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La innovación financiera y la crisis mundial


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  • Sánchez, Manuel

    (Subgobernador del Banco de México)

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    This essay focuses on the nature and prospects of financial innovation in light of the recent global economic crisis. My central point is that although financial innovation has lately fallen out of favor because some of its products acted as vehicles in the credit boom that led to the crisis, criticism should be taken with caution. Innovation has been with us for a long time, and its overall contribution to finance and welfare has been positive. Provided that we strengthen prudential regulation to discourage excessive risk taking in the future, innovation can continue to benefit our societies.// Este artículo se enfoca en la naturaleza y los prospectos de la innovación financiera a la luz de la reciente crisis económica mundial. Mi punto focal es que a pesar de que en fechas recientes la innovación financiera ha caído en desgracia debido a que algunos de sus productos sirvieron como vehículos en el auge crediticio que derivó en la crisis, las críticas deben tomarse con cautela. La innovación está entre nosotros desde hace mucho tiempo y su contribución a las finanzas y el bienestar social ha sido positiva. Siempre y cuando fortalezcamos la regulación prudencial para desmotivar la toma excesiva de riesgos en el futuro, la innovación puede seguir beneficiando a nuestras sociedades.

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    Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

    Volume (Year): LXXVII (3) (2010)
    Issue (Month): 307 (julio-septiembre)
    Pages: 759-770

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    Handle: RePEc:elt:journl:v:77:y:2010:i:307:p:759-770

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    Keywords: innovación financiera; crisis financiera;

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