Crisis financieras internacionales, prestamista de ultima instancia y nueva arquitectura financiera internacional

Abstract

The international financial system (IFS) has undergone a series of financial crises over the past decade. This paper analyzes the shortcomings of said system (that have contributed to the crises) and, with them in mind, reviews and evaluates the IFS reform proposals for a "New International Financial Architecture." These proposals are intended to resolve IFS imperfections on three fronts: better crisis prevention, better crisis resolution, and better governance at the IMF, the international quasi lender of last resort. Although a number of the proposals are academic, they have been useful for the reforms that the IMF has either implemented or supported actively. These include adopting standards and codes in 12 key areas for domestic and international financial stability, such as improved country monitoring, stricter conditions for financial aid granted to countries in crisis, better IMF governance, and new collective action clauses in issuing sovereign bonds. In contrast, the IMF has found no significant support for its proposals of creating a contingent credit line and adopting mechanisms to restructure sovereign debts. But no IFS reform is a good substitute for good fundamentals at the country level, that reflect strong macroeconomic and structural policies, the best way to reduce the probability of occurrence of liquidity or solvency crises.