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¿Quien asume el coste en la crisis de deuda externa? El papel de la Inversion Extranjera (IED)

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  • Jorge Blazquez
  • Miguel Sebastian
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    Abstract

    A comienzos de los anos 90 el Plan Brady cerro la crisis de deuda externa que sufrieron los mercados latinoamericanos en los anos 80. En los 90, y gracias en parte a dicho Plan, retornaron los capitales internacionales hacia America Latina. A pesar de ello, a finales de 1994, tiene lugar en Mexico la primera gran crisis de balanza de pagos de la decada. Esa crisis se soluciono gracias a la ayuda oficial sin que los inversores internacionales sufrieran perdidas. La opinion dominante entre las economias mas industrializadas del mundo (G7) es que el Tequilazo fue el origen del problema de moral hazard que origino el exceso entradas de capitales que hubo en los mercados emergentes hasta 1998.Sin embargo, no esta demostrada la existencia de dicho problema de moral hazard. Pese a ello, los organismos internacionales y el G7 consideran necesario disenar una nueva arquitectura financiera internacional que involucre de forma mas activa al sector privado en la resolucion de las crisis, frente a un mecanismo donde prevalecia un excesivo bail-out de los organismos multilaterales.

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    Bibliographic Info

    Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 0201.

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    Length: 19 pages
    Date of creation: Nov 2002
    Date of revision:
    Handle: RePEc:bbv:wpaper:0201

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