Resumen

RODRIGUEZ CASTELLANOS, Arturo; URIONABARRENETXEA ZABALANDIKOETXEA, Sara  y  SAN MARTIN ALBIZURI, Nerea. Crisis financieras y globalización: un análisis de sus factores determinantes. Prob. Des [online]. 2008, vol.39, n.153, pp.159-183. ISSN 0301-7036.

The objective of this study is to identify and analyze -by establishing an explicative conceptual model -the factors that determine the relationship between financial globalization and financial crises. The principal characteristic differentiating these imbalances is their unpredictability, because self-fulfilling expectations and the contagion effects between different countries are their most important causes. Meanwhile, in order to analyze the possible linkage between crises and the financial globalization process it is necessary to study two other aspects -on the one hand, the situation prior to the beginning of the process of integration in the global financial markets, in relation to the level of economic and financial development of the various countries, and, on the other hand, the ways in which opening processes conducive to this integration are developed within them.

Palabras llave : financial globalization; financial crises; contagion effect; development; integration.