La actual crisis financiera¿el fin de la liberalización financiera?

  1. Arestis, Philip
  2. Troncoso Baltar, Carolina
  3. Cavalcante, Anderson
Revista:
Ekonomiaz: Revista vasca de economía

ISSN: 0213-3865

Año de publicación: 2009

Título del ejemplar: La "financiarización" de la economía: el fracaso del crecimiento dirigido por las finanzas

Número: 72

Páginas: 12-33

Tipo: Artículo

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Otras publicaciones en: Ekonomiaz: Revista vasca de economía

Resumen

La crisis financiera reciente ha puesto en tela de juicio el papel de la política monetaria al mismo tiempo que se han reabierto los debates acerca de una nueva regulación y la necesidad de los controles prudenciales de la actividad bancaria. Este artículo señala que los orígenes de la actual crisis financiera pueden explicarse por dos elementos interrelacionados que han venido funcionado desde la década de los setenta: las políticas de liberalización financiera implantadas tanto en las economías desarrolladas como en desarrollo y la política monetaria basada en la macroeconomía del llamado nuevo consenso. Esta nueva política estaba centrada en la política monetaria, con la casi total desaparición de la política fiscal, y, en concreto, su instrumentalización mediante los continuos cambios en los tipos de interés como forma de controlar la inflación. El efecto de ambas actuaciones ha sido crear una liquidez y una deuda familiar en las principales economías mundiales, en particular en EE.UU. y el Reino Unido de una magnitud extraordinaria, que está en el origen de la actual crisis.

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