IDEAS home Printed from
   My bibliography  Save this article

La crisis financiera internacional. Ocho lecciones de y para América Latina


  • Rojas-Suarez, Liliana

    (Center Global Development)


The international financial crisis of 2008-09 exposed the strengths and weaknesses of the current paradigm of development in Latina America, a paradigm based on liberalized capital accounts and significantly improved macroeconomic conditions. This paper presents lessons derived from the crisis, not only for the region it self, but also for other developing countries that might seek economic growth in the context of greater integration to the international capital markets. Some of the lessons are not new but have been reinforced by the crisis, such as Latin America’s imperative need for export diversification (not only in products but in partners). Other lessons break with longstanding myths about the region, such as its inability to undertake counter-cyclical policies —at least on the monetary side. Yet other lessons reflect new developments in the current growth paradigm, such as a renewed assessment of (1) the relative roles of foreign and domestic banks in shielding the financial system against external shocks and (2) the potential costs of adopting blanket international financial regulations that do not account for a country’s degree of development. Taken together, the lessons in this paper bring a new sense of optimism for growth in Latin America.// La crisis financiera internacional del 2008-2009 puso de manifiesto las fortalezas y debilidades del paradigma prevaleciente en materia de desarrollo en América Latina. Éste se basa en una cuenta de capitales liberada que a su vez ha mejorado de manera importante las condiciones macroeconómicas. Este artículo proporciona lecciones provenientes de la crisis, no solamente para la región, sino para otros países en desarrollo que buscan conseguir crecimiento económico en un contexto de mayor integración a los mercados internacionales de capital. Algunas de las lecciones no son nuevas pero han sido reforzadas con la crisis, como la necesidad de que América Latina diversifique sus exportaciones (no sólo de productos sino de socios comerciales). Otras lecciones desmitifican otros elementos, como por ejemplo la imposibilidad de aplicar políticas contracíclicas, al menos del lado monetario. Otras lecciones incluyen i) el papel relativo de la banca nacional y extranjera como amortiguadores de los choques financieros externos, y ii) el costo potencial de adoptar regulaciones financieras internacionales que no tomen en consideración el desarrollo de cada país. Tomadas en conjunto, las lecciones arrojan un nuevo sentido de optimismo para el crecimiento de América Latina.Keywords: América Latina, crisis financiera, mercados de capital

Suggested Citation

  • Rojas-Suarez, Liliana, 2013. "La crisis financiera internacional. Ocho lecciones de y para América Latina," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(317), pages 5-39, enero-mar.
  • Handle: RePEc:elt:journl:v:80:y:2013:i:317:p:5-39

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item

    JEL classification:

    • F0 - International Economics - - General
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:80:y:2013:i:317:p:5-39. 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: (Rosa María González Mejía). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.