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Capital Flows to Emerging Markets under the Flexible Dollar Standard: A Critical View Based on the Brazilian Experience

In: Monetary Integration and Dollarization

Author

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  • Carlos Medeiros
  • Franklin Serrano

Abstract

This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly, the book argues, the main advantage of monetary integration in the OCA context is the reduction of transaction costs, yet the validity of OCA to analyze processes of monetary integration seems to be limited at best.

Suggested Citation

  • Carlos Medeiros & Franklin Serrano, 2006. "Capital Flows to Emerging Markets under the Flexible Dollar Standard: A Critical View Based on the Brazilian Experience," Chapters, in: Matías Vernengo (ed.), Monetary Integration and Dollarization, chapter 11, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3483_11
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    Cited by:

    1. Franklin Serrano & Ricardo Summa, 2015. "Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014 [Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 25(spe), pages 803-833, December.

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    Economics and Finance;

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