Vol. 5 Num. 3 - GCG: Revista de GlobalizaciÃ³n, Competitividad y ...

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Financial Integration in the Americas, Changing Geopolitics and Brazilian Foreign Policy26 Figure 4: Impulse Response to Brazil perturbation, 1990-1995. Response of countries to aGeneralized One SD innovation in the Brazil equity index over 10 Days. From Sept-1990 to Sept 19951086ARGENTINABRAZILCHILEMEXICOSANDP420-21 2 3 4 5 6 7 8 9 10Now, we conduct the same two analyses for the period 2005 to 2010. Figure 5 shows howcountries react to shocks in the S&P500. All countries have an immediate and proportionatereaction and all reactions quickly return to equilibrium after two to three days. This is clearevidence of a global, integrated financial marketplace.Figure 5: Impulse Response to US perturbation, 2005-2010. Response of countries to a GeneralizedOne S.D. Innovation in the S&P500 over 10 Days. From Sept-2005 to Sept 201054321ARGENTINABRAZILCANADACHILEEUROPEMEXICOSANDPUK0-11 2 3 4 5 6 7 8 9 10GCG GEORGETOWN UNIVERSITY - UNIVERSIA SEPTIEMBRE-DICIEMBRE 2011 VOL. 5 NUM. 3 ISSN: 1988-7116pp: 16-29
Finbarr Murphy & Martin MullisSimilarly, Figure 6 shows that other Latin American countries contemporarily respond toshocks in the Brazilian index. This shows that while Latin American countries are more integratedinto the global financial system, there is also a regional dynamic within the systemwith the Brazilian economy at its centre.27The data presented in figures 5 and 6 demonstrate that a profound change has taken placein the manner in which financial markets interact. Financial globalization has caused reducedidiosyncrasies in bourses located across the Americas. Two trends are very evident;firstly, markets are more in tune in the period from 2005-2010 than in the period 1990-1995.Secondly, markets in the Southern Cone are more sensitive to movement in the Sao Pauloexchange in 2005-2010 than in 1990-1995. Thus, we can make the case that financial markets,this powerful institution so vital to hegemonic interests, perceive Brazil as exhibitingdeveloped world characteristics and as being a dominant force in the region. All this closelyreflects the long standing ambitions of the Brazilian political elite.Figure 6: Impulse Response to Brazil perturbation, 2005-2010. Response of countries to aGeneralized One S.D. Innovations in Brazil over 10 Days. From Sept-2005 to Sept 2010504030ARGENTINABRAZILCHILEMEXICOSANDP20100-101 2 3 4 5 6 7 8 9 10GCG GEORGETOWN UNIVERSITY - UNIVERSIA SEPTIEMBRE-DICIEMBRE 2011 VOL. 5 NUM. 3 ISSN: 1988-7116pp: 16-29
Page 1 and 2: Revista cuatrimestral Four-monthly
Page 4 and 5: SUMARIO SUMMARY SUMÁRIO12345678Fin
Page 6 and 7: StaffDe la Torre, José, Dean, Chap
Page 8 and 9: Staff2. MULTINACIONALES, INVERSIÓN
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Page 12 and 13: Instrucciones para Autores y Proced
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Page 16 and 17: 16Financial Integration in the Amer
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Page 30 and 31: 30Factores determinantes de lademan
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Page 64 and 65: 64El estilo de liderazgo y la orien
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El estilo de liderazgo y la orienta
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El estilo de liderazgo y la orienta
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80authorBeatrizMinguela-Rata 1GIPTI
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Product innovation: An empirical st
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102autoresDaniel Hernández-Soto 1P
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