among the actual expenditure in infrastructure only a small minority can be imputed to international aid and development banks, which denotes the reduced role of these institution on a global-scale perspective.

  12. 12.

    Broadly speaking, this path reflects the experience followed by the European Investment Bank (EIB). One of the main focus of the EIB was infrastructure and it contributed to reduce the gap between European countries. In spite of the strong reduction in the infrastructural gap between countries, the difference in terms of structural productive differences is still great which was evidenced during the recent crisis.

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  1. The Open University, Milton Keynes, UK

    Davide Villani

  2. Centre for Studies on Economics and Development/IDAES and CONICET, Buenos Aires, Argentina

    Nicolás Hernán Zeolla

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  2. Institute of the Humanities and Social Sciences of Litoral, National Scientific and Technical Research Council (CONICET) and National University of Litoral (UNL), Santa Fe, Argentina

    Gabriel Brondino

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Villani, D., Zeolla, N.H. (2019). Financing Development in the Financial Globalization: Revisiting Old Challenges in a New Context. In: Fernández, V., Brondino, G. (eds) Development in Latin America. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-92183-9_8

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