Un sistema financiero internacional en transición: integración y vulnerabilidad

The intense flows of capital toward the American economy, which in 2001 received over two-thirds of net exports from international capitals, have contributed to the fact that many companies in other industrialised countries may have become co-owners of American companies. As a consequence of this process, we have witnessed a growing symmetry in entrepreneurial results and a greater synchronisation of economic cycles. This phenomenon is not only visible in the main OECD economies, but also within developing countries. This greater integration increases vulnerability to economic and financial crises, as has been seen over the last decade. To facilitate management and to improve anticipation of future crisis episodes it is necessary to have a greater insertion of developing economies in the international level. This would condition the processes of financial opportunity and liberalisation of such economies in view of the organisation of national institutions with sufficient quality while bearing in mind the reform of international financial institutions.