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Resumo
A defesa de um desenho institucional para as economias domésticas que permita a livre circulação de capitais entre as fronteiras é fundamentada por modelos teóricos que sublinham um conjunto de canais por meio dos quais a Integração Financeira Internacional levaria à melhoria na eficiência da alocação de recursos, estimulando o crescimento econômico de longo prazo dos países. O objetivo do trabalho é realizar uma crítica a essa abordagem, mostrando as fragilidades das teorias que estabelecem essa relação, a ausência de evidências empíricas a corroborá-la e, tendo por base fundamentos de inspiração (pós) Keynesiana acerca do comportamento do mercado financeiro, esboçar uma abordagem alternativa.
Abstract
The arguments in favor of developing an institutional framework for the liberalization of capital flows among countries are based on theoretical models that underline a set of channels through which the International Financial Integration would lead to a better resource allocation, stimulating long run economic growth. The aim of this work is to make a critical evaluation of those models, emphasizing their main fragilities and the lack of empirical evidence to support them. In addition, this paper outline an alternative approach, a Post-Keynesian point of view.
Key words: International financial integration. Macroeconomic instability. Economic growth
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