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Flujos de capital, la crisis financiera internacional y los desbalances macroeconómicos

Author

Listed:
  • Jorge Hernán Toro Córdoba
  • Rocío Mora Quiñones
  • Daniel Parra Amado

Abstract

La crisis financiera de 2008 evidenció tanto las fragilidades del sistema financiero internacional como las consecuencias de la globalización financiera y comercial. Así, lo que comenzó como un problema de incumplimiento de pagos en el mercado inmobiliario estadounidense se tradujo en la peor recesión mundial desde la posguerra. Todo ello incrementó la aversión al riesgo internacional, los flujos de capital de las economías desarrolladas y emergentes, las relaciones comerciales y bancarias, el crecimiento económico y el empleo a nivel mundial. Este trabajo tiene tres objetivos: primero, cuantificar y describir el contexto macroeconómico de los flujos de capital antes y después de la crisis internacional, segundo, enunciar los hechos más relevantes durante el desarrollo de la crisis, para con ellos tratar de identificar sus posibles causas, y tercero, presentar el debate académico respecto al papel desempeñado por los desbalances macroeconómicos en el origen de la crisis. En síntesis, la evidencia sugiere que fue la conjunción de muchos factores los que detonaron y transmitieron las secuelas recesivas a nivel mundial. En particular, aunque los desbalances macroeconómicos no fueron la principal causa de la crisis, éstos tuvieron un efecto amplificador significativo.

Suggested Citation

  • Jorge Hernán Toro Córdoba & Rocío Mora Quiñones & Daniel Parra Amado, 2012. "Flujos de capital, la crisis financiera internacional y los desbalances macroeconómicos," Borradores de Economia 9803, Banco de la Republica.
    • Handle: RePEc:col:000094:009803
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    References listed on IDEAS

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    Cited by:

    1. Wilmar Alexander Cabrera Rodríguez & Luis Fernando Melo Velandia & Daniel Parra Amado, 2014. "Relación entre el riesgo sistémico del sistema financiero y el sector real: un enfoque FAVAR," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 32(75), pages 1-22, December.
    2. Gil-León, José Mauricio & Toca-Toca, Julián Santiago, 2020. "Política monetaria no convencional en EE.UU y comportamiento de los mercados emergentes en América Latina," Revista Tendencias, Universidad de Narino, vol. 21(1), pages 24-51, January.
    3. Luis Ignacio Lozano Espitia & Ligia Alba Melo-Becerra & Jorge Enrique Ramos, 2016. "La política fiscal frente a los flujos de capital: evidencia para algunos países de América Latina," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 35(62), pages 53-85, July.
    4. Wilmar Alexander Cabrera Rodríguez & Luis Fernando Melo Velandia & Daniel Parra Amado, 2014. "Relación entre el riesgo sistémico del sistema financiero y el sector real: un enfoque FAVAR," Borradores de Economia 11142, Banco de la Republica.

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    More about this item

    Keywords

    Flujos de capitales; crisis financiera internacional; desbalances macroeconómicos.;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G01 - Financial Economics - - General - - - Financial Crises
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other

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