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Volatilidad y crisis: Tres lecciones para países en desarrollo

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  • Loayza, Norman

Abstract

La crisis internacional reciente no ha invalidado el conocimiento adquirido previamente sobre los orígenes y las curas de las crisis económicas. Por el contrario, lo ha confirmado. En este artículo se describen tres lecciones de siempre, confirmadas por la última crisis internacional. Primero, las políticas e instituciones domésticas, y no la globalización, son los principales determinantes de la volatilidad excesiva y las crisis económicas. Segundo, los seguros gratuitos o subsidiados al riesgo y la práctica de “rescates” a bancos y empresas deficientes están en el origen de las peores crisis. Y tercero, la flexibilidad para ajustarse a nuevas condiciones, alentada por un marco regulatorio ligero y eficiente, es el mejor antídoto contra los descalabros macroeconómicos.

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Bibliographic Info

Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2011)
Issue (Month): 22 ()
Pages: 9-20

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Handle: RePEc:rbp:esteco:ree-22-01

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  1. Bergoeing, Raphael & Loayza, Norman & Repetto, Andrea, 2004. "Slow recoveries," Journal of Development Economics, Elsevier, vol. 75(2), pages 473-506, December.
  2. Loayza, Norman V. & Raddatz, Claudio, 2006. "The structural determinants of external vulnerability," Policy Research Working Paper Series 4089, The World Bank.
  3. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2010. "The Cross-Country Incidence of the Global Crisis," CEPR Discussion Papers 7954, C.E.P.R. Discussion Papers.
  4. Collier, Paul & Goderis, Benedikt, 2009. "Structural policies for shock-prone developing countries," MPRA Paper 17311, University Library of Munich, Germany.
  5. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
  6. Chang, Roberto & Kaltani, Linda & Loayza, Norman, 2005. "Openness can be good for growth : the role of policy complementarities," Policy Research Working Paper Series 3763, The World Bank.
  7. Olivier J. Blanchard & Mitali Das & Hamid Faruqee, 2010. "The Initial Impact of the Crisis on Emerging Market Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(1 (Spring), pages 263-323.
  8. Adeel Malik & Jonathan R W Temple, 2005. "The Geography of Output Volatility," CSAE Working Paper Series 2005-07, Centre for the Study of African Economies, University of Oxford.
  9. Norman V. Loayza & Romain Rancière & Luis Servén & Jaume Ventura, 2007. "Macroeconomic Volatility and Welfare in Developing Countries: An Introduction," World Bank Economic Review, World Bank Group, vol. 21(3), pages 343-357, October.
  10. Raddatz, Claudio, 2007. "Are external shocks responsible for the instability of output in low-income countries?," Journal of Development Economics, Elsevier, vol. 84(1), pages 155-187, September.
  11. Cesar Calderon & Tatiana Didier, 2009. "Severity of the Crisis and its Transmission Channels," World Bank Other Operational Studies 10946, The World Bank.
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