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Flujos de capital, la crisis financiera internacional y los desbalances macroeconómicos

Author

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  • Jorge Hernán Toro Córdoba

    ()

  • Rocío Mora Quiñones

    ()

  • Daniel Parra Amado

    ()

Abstract

La crisis financiera de 2008 evidenció tanto las fragilidades del sistema financiero internacional como las consecuencias de la globalización financiera y comercial. Así, lo que comenzó como un problema de incumplimiento de pagos en el mercado inmobiliario estadounidense se tradujo en la peor recesión mundial desde la posguerra. Todo ello incrementó la aversión al riesgo internacional, los flujos de capital de las economías desarrolladas y emergentes, las relaciones comerciales y bancarias, el crecimiento económico y el empleo a nivel mundial. Este trabajo tiene tres objetivos: primero, cuantificar y describir el contexto macroeconómico de los flujos de capital antes y después de la crisis internacional, segundo, enunciar los hechos más relevantes durante el desarrollo de la crisis, para con ellos tratar de identificar sus posibles causas, y tercero, presentar el debate académico respecto al papel desempeñado por los desbalances macroeconómicos en el origen de la crisis. En síntesis, la evidencia sugiere que fue la conjunción de muchos factores los que detonaron y transmitieron las secuelas recesivas a nivel mundial. En particular, aunque los desbalances macroeconómicos no fueron la principal causa de la crisis, éstos tuvieron un efecto amplificador significativo.

Suggested Citation

  • Jorge Hernán Toro Córdoba & Rocío Mora Quiñones & Daniel Parra Amado, 2012. "Flujos de capital, la crisis financiera internacional y los desbalances macroeconómicos," Borradores de Economia 720, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:720
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    References listed on IDEAS

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    1. Paul S. Mills & John Kiff, 2007. "Money for Nothing and Checks for Free; Recent Developments in U.S. Subprime Mortgage Markets," IMF Working Papers 07/188, International Monetary Fund.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
    3. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
    4. Benjamin J. Keys & Tanmoy Mukherjee & Amit Seru & Vikrant Vig, 2010. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans," The Quarterly Journal of Economics, Oxford University Press, vol. 125(1), pages 307-362.
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    Cited by:

    1. Luis Ignacio Lozano Espitia & Ligia Alba Melo-Becerra & Jorge Enrique Ramos, 2016. "La política fiscal frente a los flujos de capital: evidencia para algunos países de América Latina," REVISTA APUNTES DEL CENES, UNIVERSIDAD PEDAGOGICA Y TECNOLOGICA DE COLOMBIA, vol. 35(62), pages 53-85, July.
    2. Wilmar Alexander Cabrera Rodríguez & Luis Fernando Melo Velandia & Daniel Parra Amado, 2014. "Relación entre el riesgo sistémico del sistema financiero y el sector real: un enfoque FAVAR," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 32(75), pages 1-22, December.

    More about this item

    Keywords

    Flujos de capitales; crisis financiera internacional; desbalances macroeconómicos. Classification JEL: F21; G01; F59;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G01 - Financial Economics - - General - - - Financial Crises
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other

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