La reforma de la arquitectura económica mundial: lecciones derivadas de las últimas crisis

Joseph Stiglitz

EKONOMIAZ. Revista vasca de Economía, 2001, vol. 48, issue 03, 38-57

Abstract: In recent years financial and monetary countries have affected more and more countries with increasing frequency: it is calculated that between 80 and 100 have suffered a crisis since the mid nineteen-seventies. Theoretical and empirical studies support the hypothesis that the liberalisation of financial market and of capital is systematically connected with that vulnerability. Although the liberalisation of the capital market has clearly brought with it an increase in risks, no equivalent increase in terms of economic growth is appreciable. The international community is wondering whether the international financial agreements reached after World War II and subsequently modified when the gold standard was abandoned in 1973 are capable of meeting the challenges of the 21st century, i.e. whether all that is needed is some slight modifications (slight changes in the government of international financial institutions, increased transparency at organisations and increased watchfulness by supervisors), or whether more radical changes are called for to adapt these institutions to the needs of modern economies.

JEL-codes: E4 E5 F3 G1 (search for similar items in EconPapers)
Date: 2001
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