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La crisis reciente de Estados Unidos (2007-2008): redescubriendo la importancia del mercado de "fondos prestables"

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  • Carlos Esteban Posada

    ()

  • Jorge Andrés Tamayo C.

    ()

Abstract

La "sabiduría convencional" afirma que los temas de crecimiento económico se entienden con modelos clásicos, y los de corto plazo (ciclos, etc.) con los keynesianos (o neo-keynesianos). Y, en efecto, la rigidez de precios (de productos o factores) es una característica de la explicación más frecuente de un ciclo, y esto usualmente se considera un rasgo keynesiano. Con todo, las rigideces (transitorias) de precios fueron conocidas y tenidas en cuenta en los análisis pre-keynesianos de los ciclos. Varios de estos análisis son útiles para entender la crisis reciente. En lo que sigue se procura utilizar uno de estos (modificado con elementos "post-keynesianos") para explicar la coyuntura actual de Estados Unidos (y la crisis financiera de 2007 - 2008). Dos puntos centrales que pretendemos defender son los siguientes: 1) la causa principal de la crisis y la recesión actual fue una política monetaria excesivamente laxa ejecutada bajo la ilusión de que podía ser contra-cíclica de manera perfecta, tanto en su intensidad como en su oportunidad; 2) una característica esencial de la crisis financiera es la pérdida transitoria de relevancia de la política monetaria de rutina (la de fijar una cierta tasa de interés en el mercado monetario) en tanto que adquieren dominancia el mercado de "fondos prestables" y las condiciones bajo las cuales se ofrecen estos fondos.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005388.

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Length: 49
Date of creation: 19 Mar 2009
Date of revision:
Handle: RePEc:col:000094:005388

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Keywords: Crisis financiera; auge; recesión; fondos prestables"; restricción de crédito; política monetaria.";

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  1. Carlson Mark A & King Thomas & Lewis Kurt, 2011. "Distress in the Financial Sector and Economic Activity," The B.E. Journal of Economic Analysis & Policy, De Gruyter, De Gruyter, vol. 11(1), pages 1-31, June.
  2. Caballero, Ricardo & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2008. "Financial Crash, Commodity Prices and Global Imbalances," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7064, C.E.P.R. Discussion Papers.
  3. Andrew Atkeson & Patrick J. Kehoe, 2008. "On the need for a new approach to analyzing monetary policy," Staff Report, Federal Reserve Bank of Minneapolis 412, Federal Reserve Bank of Minneapolis.
  4. Mauricio Avella & Leopoldo Fergusson, . "El Ciclo Económico Enfoques e Ilustraciones Los Ciclos Económicos de Estados Unidos y Colombia," Borradores de Economia 284, Banco de la Republica de Colombia.
  5. Stijn Claessens & Daniela Klingebiel & Luc Laeven, 2001. "Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?," NBER Working Papers 8386, National Bureau of Economic Research, Inc.
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