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¿Qué hay de malo con los mercados financieros internacionales?

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Author Info
Ricardo Hausmann
Eduardo Fernández-Arias ()

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Abstract

(Disponible en idioma inglés únicamente) Las últimas crisis financieras y contagios recientes hacen cuestionar lo acertado de la apertura de la cuenta de capital. Existe el consenso de que hay algo pésimamente malo con la manera en que funcionan los mercados financieros en el caso de los países en desarrollo y que urge hallar una solución. Pero, ¿qué es lo que no funciona? La mayoría de los puntos de vista en los países desarrollados identifican los problemas con un exceso de flujos de capitales atraídos por el riesgo moral. Sin embargo, nuestro análisis muestra que el papel de esta distorsión se está exagerando demasiado y que, por contraste, las principales distorsiones en los marcados financieros internacionales se vinculan con flujos de capitales muy exiguos, restringidos por el riesgo soberano y excesivamente inestables debido a las fallas del mercado.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4226.

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Date of creation: Aug 2000
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Handle: RePEc:idb:wpaper:4226

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  1. Bayoumi, Tamim A. & Rose, Andrew K., 1993. "Domestic savings and intra-national capital flows," European Economic Review, Elsevier, vol. 37(6), pages 1197-1202, August. [Downloadable!] (restricted)
  2. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Roberto Chang & Andres Velasco, 1998. "The Asian Liquidity Crisis," NBER Working Papers 6796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Buiter, Willem H & Sibert, Anne, 1999. "UDROP: A Small Contribution to the New International Financial Architecture," CEPR Discussion Papers 2138, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  5. Tullio Jappelli & Marco Pagano, 1999. "Information Sharing in Credit Markets: International Evidence," RES Working Papers 3069, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, vol. 79(1), pages 43-50, March. [Downloadable!] (restricted)
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  7. W.H. Buiter & A Sibert, 1999. "UDROP: A Small Contribution to the International Financial Architecture," CEP Discussion Papers dp0425, Centre for Economic Performance, LSE. [Downloadable!]
  8. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-72, January. [Downloadable!] (restricted)
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