Durante quantos dias da semana são "anti-globalização"? (mercados financeiros)

Brad De Long: 2.
Calpundit: 3.
John Quiggin: 5.

Eu não respondo. Até porque o melhor é ler e aprender. Especialmente o fabuloso texto de De Long e o resumo deste paper, feito por Kieran Healy (que começou a discussão).

Para os mais apressados, citações para dar comichão aos ultra-liberais:

#1

Even more, I'm struck by the failure of the world's most sophisticated financial markets in their basic task, that of allocating funds for investment. Governments have wasted a lot of money on silly projects, but the dissipation of a trillion dollars in the space of a couple of years on valueless dotcoms and redundant optical fibre is a record that is not going to be matched any time soon. And as far as rent-seeking goes, the amount creamed off in this process by people whose contribution was entirely negative gives the Mobutus and Saddams of this world a fair run for their money.

#2

We all know what the benefits of open international capital markets are. Just like free trade in other goods, capital account liberalization means money flows where it’s needed, which makes for economic growth and development. We know this not just because of some verbal arguments, but because economists can write down a model of this process, and we can see it happening in the data. Right?
Wrong. A fascinating paper [pdf] by Pierre-Olivier Gourinchas and Olivier Jeanne shows that this isn’t the case at all. (This blog isn’t the New York Times, but in the spirit of full disclosure I should say that Pierre is a friend of mine.) They find that, for most countries, the average welfare gain from financial integration is only 1.24% of current consumption. This is tiny compared to the potential gains from increased productivity growth or a reorganization of the domestic market. Rather than helping them converge with developed economies, the best that capital mobility can do is to accelerate developing countries towards some steady-state (good, bad or very bad) largely determined by other factors.

#3 (do paper de Pierre-Olivier Gourincha e Olivier Jeanne)

less developed countries do not benefit greatly from international financial integration. Less developed countries have far more to gain from improving their own domestic allocative efficiency than from an improvement in the allocative efficiency of the international financial system.