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Crisis Financiera, Sistema Monetario Y El Desafío De Los Países Emergentes

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  • Jorge Rojas

    (Departamento de Economía - Pontificia Universidad Católica del Perú)

Abstract

Although in the debate over the current financial crisis there is a general agreement on the role played by foreign capital inflows into the United States – that together with financial deregulation allowed for an excessive increase of credit in that country–, we think that their importance has not yet been recognized, nor their link with the asymmetrical organization of the international monetary system, nor their relationship with the economic growth model adopted by that country during the last thirty years, which relied on the increase of credit-financed households expenditures in order to maintain its dynamism, and that was able to keep inflation down by importing cheap foreign manufactures, at the cost of a drop in the profitability of its manufacturing sector. We suggest here that the crisis was caused by the impossibility of keeping this type of economic growth for an indefinite time, and that its solution will require a radical reform of the international monetary system, as well as a general increase in economic efficiency.

Suggested Citation

  • Jorge Rojas, 2011. "Crisis Financiera, Sistema Monetario Y El Desafío De Los Países Emergentes," Documentos de Trabajo / Working Papers 2011-312, Departamento de Economía - Pontificia Universidad Católica del Perú.
    • Handle: RePEc:pcp:pucwps:wp00312
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    1. Portes,, 1987. "Threats to International Financial Stability," Cambridge Books, Cambridge University Press, number 9780521347891, September.
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