Palavras-chave
Integração financeira
Economias emergentes
Economias latino-americanas
Como Citar
Resumo
Graças às lições aprendidas e às reformas implementadas após as crises financeiras do final dos anos 1990, muitas economias emergentes se mostraram relativamente resilientes na crise global de 2008. Para enfrentar a turbulência originada, foram revistas políticas para os mercados cambiais e controles de capitais. A literatura sobre os sistemas financeiros da América Latina e sobre as reformas dos bancos centrais enfatiza o papel de atores e pressões internacionais sobre o policymaking. O trabalho argumenta que questões domésticas foram determinantes da política financeira após a crise de 2008, mesmo em países como Argentina, Brasil e México, com distintos arranjos institucionais e trajetórias macroeconômicas. Por meio de uma análise de estudo de caso comparativo, conclui-se que as políticas cambial e de controle de capitais dos três países não se alinham com uma visão internacional dominante e tampouco convergem com a posição do FMI sobre câmbio e a gestão dos fluxos de capital. Na busca por maior autonomia e atendendo às prioridades políticas domésticas, cada um dos três países adotou medidas distintas.
Referências
ABARCA, G.; RAMÍREZ, C.; RANGEL, J. G. Capital controls and exchange rate expectations in emerging markets. Banco de México Working Papers, n. 2012-08, 2012.
AHMED, S.; ZLATE, A. Capital flows to emerging market economies: a brave new world? Journal of International Money and Finance, v. 48 (B), p. 221-248, 2014. https://doi.org/10.1016/j.jimonfin.2014.05.015.
CHAMON, M.; GARCIA, M. Capital controls in Brazil: effective? Journal of International Money and Finance, 2015. http://dx.doi.org/doi:10.1016/j.jimonfin.2015.08.008.
CHAMON, M.; GARCIA, M.; SOUZA, L. FX interventions in Brazil: a synthetic control approach. Journal of International Economics, 108, p. 157-168. 2017. http://dx.doi.org/10.1016/j.jinteco.2017.05.005
CHINN, M. D.; ITO, H. What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, v. 81, n. 1, p. 163-192, 2006.
CHINN, M. D.; ITO, H. A new measure of financial openness. Journal of Comparative Policy Analysis: Research and Practice, v. 10, n. 3, p. 309-322, 2008.
COHEN, B. J. The macrofoundation of monetary power. Orfalea Center for Global & International Studies, 2005. p. 41-75.
COHEN, B. J. Monetary governance and capital mobility in historical perspective. In: RAINER, G.; MARAUHN, T. (Ed.). The regulation of international financial markets: perspectives for reform. Cambridge: Cambridge University Press, 2006. p. 27-54.
COHEN, B. J. The international monetary system: diffusion and ambiguity. International Affairs, v. 84, n. 3, p. 455-470, 2008.
COHEN, B. J. Currency power. Understanding monetary rivalry. Princeton: Princeton University Press, 2015. COHEN, B. J. The IPE of money revisited. Review of International Political Economy, v. 24, n. 4, p. 657-680, 2017.
DAMILL, M.; FRENKEL, R.; RAPETTI., M. La deuda argentina: historia, default y reestructuración. Desarrollo Económico, v. 45, n. 178, p. 187-233, jul./set. 2005.
DAMILL, M.; FRENKEL, R. La economía argentina bajo los Kirchner: una historia de dos lustros. Instituto de Transparencia Financiera-ITF, 2013. (Documentos Técnicos, 2013). Available at: http://www.itf.org.ar/pdf/documentos/91_2013.pdf. Accessed: March 19, 2014.
DAMILL, M.; FRENKEL, R. Macroeconomic policies, growth, employment, poverty and inequality in Latin America. In: CORNIA, G. A. (Ed.). Falling inequality in Latin America. Policy changes and lessons. Oxford University Press, 2014.
ECONOMIST Intelligence Unit. Country Report Argentina, Dec. 2011.
ESQUIVEL, G. Mexico’s recovery from the global financial crisis. In: WISE C.; ARMIJO, L. E.; KATADA, S. N. (Ed.). Unexpected outcomes: how emerging markets survived the global financial crisis. Washington DC: Brookings Institution Press, 2015.
FANELLI, J. M. Mirando el 2014 en Argentina: ¿dónde está el piloto? Observatorio Económico de la Red Mercosur, Dic. 2013. Available at: http://www.oered.org/index.php?option=com_content&view=article&id=252%3Amirandoel-2014-en-argentina-idonde-esta-el-piloto-&lang=es. Accessed: March 12, 2014.
FLORES-MACÍAS, G. Mexico’s 2012 elections: the return of the PRI. Journal of Democracy, v. 24, n. 1, p. 128-141, Jan. 2013.
FRITZ, B.; PRATES, D. M. The new IMF approach to capital account management and its blind spots: lessons from Brazil and South Korea. International Review of Applied Economics, v. 28, n. 2, p. 210-239, 2014.
GALLAGHER, K. P.; OCAMPO, J. A. IMF’s new view on capital controls. Economic and Political Weekly, v. 48, n. 12, p.10-13, Mar. 2013.
GALLAGHER, K. P.; TIAN, Y. Regulating capital flows in emerging markets: the IMF and the global financial crisis. Review of Development Finance, 7, p. 95-106, 2017.
GOLDFAJN, I.; MINELLA, A. Capital flows and controls in Brazil: what have we learned? In: EDWARDS, S. (Ed.). Capital controls and capital flows in emerging economies: policies, practices and consequences. University of Chicago Press, 2007. p. 349-419.
GHOSH, A. R.; QURESHI, M. What’s in a name? That which we call capital controls. IMF, Feb. 2016. (Working Paper, 16/25). IMF. Mexico Financial System Stability Assessment. (IMF Country Report, n. 12/65). 2012a. Available at: https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Mexico-FinancialSystem-Stability-Assessment-25810, Accessed: Jan. 12, 2013.
IMF. Staff Report for the 2012 Article IV Consultation. IMF (Country Report, n. 12/316). 2012b. Available at: https://www.imf.org/en/Publications/CR/Issues/2016/12/31/MexicoStaff-Report-for-the-2012-Article-IV-Consultation-40119, Accessed: Jan. 12, 2013.
IMF. The liberalization and management of capital flows: an institutional view. 2012c. Available at: http://www.imf.org/external/np/pp/eng/2012/111412.pdf. Accessed: Mar. 12, 2013.
LABAQUI, I. Leaving with our own means: the role of financial policy in the Nestor and Cristina Fernández de Kirchner Administrations. In: INTERNATIONAL CONGRESS OF THE LATIN AMERICAN STUDIES ASSOCIATION (LASA), 30, San Francisco, 2012.
LABAQUI, I. Who’s afraid of reversing neoliberal reforms? Financial statecraft in Argentina and Venezuela. In: ARMIJO, L. E.; KATADA, S. N. The financial statecraft of emerging powers. Shield and sword in Asia and Latin America. New York: Palgrave Macmillan, 2014. p. 21-46.
MOTTA VEIGA, P.; RIOS, S. P.; NAIDIN, L. C. Políticas comercial e industrial: o hiperativismo do primeiro biênio Dilma. Rio de Janeiro, 2013. (Textos Cindes, n. 35). Disponível em: www.cindesbrasil.org. Accessed: Mar. 9, 2014.
OSTRY, J. D., et al. Managing capital inflows: what tools to use? Apr. 2011. (IMF Staff Discussion Note. SDN/11/06).
RELAYUNO, C. B. It’s all about the money: advancing anti-money laundering efforts in the U.S. and Mexico to combat transnational organized crime. Washington DC: Woodrow Wilson International Center for Scholars, May 2012.
SANDOVAL, I. E. Crisis, rentismo y intervencionismo neoliberal en La banca: México (1982- 1999). México: Centro de Estudios Espinosa Yglesias, A.C., 2011.
STANLEY, L. Emerging market economies and financial globalization: Argentina, Brazil, China, India and South Korea. Anthem Frontiers of Global Political Economy, London: Anthem Press, 2018.
STRANGE, S. Finance, information and power. Review of International Studies, 16, p. 259- 274, 1990.
WIESNER, E. The political economy of macroeconomic policy reform in Latin America: the distributive and institutional context. Northampton, MA: Edward Elgar Publishing, 2008.
WOOD, D. Mexico’s democratic challenges. The Washington Quarterly, v. 35, n. 4, p. 93-104, 2012.
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
Copyright (c) 2020 Economia e Sociedade
Downloads
