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Volatilidad y crisis: Tres lecciones para países en desarrollo

  • Loayza, Norman

La crisis internacional reciente no ha invalidado el conocimiento adquirido previamente sobre los orígenes y las curas de las crisis económicas. Por el contrario, lo ha confirmado. En este artículo se describen tres lecciones de siempre, confirmadas por la última crisis internacional. Primero, las políticas e instituciones domésticas, y no la globalización, son los principales determinantes de la volatilidad excesiva y las crisis económicas. Segundo, los seguros gratuitos o subsidiados al riesgo y la práctica de “rescates” a bancos y empresas deficientes están en el origen de las peores crisis. Y tercero, la flexibilidad para ajustarse a nuevas condiciones, alentada por un marco regulatorio ligero y eficiente, es el mejor antídoto contra los descalabros macroeconómicos.

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Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2011)
Issue (Month): 22 ()
Pages: 9-20

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Handle: RePEc:rbp:esteco:ree-22-01
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  1. Bergoeing, Raphael & Loayza, Norman & Repetto, Andrea, 2004. "Slow recoveries," Journal of Development Economics, Elsevier, vol. 75(2), pages 473-506, December.
  2. Roberto Chang, & Linda Kaltani & Norman Loayza, 2006. "Openness Can be Good for Growth: The Role of Policy Complementarities," Working Papers Central Bank of Chile 373, Central Bank of Chile.
  3. Raddatz, Claudio, 2005. "Are external shocks responsible for the instability of output in low income countries?," Policy Research Working Paper Series 3680, The World Bank.
  4. Malik, Adeel & Temple, Jonathan, 2006. "The Geography of Output Volatility," CEPR Discussion Papers 5516, C.E.P.R. Discussion Papers.
  5. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  6. Collier, Paul & Goderis, Benedikt, 2009. "Structural policies for shock-prone developing countries," MPRA Paper 17311, University Library of Munich, Germany.
  7. Gian M Milesi-Ferretti & Philip R. Lane, 2010. "The Cross-Country Incidence of the Global Crisis," IMF Working Papers 10/171, International Monetary Fund.
  8. Norman V. Loayza & Romain Rancière & Luis Servén & Jaume Ventura, 2007. "Macroeconomic Volatility and Welfare in Developing Countries: an Introduction," Post-Print halshs-00754201, HAL.
  9. Norman V. Loayza & Claudio Raddatz, 2007. "The Structural Determinants of External Vulnerability," World Bank Economic Review, World Bank Group, vol. 21(3), pages 359-387, October.
  10. Olivier J. Blanchard & Mitali Das & Hamid Faruqee, 2010. "The Initial Impact of the Crisis on Emerging Market Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(1 (Spring), pages 263-323.
  11. Cesar Calderon & Tatiana Didier, 2009. "Severity of the Crisis and its Transmission Channels," World Bank Other Operational Studies 10946, The World Bank.
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