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Resumo
O objetivo central do artigo é analisar quais as possíveis alternativas de política econômica para lidar com a sistemática erupção de crises financeiras decorrentes da globalização e que passam a manifestar-se na segunda metade dos anos 90. Para tanto, o artigo examina os principais aspectos dos fluxos globais de capitais, para em seguida explicitar quais os requisitos de um sistema financeiro internacional, finalizando com uma reflexão sobre as questões mais pertinentes da administração das crises. O artigo conclui que a condição necessária para um sistema global mais estável é uma organização mais sólida do sistema monetário internacional. Adicionalmente, seria necessário tornar o sistema mais transparente com divulgação sistemática das informações sobre tomadores e emprestadores públicos e privados. Também seria preciso ampliar o arcabouço regulatório e de supervisão. Por fim não se poderia descartar o apoio mesmo que temporário dos controles de capital.
Abstract
The central aim of the paper is to analyse possible alternatives for economic policy to deal with the systematic eruption of financial crises stemming from globalization as from the second half of the nineties. With a view to that, the paper investigates the main aspects of global capital flows, brings forward the requirements for an international financial system, and finally examines the main issues involving crises management. The paper concludes that the necessary condition for a more stable global system is a more substantial organization of the international monetary system. In addition, the system should be made more transparent, with systematic disclosure of information on public and private lenders and borrowers. The scope of regulation and supervision would also have to be enlarged. Finally, the aid of capital control, even if temporary, should not be ruled out.
Key-words: Globalization. Capital flows. Financial crises
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