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Cómo hacerlo bien: qué reformar en los mercados financieros internacionales

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  • Ricardo Hausmann
  • Eduardo Fernández-Arias

    ()

Abstract

(Disponible en idioma inglés únicamente) Nuestro repaso de las principales propuestas en cuanto a la arquitectura financiera internacional actualmente en consideración brinda motivos de inquietud de que un hincapié excesivo en el mejoramiento de la estabilidad al impedir los flujos de capitales tenga consecuencias perjudiciales para el desarrollo. El crecimiento sostenible requiere de iniciativas dirigidas a subsanar los desaciertos de los mercados financieros internacionales que hacen los flujos de capitales tan pequeños e inestables. En nuestro análisis se identifica un número de iniciativas y principios alternativos para aplicarlos acertadamente, en cuanto al apoyo oficial, la participación del sector privado y reformas del marco institucional. Sin embargo, el hecho de que algunas de esas reformas eficaces conllevan riesgos financieros para los países desarrollados que brindan el apoyo contribuye a la falta de consenso.

Suggested Citation

  • Ricardo Hausmann & Eduardo Fernández-Arias, 2000. "Cómo hacerlo bien: qué reformar en los mercados financieros internacionales," Research Department Publications 4224, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4224
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    References listed on IDEAS

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    1. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
    2. Fischer, S. & Cooper, R.N. & Dornbusch, R. & Garber, P.M. & Massad, C. & Polak, J.J. & Rodrik, D. & Tarapore, S.S., 1998. "Should the IMF Pursue Capital-Account Convertibility?," Princeton Essays in International Economics 207, International Economics Section, Departement of Economics Princeton University,.
    3. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, vol. 79(1), pages 43-50, March.
    4. Buiter, Willem H. & Sibert, Anne, 1999. "UDROP: A Small Contribution to the New International Financial Architecture," CEPR Discussion Papers 2138, C.E.P.R. Discussion Papers.
    5. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
    6. Raffer, Kunibert, 1990. "Applying chapter 9 insolvency to international debts: An economically efficient solution with a human face," World Development, Elsevier, vol. 18(2), pages 301-311, February.
    7. repec:idb:wpaper:402 is not listed on IDEAS
    8. Buiter, Willem H & Sibert, Anne C, 1999. "UDROP: A Contribution to the New International Financial Architecture," International Finance, Wiley Blackwell, vol. 2(2), pages 227-247, July.
    9. Robert Litan & William Isaac & William Taylor, 1994. "Financial Regulation," NBER Chapters,in: American Economic Policy in the 1980s, pages 519-572 National Bureau of Economic Research, Inc.
    10. Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "International Initiatives to Bring Stability to Financial Integration," Research Department Publications 4174, Inter-American Development Bank, Research Department.
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