ESTRATÉGIAS PERIFÉRICAS SESSENTA ANOS DEPOIS DO ACORDO DE BRETTON WOODS

After sixty years, the Breton Woods Agreement continuous to be a reference for the debates concerning institutional organization of the international monetary system. This paper compares some features of the arrangements that have emerged in that context with the recent wave of institutional reforms in the international financial architecture. We explore some arguments suggesting that, in an instable financial environment, is possible to envisage a strong rationality in strategies for emerging economies associated with a more active capital flows and exchange rate management. Apparently, those strategies are not dissimilar to the ones today's advanced countries had used in Bretton Woods Era.

AS ORIGENS DA CRISE ARGENTINA: UMA SUGESTÃO DE INTERPRETAÇÃO

In this paper we look for the historical genesis of Argentina's crisis. We argue that the economic liberalization model, implicit of the Convertibility Plan, has its roots in establishment of the agro-exporting economy on which, between the end of the 19th century and the first decades of the 20th century, a prosperous country was formed. On the other hand, the 1990 decade introduced a social heterogeneity that holds no relation to the main heritage of the previous liberal model.

De volta para o futuro? Crise e recuperação econômica no Pacífico Asiático

The text intends to evaluate the recent recovery of the asian economies that were most affected by the financial crisis of 1997 and 1998, confronting the analysis about their causes and the subsequent propositions for the region recovery, with the real process of macroeconomic adjustments and structural reforms.The text intends to evaluate the recent recovery of the asian economies that were most affected by the financial crisis of 1997 and 1998, confronting the analysis about their causes and the subsequent propositions for the region recovery, with the real process of macroeconomic adjustments and structural reforms

FALÊNCIA SOBERANA: UMA HERESIA DESDE DENTRO

A recorrência das crises financeiras, especialmente a partir da crise asiática de 1997-1998, determinou a emergência de um amplo debate e de um conjunto de ações políticas visando à reforma da arquitetura do sistema financeiro internacional. O presente artigo enfoca, dentro deste marco mais geral, a questão da falência soberana. A proposta lançada por Anne Krueger de se discutir a conformação de um arcabouço institucional capaz de ordenar os processos de reestruturação das dívidas de países potencialmente em crise sugere que as reformas de primeira geração já estão sendo consideradas insuficientes no núcleo duro do establishment oficial. Abstract The recurrence of financial crises, particularly after the Asian meltdown (1997-1998), determined the emergence of an intense debate and new policies concerning the international financial architecture. In this context, this paper discuss the recent Anne Kruegers approach to sovereign debt restructuring. We suggest that this new approach reveals that the first generation reforms seem to be already insufficient, even for the hardcore of the official establishment

A crise asiática: para além das explicações convencionais

Conventional wisdom has emphasized that the Asian crisis was caused by a given pattern of political Intervention In the market forces, where the State provided implicit guaranties over investments private decisions, leading to reckless behavior In the allocation of the resources — the named crony capitalism. We suggest that, on contrary, explanations of the crisis have to be found in the break up of the developmental coordination of the States, especially after the deepening of the financial liberalization in the 90's.Conventional wisdom has emphasized that the Asian crisis was caused by a given pattern of political Intervention In the market forces, where the State provided implicit guaranties over investments private decisions, leading to reckless behavior In the allocation of the resources — the named crony capitalism. We suggest that, on contrary, explanations of the crisis have to be found in the break up of the developmental coordination of the States, especially after the deepening of the financial liberalization in the 90's

Liberalização econômica, crise financeira e reformas estruturais: a experiência asiática sob a perspectiva latino-americana

This paper explores the origins and consequences of the Asian financial crisis. After decades of sustained growth with macroeconomic stability, the sudden meltdown produced a wave of structural reforms. Conventional wisdom has emphasized that the crisis was caused by a given pattern of political intervention in the market forces, where the State provided implicit guaranties to the private sector, leading to reckless behavior in resource allocation. On the contrary, we suggest that explanations of the crisis have to be found in the break up of the developmental state coordination, especially after the deepening of the financial liberalization in the 90’s.Este texto explora as origens e as conseqüências da crise financeira asiática. Depois de décadas de crescimento sustentável com estabilidade macroeconômica, a crise repentina originou uma onda de reformas estruturais. A sabedoria convencional tem enfatizado que a crise foi causada por um certo padrão de intervenções políticas nas forças de mercado, onde o Estado provia garantias implícitas ao setor privado, induzindo a um comportamento descuidado na alocação de recursos. Sugerimos, ao contrário, que as explicações da crise têm de ser encontradas na quebra da coordenação estatal desenvolvimentista, especialmente depois do aprofundamento da liberalização financeira nos anos 90. Palavras-chave Economias asiáticas; crises financeiras; liberalização financeira

O milagre asiático: avanços e recuos na explicação ortodoxa

The well succeeded fast growing and balanced experience of East Asian late industrialization countries has constituted itself into an empirical basis for the validation of two distinct set of theses: the ones which emphasize the role of the market, and the ones that highlight State's activism. The former reflect the view of International multilateral organs, such as the World Bank and the economic mainstream. Within this pole, the theme of development has recently undergone an attempt to incorporate a more prominent role to public policies. We seek here to map the terms of this attempt for East Asian fast growing countries.The well succeeded fast growing and balanced experience of East Asian late industrialization countries has constituted itself into an empirical basis for the validation of two distinct set of theses: the ones which emphasize the role of the market, and the ones that highlight State's activism. The former reflect the view of International multilateral organs, such as the World Bank and the economic mainstream. Within this pole, the theme of development has recently undergone an attempt to incorporate a more prominent role to public policies. We seek here to map the terms of this attempt for East Asian fast growing countries