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Volatilidad y crisis: Tres lecciones para países en desarrollo

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  • Loayza, Norman

Abstract

La crisis internacional reciente no ha invalidado el conocimiento adquirido previamente sobre los orígenes y las curas de las crisis económicas. Por el contrario, lo ha confirmado. En este artículo se describen tres lecciones de siempre, confirmadas por la última crisis internacional. Primero, las políticas e instituciones domésticas, y no la globalización, son los principales determinantes de la volatilidad excesiva y las crisis económicas. Segundo, los seguros gratuitos o subsidiados al riesgo y la práctica de “rescates” a bancos y empresas deficientes están en el origen de las peores crisis. Y tercero, la flexibilidad para ajustarse a nuevas condiciones, alentada por un marco regulatorio ligero y eficiente, es el mejor antídoto contra los descalabros macroeconómicos.

Suggested Citation

  • Loayza, Norman, 2011. "Volatilidad y crisis: Tres lecciones para países en desarrollo," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 22, pages 9-20.
    • Handle: RePEc:rbp:esteco:ree-22-01
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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