A hierarquia monetária e a financeirização : restrições de acesso latino-americano e caribenho ao capital internacional

Abstract

This final paper assesses the impact of global financialization on the ability of peripheral currency-issuing economies to access international capital, given that the monetary hierarchy establishes an asymmetric condition for the insertion of central and peripheral countries in the capital market. For this, it makes a qualitative analysis of a case study of the growth of the non-financial corporate securities market in Latin America and the Caribbean, in the context of the 2007-09 post-crisis, when the US monetary policy and the bank deleveraging induced the short-term capital flow to the region. In this way, the observed phenomenon corroborates the heterodox criticism that the monetary hierarchy, in the context of globalization, reinforces the speculative character of flows towards peripheral countries.