<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832017000100018</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2017.01.002</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The external risks of financial integration for emerging economies]]></article-title>
<article-title xml:lang="es"><![CDATA[Riesgos externos de la integración financiera en las economías emergentes]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Quadrini]]></surname>
<given-names><![CDATA[Vincenzo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Southern California  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,CEPR  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>UK</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<volume>35</volume>
<numero>spe82</numero>
<fpage>18</fpage>
<lpage>24</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000100018&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000100018&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000100018&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The integration of emerging economies in world financial markets allowed these countries to import foreign capital. In some cases, however, the capital inflows have been interrupted by sudden reversals and severe financial crises. Although excessive borrowing is a necessary condition for a financial crisis, the dynamics leading to excessive borrowing and subsequent reversal can also be connected to external factors, that is, changes that take place in the rest of the world and are not under the control of the borrowing country (external risks). In this article I discuss some of these risks. In particular, I show how the growth of the financial sector in advanced economies can lead to the build up of imbalances that increase the financial fragility of emerging countries. I also discuss how the origin of the imbalances can sometimes be connected to the business cycle in industrialized countries. JEL classification: F34, F62.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La integración de las economías emergentes en los mercados financieros internacionales ha permitido que estos países importen capital externo. No obstante, en algunos casos la afluencia de capitales se ha visto interrumpida por retornos repentinos y crisis financieras importantes. Si bien el préstamo excesivo es una condición necesaria para una crisis financiera, las dinámicas que conducen al préstamo excesivo y posterior retorno del capital podrían estar conectadas con factores externos, esto es, cambios que tienen lugar en otros lugares del mundo y se escapan del control del país prestatario (riesgos externos). En el artículo se debaten algunos de estos riesgos. En concreto se muestra cómo el crecimiento del sector financiero en las economías avanzadas podría generar desbalances que aumenten la fragilidad financiera de los países emergentes. También se debate acerca de cómo el origen de los desbalances podría estar vinculado al ciclo económico en los países industrializados. Códigos JEL: F34, F62.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Capital mobility]]></kwd>
<kwd lng="en"><![CDATA[Financial crisis]]></kwd>
<kwd lng="en"><![CDATA[Sovereign default]]></kwd>
<kwd lng="es"><![CDATA[Movilidad del capital]]></kwd>
<kwd lng="es"><![CDATA[Crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[Incumplimiento soberano]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arellano]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Bai]]></surname>
<given-names><![CDATA[Y]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Linkages across sovereign debt markets.]]></article-title>
<source><![CDATA[Research department staff report 491. Federal Reserve Bank of Minneapolis.]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azzimonti]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Quadrini]]></surname>
<given-names><![CDATA[V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The politics of sovereign default under financial integration.]]></article-title>
<source><![CDATA[Working paper.]]></source>
<year>2016</year>
<publisher-name><![CDATA[Stony Brooks University and University of Southern California.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azzimonti]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[de Francisco]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Quadrini]]></surname>
<given-names><![CDATA[V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial globalization, inequality, and the rising public debt.]]></article-title>
<source><![CDATA[American Economic Review,]]></source>
<year>2014</year>
<volume>104</volume>
<numero>8</numero>
<issue>8</issue>
<page-range>2267-2302.</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Broner]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Martin]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ventura]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sovereign Risk and Secondary Markets.]]></article-title>
<source><![CDATA[American Economic Review,]]></source>
<year>2010</year>
<volume>100</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1523-1555.</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Caballero]]></surname>
<given-names><![CDATA[R. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Farhi]]></surname>
<given-names><![CDATA[Emanuel]]></given-names>
</name>
<name>
<surname><![CDATA[Gourinchas]]></surname>
<given-names><![CDATA[Pierre-Olivier]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An equilibrium model of global imbalances and low interest rates.]]></article-title>
<source><![CDATA[American Economic Review,]]></source>
<year>2008</year>
<volume>98</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>358-393.</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[D'Erasmo]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal domestic (and external) sovereign default.]]></article-title>
<source><![CDATA[Working paper.]]></source>
<year>2013</year>
<publisher-name><![CDATA[Philadelphia Fed and University of Pennsylvania.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Milesi-Ferretti]]></surname>
<given-names><![CDATA[G. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004.]]></article-title>
<source><![CDATA[Journal of International Economics,]]></source>
<year>2007</year>
<volume>73</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>223-250.</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lizarazo]]></surname>
<given-names><![CDATA[S. V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Contagion of financial crises in sovereign debt markets.]]></article-title>
<source><![CDATA[MPRA]]></source>
<year>2012</year>
<volume>20795</volume>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lizarazo]]></surname>
<given-names><![CDATA[S. V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Default risk and risk averse international investors.]]></article-title>
<source><![CDATA[Journal of International Economics,]]></source>
<year>2013</year>
<volume>89</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>317-330.</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Volkan]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<source><![CDATA[Sovereign default risk, risk averse investors and financial contagion]]></source>
<year>2008</year>
<publisher-name><![CDATA[University of Southern California.]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
