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La arquitectura financiera internacional

A la luz de la crisis: Algunos logros y numerosos desafios - Working Paper #251

Stephany Griffith-Jones, José Antonio Ocampo

Paper  470kb pdf

Este ensayo revisa el proceso de reforma financiera y monetaria internacional desde la crisis asiática hasta comienzos de 2010 a la luz de los objetivos básicos que debe cumplir la arquitectura financiera internacional. Estos objetivos son fundamentalmente cinco: (i) regular los mercados financieros y de capitales de todos los países, así como de las transacciones financieras transfronterizas, para evitar la acumulación excesiva de riesgos, que ha llevado a crisis frecuentes y costosas, tanto en países en desarrollo como desarrollados; (ii) ofrecer financiamiento de emergencia durante las crisis, especialmente con propósitos de liquidez, como complemento de las funciones de los bancos centrales como prestamistas de última instancia a nivel nacional; (iii) proporcionar mecanismos adecuados a nivel internacional para manejar los problemas de sobreendeudamiento; (iv) garantizar la consistencia de las políticas macroeconómicas nacionales con la estabilidad del sistema económico mundial, y evitar los efectos adversos de las políticas macroeconómicas de unos países sobre otros; y (v) garantizar un sistema monetario internacional que contribuya a la estabilidad de la economía internacional y sea visualizado como equitativo por todas las partes. El Consenso de Monterrey, aprobado por la Cumbre de las Naciones Unidas sobre Financiación para el Desarrollo, realizada en 2002, constituye tal vez la mejor aproximación a la definición de estos objetivos, aunque no incluye algunos de ellos (en particular, el último).

About the Authors

Stephany Griffith-Jones
Financial Markets Program Director
Initiative for Policy Dialogue (IPD)

Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international and national financial system, especially in relation to financial regulation and global governance. She is Financial Markets Director at the Initiative for Policy Dialogue, Columbia University. Previously she was Professorial Fellow at the Institute of Development Studies at Sussex University. She was Director of International Finance at the Commonwealth Secretariat and worked at UN DESA and ECLAC. She was senior consultant to governments in Eastern Europe, Latin America and Africa and many international agencies, including the World Bank, the IADB, the European Commission, UNDP and UNCTAD. She was a member of the Warwick Commission on financial regulation. She currently is theme leader on finance in the ESRC /DFID growth programme for LICs, especially African ones. She has published over 20 books and many scholarly and journalistic articles. Her books include Time for the Visible Hand, Lessons from the 2008 crisis, edited jointly with José Antonio Ocampo and Joseph Stiglitz.

José Antonio Ocampo
Co-President
Initiative for Policy Dialogue (IPD)

Jose Antonio Ocampo is Co-President of IPD, Professor of Professional Practice in the School of International and Public Affairs, and Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.

Publication Information

Type Working Paper
Program Financial Markets Reform
Posted 08/03/10
Download 470kb pdf
# Pages 45