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Sistema financiero y productividad económica

  • Antonio Torrero Mañas
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    La crisis financiera que estalla en el otoño del 2007 ha inducido a reflexionar sobre los efectos económicos de las finanzas. De manera muy especial se están analizando las consecuencias de la expansión de mercados, instituciones y volumen de transacciones financieras. Las finanzas se han extendido en todas las facetas de la vida económica, con las familias como protagonista esencial. La actuación de Gobiernos y Bancos Centrales ha tenido muy en cuenta la experiencia de la Gran Depresión, inundando de liquidez a los sistemas financieros, incurriendo los países en déficits públicos considerables para suavizar la corrección obligada del sobrendeudamiento en familias, empresas e instituciones financieras. Cuando se cumple el quinto año de la crisis financiera, no se atisba una recuperación económica sostenida ni se han producido reformas decisivas para reducir la inestabilidad potencial de las finanzas.

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    File URL: http://www2.uah.es/iaes/publicaciones/DT_06_12.pdf
    File Function: First version, 2012
    Download Restriction: no

    Paper provided by Instituto Universitario de Análisis Económico y Social in its series Working Papers with number 06/12.

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    Length: 37 pages
    Date of creation: Jun 2012
    Date of revision:
    Handle: RePEc:uae:wpaper:0612
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    1. Dani Rodrik & Arvind Subramanian, 2009. "Why Did Financial Globalization Disappoint?," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 112-138, April.
    2. Thomas Philippon & Ariell Reshef, 2009. "Wages and Human Capital in the U.S. Financial Industry: 1909-2006," NBER Working Papers 14644, National Bureau of Economic Research, Inc.
    3. Romain Ranciere & Michael Kumhof, 2011. "Inequality, Leverage and Crises," 2011 Meeting Papers 1374, Society for Economic Dynamics.
    4. Reinhart, Carmen, 2009. "The Second Great Contraction," MPRA Paper 21485, University Library of Munich, Germany.
    5. Hyun Song Shin, 2010. "Financial intermediation and the post-crisis financial system," BIS Working Papers 304, Bank for International Settlements.
    6. Shiller, Robert J., 1999. "The Et Interview: Professor James Tobin," Econometric Theory, Cambridge University Press, vol. 15(06), pages 867-900, December.
    7. Ayhan Kose, M. & Prasad, Eswar S. & Terrones, Marco E., 2009. "Does openness to international financial flows raise productivity growth?," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 554-580, June.
    8. Samuel G. Hanson & Anil K. Kashyap & Jeremy C. Stein, 2011. "A Macroprudential Approach to Financial Regulation," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 3-28, Winter.
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