Abstract

Análisis comparado sobre la crisis y los rescates financieros de México (1995) y los Estados Unidos (2008). El trimestre econ [online]. 2010, vol.77, n.308, pp.773-828. ISSN 2448-718X.

The frequency of financial crises over recent decades makes an indepth study of the phenomenon imperative. This should involve particular attention to those points the different crises have in common, so as to draw lessons that can be used by financial authorities, regulators and the actual participants in the financial system. The causes of the crisis and the efficacy (or inefficacy) of response by governments are essential aspects that must be studied in order to determine the lessons to be drawn and recommendations to be made. Besides their shared border and their strong economic, social and cultural links, Mexico and the United States have also in recent times faced deep financial crises which -leaving aside the different historical moments and varying degrees of sophistication of their respective financial markets - have much in common. The Centro de Estudios Espinosa Yglesias (CEEY) brought together a group of experts in financial systems and public finance to debate the origin of the above-mentioned financial crises and the viability of means for anticipating them. This is particularly important since the environment in which we now find ourselves is one where technical advances and financial innovations are themselves a source of risk; this is because the speed of development often outstrips the capacity of regulators and financial supervisors to keep abreast of them. The experts also analyzed the responses of the respective authorities to the two crises, their effectiveness and alternative strategies that might have been applied. Finally, it was of interest to the CEEY to find mechanisms that might minimize the risk of financial crises and reduce the cost of the rescue programs that ensue upon them.

Keywords : política monetaria; política macroeconómica; reglas vs discrecionalidad; liberación; contagio financiero.

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