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The Financial System, Bussiness Cycles and Growth

Author

Listed:
  • Joseph Stiglitz

    (The World Bank)

Abstract

Los economistas han reconocido desde hace mucho tiempo la importancia del sistema financiero. Muchas de las discusiones tratan al sistema financiero aisladamente, o lo relacionan sólo superficialmente a la macroeconomía. Este artículo discute los intrincados lazos entre el sistema financiero y la macroeconomía. El principal resultado de los modelos microeconómicos de finanzas desarrollados en el pasado cuarto de siglo han mostrado cuan diferente es el sector financiero de otros sectores, incluyendo la persistencia de situaciones de no equilibrio en los mercados y equilibrios ineficientes. Aquí hay una aplicación de esas ideas a una discusión de los modelos macroeconómicos basados en finanzas, usándolos para arrojar luz sobre las causas de las fluctuaciones cíclicas de los negocios y algunos de los determinantes del crecimiento. Finalmente, en la última parte de la discusión hay algunas respuestas a desarrollos en flujos de capitales internacionales, incluyendo las cuestiones de convertibilidad de la cuenta de capital y la respuesta a crisis.

Suggested Citation

  • Joseph Stiglitz, 1999. "The Financial System, Bussiness Cycles and Growth," UADE Textos de Discusión 2_1999, Instituto de Economía, Universidad Argentina de la Empresa.
    • Handle: RePEc:ris:uadetd:1999_002
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    File URL: http://www.uade.edu.ar/DocsDownload/Publicaciones/4_226_1553_STD002_1999.pdf
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    References listed on IDEAS

    as
    1. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
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    Cited by:

    1. Federico Mateos & Martín Rodríguez Pardina & Martín Rossi, 1999. "Oferta y demanda de electricidad en la Argentina: un modelo de ecuaciones simultáneas," UADE Textos de Discusión 12_1999, Instituto de Economía, Universidad Argentina de la Empresa.

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    More about this item

    Keywords

    Financial System; Bussiness Cycles; modelos microeconómicos;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General

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