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Análisis comparado sobre la crisis y los rescates financieros de México (1995) y los Estados Unidos (2008)

Author

Listed:
  • Bazdresch Parada, Carlos

    (Centro de Investigación y Docencia Económicas)

  • Buira, Ariel

    (Banco de México)

  • Calvo, Guillermo

    (Columbia University)

  • Elizondo Almaguer, Everardo

    (Instituto Tecnológico de Estudios Superiores de Monterrey)

  • Esquivel Hernández, Gerardo

    (El Colegio de México)

  • Fernández, Eduardo

    (Consultor Independiente)

  • Hernández Trillo, Fausto

    (Centro de Investigación y Docencia Económicas)

  • de Juan, Aristóbulo

    (Presidente de Aristóbulo de Juan y Asociados S.L.)

  • Loser, Claudio M.

    (CENTENNIAL GROUP LATIN AMERICA)

  • Reinhart, Carmen M.

    (University of Maryland)

  • Rojas Suárez, Liliana

    (Center for Global Development)

  • Silva Herzog Flores, Jesús

    (Universidad Nacional Autónoma de México)

  • Weintraub, Sidney

    (Center for Strategic & International Studies)

  • Williamson, John

    (Peterson Institute for International Economics)

Abstract

The frequency of financial crises over recent decades makes an in-depth study of the phenomenon imperative. This should involve particular attention to those points the different crises have in common, so as to draw lessons that can be used by financial authorities, regulators and the actual participants in the financial system. The causes of the crisis and the efficacy (or inefficacy) of response by governments are essential aspects that must be studied in order to determine the lessons to be drawn and recommendations to be made. Besides their shared border and their strong economic, social and cultural links, Mexico and the United States have also in recent times faced deep financial crises which —leaving aside the different historical moments and varying degrees of sophistication of their respective financial markets— have much in common. The Centro de Estudios Espinosa Yglesias (CEEY) brought together a group of experts in financial systems and public finance to debate the origin of the above-mentioned financial crises and the viability of means for anticipating them. This is particularly important since the environment in which we now find ourselves is one where technical advances and financial innovations are themselves a source of risk; this is because the speed of development often outstrips the capacity of regulators and financial supervisors to keep abreast of them. The experts also analyzed the responses of the respective authorities to the two crises, their effectiveness and alternative strategies that might have been applied. Finally, it was of interest to the CEEY to find mechanisms that might minimize the risk of financial crises and reduce the cost of the rescue programs that ensue upon them.// La frecuencia de las crisis financieras en decenios recientes hace imperativo profundizar en su estudio, en particular en los puntos en común entre ellas, para inferir lecciones que puedan ser utilizadas por autoridades financieras, reguladores y por los propios participantes en un sistema financiero. Las causas de la crisis y la efectividad (o inefectividad) de la respuesta por parte de los gobiernos son aspectos esenciales por estudiar para determinar lecciones y recomendaciones. México y los Estados Unidos, además de compartir frontera y de sostener fuertes lazos económicos, sociales y culturales, han enfrentado en la historia reciente grandes crisis financieras que —a reserva de las diferencias de tiempo y del grado de refinación de sus respectivos mercados financieros— coinciden en muchos aspectos. El Centro de Estudios Espinosa Yglesias (CEEY) ha reunido a un grupo de expertos en sistemas financieros y finanzas públicas para debatir el origen de dichas crisis financieras y la viabilidad de anticiparlas. Esto es en particular relevante porque enfrentamos un entorno en que los avances tecnológicos y la innovación financiera implican riesgos, debido a que muchas veces van un paso adelante de los reguladores y los supervisores financieros. Asimismo, se analiza las respuestas de las respectivas autoridades a las crisis, su efectividad y las opciones que podrían haberse aplicado. Finalmente, es de interés para el CEEY encontrar mecanismos que minimicen el riesgo de las crisis financieras y el costo de los rescates que les suceden.

Suggested Citation

  • Bazdresch Parada, Carlos & Buira, Ariel & Calvo, Guillermo & Elizondo Almaguer, Everardo & Esquivel Hernández, Gerardo & Fernández, Eduardo & Hernández Trillo, Fausto & de Juan, Aristóbulo & Loser, Cl, 2010. "Análisis comparado sobre la crisis y los rescates financieros de México (1995) y los Estados Unidos (2008)," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(308), pages 773-828, octubre-d.
  • Handle: RePEc:elt:journl:v:77:y:2010:i:308:p:773-828
    DOI: http://dx.doi.org/10.20430/ete.v77i308.455
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    File URL: http://www.eltrimestreeconomico.com.mx/index.php/te/article/view/455/497
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    More about this item

    Keywords

    política monetaria; política macroeconómica; reglas vs discrecionalidad; liberación; contagio financiero;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F3 - International Economics - - International Finance
    • G1 - Financial Economics - - General Financial Markets

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