O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?

Detalhes bibliográficos
Autor(a) principal: Hermann, Jennifer
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: por
Título da fonte: Nova Economia (Online)
Texto Completo: https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/419
Resumo: The paper examines the revisions suffered by the financial liberalization model during the 80 and the 90 decades. These revisions was forced by two set of factors: the unfavorable results of some econometric tests of the Shaw-McKinnon modeland the experiences of several developed (DC) and developing (LDC) countries with the liberalization policy. In the econometric field, the tests have revailled a weak explaining role of the two key-variables of the model: the real interest rate and the saving rate. As for DC and LDC experiences, the main challenge to the original Shaw-McKinnon model was the banking and currency crises that, in most cases, have followed the liberalization policy. Facing this limitations, the “modern version” of the liberalization model has embodied several (keynesian) critiques to Shaw-McKinnon’s financial theory and policy and has been forced to allow for the need of some degree of government intervention in the free choice of financial market concerning its portfolio composition. Farther, the new model make a real self-critique, admitting that, under certain conditions, some degree of financial repression could be necessary, and even beneficial to financial development.
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spelling O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?O modelo de liberalização financeira dos anos 1990: “restatement” ou auto-crítica?financial policyfinancial liberalizationShaw-McKinnon model.política financeiraliberalização financeiramodelo Shaw-McKinnon.The paper examines the revisions suffered by the financial liberalization model during the 80 and the 90 decades. These revisions was forced by two set of factors: the unfavorable results of some econometric tests of the Shaw-McKinnon modeland the experiences of several developed (DC) and developing (LDC) countries with the liberalization policy. In the econometric field, the tests have revailled a weak explaining role of the two key-variables of the model: the real interest rate and the saving rate. As for DC and LDC experiences, the main challenge to the original Shaw-McKinnon model was the banking and currency crises that, in most cases, have followed the liberalization policy. Facing this limitations, the “modern version” of the liberalization model has embodied several (keynesian) critiques to Shaw-McKinnon’s financial theory and policy and has been forced to allow for the need of some degree of government intervention in the free choice of financial market concerning its portfolio composition. Farther, the new model make a real self-critique, admitting that, under certain conditions, some degree of financial repression could be necessary, and even beneficial to financial development.O artigo examina as revisões que sofreu o modelo de liberalização financeira nos últimos vinte anos (décadas de 80 e de 90). Tais revisões foram forçadas, de um lado, pelos resultados desfavoráveis de alguns testes econométricos do modelo Shaw-McKinnon e, de outro, pelas experiências de diversos países desenvolvidos (PD) e em desenvolvimento (PED) com a política de liberalização.No plano econométrico, os testes revelaram fraco poder explicativo das duas variáveis-chave domodelo: a taxa real de juros e a taxa de poupança agregada. Quanto às experiências de PD e PED, o principal desafio ao modelo original de Shaw eMcKinnon foram as crises bancárias e/ou cambiais que, em grande parte dos casos, se seguiram à implementação da política de liberalização financeira. Diante dessas limitações, a “versão moderna” do modelo de liberalização acabou por incorporar diversas críticas (em geral keynesianas) à teoria e à política financeira do modelo Shaw-McKinnon, sendo forçada a admitir a necessidade de algum grau de intervenção do governo na liberdade de escolha do mercado quanto à composição de seu portfolio. Mais que isso, o novo modelo faz uma verdadeira autocrítica, admitindo que, sob determinadas circunstâncias, algum grau de repressão financeira pode ser necessário, e mesmo benéfico, ao desenvolvimento financeiro.Departamento de Ciências Econômicas da UFMG2009-05-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/419Nova Economia; Vol. 13 No. 2 (2003)Nova Economia; v. 13 n. 2 (2003)1980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/419/420Hermann, Jenniferinfo:eu-repo/semantics/openAccess2020-08-10T23:20:06Zoai:ojs.pkp.sfu.ca:article/419Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2020-08-10T23:20:06Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false
dc.title.none.fl_str_mv O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
O modelo de liberalização financeira dos anos 1990: “restatement” ou auto-crítica?
title O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
spellingShingle O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
Hermann, Jennifer
financial policy
financial liberalization
Shaw-McKinnon model.
política financeira
liberalização financeira
modelo Shaw-McKinnon.
title_short O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
title_full O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
title_fullStr O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
title_full_unstemmed O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
title_sort O modelo de liberalização financeira dos anos 1990: ‘restatement’ ou auto-crítica?
author Hermann, Jennifer
author_facet Hermann, Jennifer
author_role author
dc.contributor.author.fl_str_mv Hermann, Jennifer
dc.subject.por.fl_str_mv financial policy
financial liberalization
Shaw-McKinnon model.
política financeira
liberalização financeira
modelo Shaw-McKinnon.
topic financial policy
financial liberalization
Shaw-McKinnon model.
política financeira
liberalização financeira
modelo Shaw-McKinnon.
description The paper examines the revisions suffered by the financial liberalization model during the 80 and the 90 decades. These revisions was forced by two set of factors: the unfavorable results of some econometric tests of the Shaw-McKinnon modeland the experiences of several developed (DC) and developing (LDC) countries with the liberalization policy. In the econometric field, the tests have revailled a weak explaining role of the two key-variables of the model: the real interest rate and the saving rate. As for DC and LDC experiences, the main challenge to the original Shaw-McKinnon model was the banking and currency crises that, in most cases, have followed the liberalization policy. Facing this limitations, the “modern version” of the liberalization model has embodied several (keynesian) critiques to Shaw-McKinnon’s financial theory and policy and has been forced to allow for the need of some degree of government intervention in the free choice of financial market concerning its portfolio composition. Farther, the new model make a real self-critique, admitting that, under certain conditions, some degree of financial repression could be necessary, and even beneficial to financial development.
publishDate 2009
dc.date.none.fl_str_mv 2009-05-31
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/419
url https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/419
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/419/420
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
dc.source.none.fl_str_mv Nova Economia; Vol. 13 No. 2 (2003)
Nova Economia; v. 13 n. 2 (2003)
1980-5381
0103-6351
reponame:Nova Economia (Online)
instname:Universidade Federal de Minas Gerais (UFMG)
instacron:UFMG
instname_str Universidade Federal de Minas Gerais (UFMG)
instacron_str UFMG
institution UFMG
reponame_str Nova Economia (Online)
collection Nova Economia (Online)
repository.name.fl_str_mv Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)
repository.mail.fl_str_mv ||ne@face.ufmg.br
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