IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

La actual crisis financiera: ¿el fin de la liberalización financiera?

  • Philip Arestis

    (University of Cambridge)

  • Carolina Troncoso Baltar

    (University of Cambridge)

  • Anderson Cavalcante

    (University of Cambridge)

The current financial crisis has called the role of the monetary policy into question and has also re-opened the debates about a new regulation and the need of prudential controls of banking activity. This paper argues that the origins of the current crisis can be found in two interrelated elements that have been operating since the decade of the seventies: the financial liberalization policies implemented in developed and developing economies, and the economic policy based on the new consensus in macroeconomics. This new macroeconomic policy was focused on the monetary policy, with the downgrading of fiscal policy, and in the use as a main instrument of the continuous changes in the interest rates in order to control inflation rates. As a result, a huge and unprecedented liquidity and household borrowing has been generated in the main world economies, mainly in the USA and the United Kingdom, that is in the origin on the current crisis.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.ogasun.ejgv.euskadi.net/r51-k86aekon/es/k86aEkonomiazWar/ekonomiaz/downloadPDF?R01HNoPortal=true&idpubl=67®istro=997
File Function: complete text
Download Restriction: no

Article provided by Gobierno Vasco / Eusko Jaurlaritza / Basque Government in its journal EKONOMIAZ.

Volume (Year): 72 (2009)
Issue (Month): 03 ()
Pages: 12-33

as
in new window

Handle: RePEc:ekz:ekonoz:2009302
Contact details of provider: Postal: C/Donostia-San Sebastián, 1, 01010 Vitoria-Gasteiz
Phone: + 34 945019038
Fax: + 34945019062
Web page: http://www.euskadi.net/economiaEmail:


More information through EDIRC

Order Information: Postal: Dpto. de Hacienda y Finanzas, Gobierno Vasco, C/Donostia-San Sebastián, 1, 01010 Vitoria-Gasteiz, Spain
Email:


No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ekz:ekonoz:2009302. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Iñaki Treviño)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.