T

opicos de poltica econ

omica de
America del Sur

Universidad Torcuato Di Tella

Maestra en Estudios Internacionales
Profesor: Alan Cibils
2016

1. Desarrollo del seminario

En este seminario se trataran temas de poltica economica para los pases
de America del Sur vinculados a la estructura financiera nacional e interna-
cional. Se comenzara con una breve discusion sobre teora monetaria (que es
el dinero?), seguido por una discusion sobre el sistema monetario internacio-
nal conocido como el Sistema de Bretton Woods. Luego se estudiaran las
transformaciones de los sistemas financieros posteriores al fin de Bretton
Woods, las teoras que las sustentaron, las crticas a las mismas y los efectos
de la liberalizacion financiera sobre las economas de la region. Se trataran
diversas propuestas hetorodoxas de reforma de la arquitectura financiera in-
ternacional y sus implicancias. Por u ltimo, se trataran tematicas vinculadas
a la coordinacion e integracion monetaria y financiera Sur-Sur, con particular
enfasis en el Mercosur y otras iniciativas sudamericanas.

1.1. Cronograma general

El seminario se setructurara seg
un las siguientes unidades tematicas:

Presentaci on del seminario (semana 1): Introduccion: estructura gene-

ral del seminario. Tematicas a estudiar. Requisitos de participacion y
modalidad de evaluacion.

1
Unidad 1 (semana 2): Teoras sobre el dinero. Metalistas y cartalistas, dine-
ro exogeno y dinero endogeno. Implicancias para la poltica economica
nacional e internacional.

Unidad 2 (semana 3): Sistema de Bretton Woods: objetivos, estructura,

resultados.

Unidad 3 (semanas 45) : Liberalizacion financiera, teoras en que se ba-

san las polticas financieras de liberalizacion (hipotesis de McKinnon y
Shaw, hipotesis de los mercados eficientes).

Unidad 4 (semana 6): Ciclos financieros y crisis: La hipotesis de la ines-

tabilidad financiera de Minsky y su aplicacion a las crisis financieras
recientes.

Unidad 5 (semanas 78): Propuestas y debates sobre una arquitectura fi-

nanciera internacional alternativa: la tasa a las transacciones financie-
ras (Tobin, etc.), la autoridad internacional de compensacion y pagos
(Davidson), la autoridad financiera mundial (Eatwaell y Taylor), los
requisitos de encaje segun tipos de activos (Palley), y los controles de
capitales (seg
un su implementacion en Chile, Colombia, y el sureste
asiatico).

Unidad 6 (semanas 911): Alternativas de cooperacion e integracion finan-

ciera Sur-Sur (Mercosur, Banco del Sur, etc.). La experiencia de integra-
cion monetaria europea. Debates y propuestas en torno a la integracion
monetaria regional.

Las clases se desarrollaran los das lunes de 19 a 22, con excepcion de

las semanas en que el lunes es feriado, cuando las clases pasan al miercoles.
Para cada clase hay asignadas lecturas requeridas y optativas. Se espera
que todos los participantes del seminario lean los textos requeridos
asignados cada semana.

2. Trabajos a realizar
Este es un seminario de posgrado en el que se espera una participacion in-
formada, activa e intensa de los/as estudiantes en clase. La nota del seminario
sera el promedio ponderado de la participacion en clase, presentaciones ora-
les y un trabajo final escrito (domiciliario). Para aprobar el seminario, el/la
estudiante debera tener nota en cada una de las categoras (participacion,
presentacion, trabajo final).

2
2.1. Presentaci
on oral
Cada estudiante debera realizar una o dos presentaciones orales (depen-
diendo de la cantidad de inscriptos/as) de media hora de uno de los textos
designados a tal efecto en el programa. El primer da de clase se asignaran
los textos a presentar y las fechas de las presentaciones. La presentacion
podra realizarse utilizando los dispositivos didacticos que la/el estudiante
elija (proyector multimedia, Power Point, etc.). Los/as estudiantes de in-
tercambio que deban ausentarse en la segunda parte del curso, tendran prio-
ridad en las presentaciones de las primeras semanas.

2.2. Trabajo final escrito

Cada estudiante debera realizar un trabajo escrito final en forma de en-
sayo, de aproximadamente 1520 paginas, en el que se aborde crtica y com-
parativamente por lo menos dos de las propuestas de poltica tratadas
durante el seminario. El trabajo debera tener un marco teorico en el que
se discutan los textos de las primeras unidades. Adicionalmente, el trabajo
debera hacer referencia a las lecturas requeridas de los temas seleccionados
y otras referencias bibliograficas que se consideren relevantes. Es fundamen-
tal que el trabajo contenga una evaluacion crtica de las propuestas y no
simplemente una descripcion de las mismas.

2.3. Nota del seminario

La nota final del seminario tomara en cuenta la calidad de la presentacion,
la participacion en clase y el trabajo escrito final. Para aprobar la materia
debe tener nota en cada uno de los tres componentes de la misma.
La composicion de la nota final del seminario es la siguiente:

Componente Porcentaje
Participacion en clase 20 %
Presentaciones orales 30 %
Trabajo final escrito 50 %

3
3. Cronograma semanal
A continuacion se presenta el cronograma semanal con temas, bibliografa
obligatoria y biblografa que deberan presentar los estudiantes.

Semana 1: Presentaci
on del seminario (lunes 13/6)
Temas:
Presentacion del seminario. Objetivos, estructura y exepectativas. La re-
levancia e implicancia de las tematicas abordadas.

Bibliografa obligatoria:
Ocampo, J. A. Reforma de la arquitectura monetaria y financiera in-
ternacional. Dialogue on globalisation, Friedrich Ebert Stiftung, Berln,
Alemania, Noviembre 2014

Ugarteche, O. La integracion y la arquitectura financiera en el

tiempo. ALAI, 500 (Diciembre 2014)

Semana 2: Unidad 1 (mi

ercoles 22/06)
Temas:
Que es el dinero? Distintos enfoques teoricos: metalistas vs. cartalistas.
Implicancias para la comprension de fenomenos economicos y para la poltica
economica.

Bibliografa obligatoria:
Carrillo-Fonseca, L. V. La teora de la oferta monetaria endoge-
na. In Poltica Monetaria y Crisis Financiera en Mexico, D. Villa-
real Gonzalez, Comp. UAM-Xochimilco, Ciudad de Mexico, 1998

Rossi, S., y Klimaszewski, S. Chartalism and metallism. In Inter-

national Encyclopedia of Public Policy, Volume 2, P. A. OHara, Comp.
2008

Wray, L. R. Money. In The Elgar Companion to Post Keynesian

Economcis, J. E. King, Comp. Edward Elgar, Cheltenham, 2003

4
Bibliografa optativa:
Wray, L. R. Money and inflation. In A New Guide to Post Keynesian
Economics, R. Holt y S. Pressman, Comps. Routledge, Londres, 2001

Semana 3: Unidad 2 (lunes 27/06)

Temas:
El sistema de Bretton Woods. Objetivos, logros y falencias. Las visiones
de Keynes y White.

Presentaci
on (estudiantes):
Nemin a, P. Los planes de keynes y white de creacion del fmi bajo la
mirada de prebisch. Kairos. Revista de Temas Sociales 14, 25 (2010)

Bibliografa obligatoria:
Eichengreen, B. Epilogue: Three perspectives on the bretton woods
system. In A Retrospective on the Bretton Woods System: Lessons for
International Monetary Reform, M. Bordo y B. Eichengreen, Comps.
University of Chicago Press, Chicago, 1993

Harvey, J. T. Bretton woods system. In Encyclopedia of Political

Economy, Volume 1, P. A. OHara, Comp. Routledge, Londres, 1993

Vernengo, M. Bretton woods. In The Elgar Companion to Post

Keynesian Economcis, J. E. King, Comp. Edward Elgar, Cheltenham,
2003

Bibliografa optativa:
Harvey, J. T. The international monetary system and exchange rate
determination: 1945 to the present

Eichengreen, B. Global Imbalances and the Lessons of Bretton

Woods. MIT Press, Cambridge, Massachusetts, 2007

Skidelsky, R. Keynes, globalization and the bretton woods institu-

tions in the light of changing ideas about markets. World Economics
6, 1 (2005)

5
Semana 4: Unidad 3 (lunes 04/07)
Temas:
Post-Bretton Woods: desrregulacion financiera, la hipotesis de McKinnon
y Shaw, argumentos a favor y en contra de la liberalizacion financiera, efectos
a nivel global y local.

Presentaci
on (estudiantes):
Stiglitz, J. Capital market liberalization, economic growth, and ins-
tability. World Development 28, 6 (2000), 10751086
Frenkel, R. Globalizacion y crisis financieras en america latina. Re-
vista de la CEPAL, 80 (2003)

Bibliografa obligatoria:
Blecker, R. A. Taming Global Finance: A Better Architecture for
Growth and Equity. Economic Policy Institute, Washington, DC, 1999.
Captulo 1
Taylor, L. The consequences of capital liberalization. Challenge 43,
6 (2000)

Bibliografa optativa:
Daz Alejandro, C. F. Good-bye financial repression, hello financial
crash. Journal of Development Economics 19, 1 (1985)

Semana 5: Unidad 3 (cont.) (lunes 11/07)

Temas:
La hipotesis de los mercados financieros eficientes, visiones crticas.

Presentaci
on (estudiantes):
Cardim de Carvalho, F. J. Financial liberalization in brazil and
argentina. In Financial Liberalization and Economic Performance in
Developing Countries, P. Arestis y L. F. de Paula, Comps. Palgrave
MacMillan, 2008
Arestis, P. Washington consensus and financial liberalization. Jour-
nal of Post Keynesian Economics 27, 2 (2005), 251271

6
Bibliografa obligatoria:
Crotty, J. The realism of assumptions does matter: Why keynes-
minsky theory must replace efficient market theory as the guide to
financial regulation policy. Working Paper 255, Political Economy Re-
search Institute, University of Massachusetts, Amherst, Marzo 2011
Guerrien, B., y Gun, O. The efficient market hypothesis: What are
we talking about? Real World Economics Review, 56 (2011)

Bibliografa optativa:
Andersen, T. Some implications of the efficient capital market hy-
pothesis. Journal of Post Keynesian Economics (1983)
Ellerbroek, J. The efficient capital market hypothesis dethroned.
Major Themes in Economics (Spring 2005)
Malkiel, B. The efficient market hypothesis and its critics. Journal
of Economic Perspectives 17, 1 (2003)

Semana 6: Unidad 4 (lunes 18/07)

Semana que viene, 25/07, receso invernal.
Temas:
La hipotesis de la inestabilidad financiera de Minsky. Crisis financieras a
la luz de la teora de Minsky: interpretaciones heterodoxas.

Presentaci
on (estudiantes):
Arza, V., y Espan ol, P. Les liaisons dangereuses: A minskyan
approach to the relation between credit and investment in argentina in
the 1990s. Cambridge Journal of Economics 32, 5 (2008)
Kregel, J. Yes It did happen again: A Minsky crisis in Asia. The
Levy Economics Institute at Bard College, Annandale-on-Hudson, NY,
1998. Working Paper No. 234

Bibliografa obligatoria:
Minsky, H. P. The Financial Instability Hypothesis. The Levy Eco-
nomics Institute at Bard College, Annandale-on-Hudson, NY, 1992.
Working Paper No. 74

7
 Pollin, R. The relevance of Hyman Minsky. Challenge 40, 2 (1997),
7594

Bibliografa optativa:
u
rk, K., y Ozg
Ertu r, G. What is minsky all about, anyway? Real-
World Economics Review, 50 (2009), 315

Palley, T. The Limits of Minskys Financial Instability Hypothesis

as an explanation of the crisis. New America Foundation, Washington,
DC, Noviembre 2009

Wray, L. R. Financial Markets Meltdown: What can we learn from

Minsky. The Levy Economics Institute at Bard College, Annandale-
on-Hudson, NY, 2008. Highlights, No.94A, 2008

Semana 7: Unidad 5 (lunes 01/08)

Temas:
Propuestas alternativas: Propuestas de estructuras financieras alternati-
vas en distintos niveles: nacional, internacional, supranacional. El debate en
torno a la Tasa Tobin, la crtica y propuesta de Davidson, propuesta de una
autoridad financiera mundial (Eatwell y Taylor).

Presentaci
on (estudiantes):
Arestis, P., y Sawyer, M. How many cheers for the tobin transac-
tions tax? Cambridge Journal of Economics 21 (1997), 753768

Eichengreen, B., Tobin, J., y Wyplosz, C. Two cases for sand in

the wheels of international finance. The Economic Journal, 105 (1995),
162172

Schmidt, R. A feasible foreign exchange transactions tax. In Glo-

bal Finance: New Thinking on Regulating Speculative Capital Markets,
W. Bello y otros, Comp. Zed Press, London, 2000

Bibliografa obligatoria:
Davidson, P. Are grains of sand in the wheels of international finance
sufficient to do the job when boulders are often required? The Economic
Journal, 107 (1997), 671686

8
 Davidson, P. Is a plumber or a new financial architect needed to
end global international liquidity problems? World Development 28, 6
(2000), 11171131

Eatwell, J., y Taylor, L. A world financial authority. In Interna-

tional Capital Markets: Systems in Transition, J. Eatwell y L. Taylor,
Comps. Oxford University Press, Oxford, 2002

Tobin, J. A proposal for international monetary reform. Eastern

Economic Journal 4, 34 (1978), 153159

Bibliografa optativa:
Baker, D. The benefits of a financial transactions tax. Policy brief,
Center for Economic and Policy Research, Washington, DC, diciembre
2008

Jetin, B., y de Brunhoff, S. The tobin tax and the regulation

of capital movements. In Global Finance: New Thinking on Regula-
ting Speculative Capital Markets, W. Bello y otros, Comp. Zed Press,
London, 2000

Semana 8: Unidad 5 (cont.) (lunes 08/08)

Temas:
Propuestas alternativas: Propuestas de estructuras financieras alternati-
vas en distintos niveles: nacional, internacional, supranacional. Controles de
capitales, requisitos de encaje.

Presentaci
on (estudiantes):
Agosn, M., y Ffrench-Davis, R. Managing capital inflows in chile.
In Short-Term Capital Flows and Economic Crises, S. Griffith-Jones,
M. Montes, y A. Nasution, Comps. Oxford University Press, Oxford,
UK, 2001, pp. 199225

Coelho, B., y Gallagher, K. Capital controls and 21st century

financial crises: Evidence from colombia and thailand. Working Paper
213, Political Economy Research Institute, University of Massachusetts,
Amherst, Enero 2010

9
Bibliografa obligatoria:
Crotty, J., y Epstein, G. In defence of capital controls. In Socialist
Register, L. Panitch, Comp. The Merlin Press, London, 1996, pp. 118
149

Palley, T. Stabilizing finance: The case for asset-based reserve re-

quirements. Financial Markets and Society (2000). August

Bibliografa optativa:
Epstein, G., Grabel, I., y K.S, J. Capital management techniques
in developing countries: An assessment of experiences from the 1990s
and lessons for the future. University of Massachusetts at Amherst:
Political Economy Research Institute Working Paper No 56., 2003

Grabel, I. Capital controls and related measures to avert financial

crises. Trabajo presentado en la conferencia Alternatives to Neolibera-
lism, Washington DC, Mayo 23-24, 2002

Semana 9: Unidad 6 (mi

ercoles 17/08)
Temas:
Cooperacion e integracion financiera Sur-Sur. Arreglos monetarios regio-
nales y sus perspectivas en Mercosur.

Presentaci
on (estudiantes):
Bresser Pereira, L. C., y Holland, M. Common currency and
economic integration in mercosur. Journal of Post Keynesian Econo-
mics 32, 2 (2009)

Gnos, C., Monvoisin, V., y Ponsot, J.-F. Regional currencies and

regional monetary zones in latin america: What prospects? Journal of
Post Keynesian Economics 32, 2 (2009)

Bibliografa obligatoria:
Ferrari-Filho, F. Why does it not make sense to create a monetary
union in mercosur? a keynesian alternative proposal. Journal of Post
Keynesian Economics 24, 2 (2002)

10
 Fritz, B., y Mu hlich, L. South-south monetary integration: the case
for a research agenda beyond the optimal currency area. International
Journal of Public Policy 6, 12 (2010)

Pa ez-Perez, P. The ecuadorean proposal for a new regional financial

architecture. Journal of Post Keynesian Economics 32, 2 (2009)

Bibliografa optativa:
Camara-Neto, A., y Vernengo, M. Beyond the original sin: A
new regional financial architecture in south america. Journal of Post
Keynesian Economics 32, 2 (2009)

Semana 10: Unidad 6 (cont.) (lunes 22/08)

Temas:
Integracion monetaria realmente existente: lecciones de la union moneta-
ria europea. Crticas cartalistas a la implementacion del euro.

Presentaci
on (estudiantes):
Pettifor, A. Why the euro is the gold standard writ largeand like
the gold standard, will fail. Tech. rep., Prime (Policy Research in Macro
Economics), 2015

Stockhammer, E. The euro crisis and contradictions of neoliberalism

in europe. Working Paper 1401, Post Keynesian Study Group, 2014

Bibliografa obligatoria:
Goodhart, C. A. Two concepts of money: implications for the analy-
sis of optimal currency areas. European Journal of Political Economy
14, 3 (1998)

Otero-Iglesias, M

Sawyer, M. The economic and monetary union: past and present

failures and some future possibilities. World Economic Review 6 (2016)

11
Bibliografa optativa:
Papadimitriou, D., Wray, L. R., y Nersisyan, Y. Endgame
for the euro? without major restructuring, the eurozone is doomed.
Public Policy Brief 113-2010, Levy Economics Institute of Bard College,
Annandale on Hudson, 2010

Bibow, J. Making the euro viable: The euro treasury plan. Working
Paper 842, Levy Economics Institute of Bard College, Annandale on
Hudson, 2015

Semana 11: Unidad 6 (cont.) (lunes 29/08)

Temas:
Cooperacion e integracion financiera Sur-Sur. Hacia una nueva arquitec-
tura financiera en America del Sur. El Banco del Sur y la propuesta ecuato-
riana de una nueva arquitectura.

Presentaci
on (estudiantes):
Marshall, W., y Rochon, L.-P. Financing economic development
in latin america: The banco del sur. Journal of Post Keynesian Eco-
nomics 32, 2 (2009)

Titelman, D., Vera, C., Carvalho, P., y Pe rez-Caldentey,

E. Un fondo de reservas regional para America Latina. Revista de la
CEPAL, 112 (2014), 729

Bibliografa obligatoria:
Ocampo, J. A., y Titelman, D. Sub-regional financial cooperation:
The south american experience. Journal of Post Keynesian Economics
32, 2 (2009)

Ugarteche, O. Regional financial cooperation: Issues in South Ame-

rica. Universidad Nacional Autonoma de MexicoInstituto de Investi-
gaciones Economicas, DF, Mexico, 30 de Mayo 2012

Marshall, W., y Rochon, L.-P. Financing economic development

in latin america: The banco del sur. Journal of Post Keynesian Eco-
nomics 32, 2 (2009)

12
Bibliografa optativa:
Lara, C., y Silva, C. Profundizar la integracion financiera regional:
dilemas y desafos actuales. Nueva Sociedad, 250 (2014), 126137

13
Referencias
[1] Agosn, M., y Ffrench-Davis, R. Managing capital inflows in chile.
In Short-Term Capital Flows and Economic Crises, S. Griffith-Jones,
M. Montes, y A. Nasution, Comps. Oxford University Press, Oxford,
UK, 2001, pp. 199225.

[2] Andersen, T. Some implications of the efficient capital market hypot-

hesis. Journal of Post Keynesian Economics (1983).

[3] Arestis, P. Washington consensus and financial liberalization. Journal

of Post Keynesian Economics 27, 2 (2005), 251271.

[4] Arestis, P., y Sawyer, M. How many cheers for the tobin transac-
tions tax? Cambridge Journal of Economics 21 (1997), 753768.

[5] Arza, V., y Espan ol, P. Les liaisons dangereuses: A minskyan ap-
proach to the relation between credit and investment in argentina in the
1990s. Cambridge Journal of Economics 32, 5 (2008).

[6] Baker, D. The benefits of a financial transactions tax. Policy brief,

Center for Economic and Policy Research, Washington, DC, diciembre
2008.

[7] Bibow, J. Making the euro viable: The euro treasury plan. Working
Paper 842, Levy Economics Institute of Bard College, Annandale on
Hudson, 2015.

[8] Blecker, R. A. Taming Global Finance: A Better Architecture for

Growth and Equity. Economic Policy Institute, Washington, DC, 1999.
Captulo 1.

[9] Bresser Pereira, L. C., y Holland, M. Common currency and

economic integration in mercosur. Journal of Post Keynesian Economics
32, 2 (2009).

[10] Camara-Neto, A., y Vernengo, M. Beyond the original sin: A

new regional financial architecture in south america. Journal of Post
Keynesian Economics 32, 2 (2009).

[11] Cardim de Carvalho, F. J. Financial liberalization in brazil and

argentina. In Financial Liberalization and Economic Performance in
Developing Countries, P. Arestis y L. F. de Paula, Comps. Palgrave
MacMillan, 2008.

14
[12] Carrillo-Fonseca, L. V. La teora de la oferta monetaria endoge-
na. In Poltica Monetaria y Crisis Financiera en Mexico, D. Villa-
real Gonzalez, Comp. UAM-Xochimilco, Ciudad de Mexico, 1998.

[13] Coelho, B., y Gallagher, K. Capital controls and 21st century

financial crises: Evidence from colombia and thailand. Working Paper
213, Political Economy Research Institute, University of Massachusetts,
Amherst, Enero 2010.

[14] Crotty, J. The realism of assumptions does matter: Why keynes-

minsky theory must replace efficient market theory as the guide to finan-
cial regulation policy. Working Paper 255, Political Economy Research
Institute, University of Massachusetts, Amherst, Marzo 2011.

[15] Crotty, J., y Epstein, G. In defence of capital controls. In Socialist

Register, L. Panitch, Comp. The Merlin Press, London, 1996, pp. 118
149.

[16] Davidson, P. Are grains of sand in the wheels of international finance

sufficient to do the job when boulders are often required? The Economic
Journal, 107 (1997), 671686.

[17] Davidson, P. Is a plumber or a new financial architect needed to

end global international liquidity problems? World Development 28, 6
(2000), 11171131.

[18] Daz Alejandro, C. F. Good-bye financial repression, hello financial

crash. Journal of Development Economics 19, 1 (1985).

[19] Eatwell, J., y Taylor, L. A world financial authority. In Interna-

tional Capital Markets: Systems in Transition, J. Eatwell y L. Taylor,
Comps. Oxford University Press, Oxford, 2002.

[20] Eichengreen, B. Epilogue: Three perspectives on the bretton woods

system. In A Retrospective on the Bretton Woods System: Lessons for
International Monetary Reform, M. Bordo y B. Eichengreen, Comps.
University of Chicago Press, Chicago, 1993.

[21] Eichengreen, B. Global Imbalances and the Lessons of Bretton

Woods. MIT Press, Cambridge, Massachusetts, 2007.

[22] Eichengreen, B., Tobin, J., y Wyplosz, C. Two cases for sand in
the wheels of international finance. The Economic Journal, 105 (1995),
162172.

15
[23] Ellerbroek, J. The efficient capital market hypothesis dethroned.
Major Themes in Economics (Spring 2005).

[24] Epstein, G., Grabel, I., y K.S, J. Capital management techniques

in developing countries: An assessment of experiences from the 1990s
and lessons for the future. University of Massachusetts at Amherst:
Political Economy Research Institute Working Paper No 56., 2003.

[25] Ertu u
rk, K., y Ozg r, G. What is minsky all about, anyway? Real-
World Economics Review, 50 (2009), 315.

[26] Ferrari-Filho, F. Why does it not make sense to create a monetary

union in mercosur? a keynesian alternative proposal. Journal of Post
Keynesian Economics 24, 2 (2002).

[27] Frenkel, R. Globalizacion y crisis financieras en america latina. Re-

vista de la CEPAL, 80 (2003).

[28] Fritz, B., y Mu hlich, L. South-south monetary integration: the case

for a research agenda beyond the optimal currency area. International
Journal of Public Policy 6, 12 (2010).

[29] Gnos, C., Monvoisin, V., y Ponsot, J.-F. Regional currencies and
regional monetary zones in latin america: What prospects? Journal of
Post Keynesian Economics 32, 2 (2009).

[30] Goodhart, C. A. Two concepts of money: implications for the analysis

of optimal currency areas. European Journal of Political Economy 14, 3
(1998).

[31] Grabel, I. Capital controls and related measures to avert financial cri-
ses. Trabajo presentado en la conferencia Alternatives to Neoliberalism,
Washington DC, Mayo 23-24, 2002.

[32] Guerrien, B., y Gun, O. The efficient market hypothesis: What are
we talking about? Real World Economics Review, 56 (2011).

[33] Harvey, J. T. Bretton woods system. In Encyclopedia of Political

Economy, Volume 1, P. A. OHara, Comp. Routledge, Londres, 1993.

[34] Harvey, J. T. The international monetary system and exchange rate

determination: 1945 to the present.

16
[35] Jetin, B., y de Brunhoff, S. The tobin tax and the regulation
of capital movements. In Global Finance: New Thinking on Regulating
Speculative Capital Markets, W. Bello y otros, Comp. Zed Press, London,
2000.

[36] Kregel, J. Yes It did happen again: A Minsky crisis in Asia. The
Levy Economics Institute at Bard College, Annandale-on-Hudson, NY,
1998. Working Paper No. 234.

[37] Lara, C., y Silva, C. Profundizar la integracion financiera regional:

dilemas y desafos actuales. Nueva Sociedad, 250 (2014), 126137.

[38] Malkiel, B. The efficient market hypothesis and its critics. Journal
of Economic Perspectives 17, 1 (2003).

[39] Marshall, W., y Rochon, L.-P. Financing economic development

in latin america: The banco del sur. Journal of Post Keynesian Econo-
mics 32, 2 (2009).

[40] Minsky, H. P. The Financial Instability Hypothesis. The Levy Econo-

mics Institute at Bard College, Annandale-on-Hudson, NY, 1992. Wor-
king Paper No. 74.

[41] Nemin a, P. Los planes de keynes y white de creacion del fmi bajo la
mirada de prebisch. Kairos. Revista de Temas Sociales 14, 25 (2010).

[42] Ocampo, J. A. Reforma de la arquitectura monetaria y financiera in-

ternacional. Dialogue on globalisation, Friedrich Ebert Stiftung, Berln,
Alemania, Noviembre 2014.

[43] Ocampo, J. A., y Titelman, D. Sub-regional financial cooperation:

The south american experience. Journal of Post Keynesian Economics
32, 2 (2009).

[44] Otero-Iglesias, M.

[45] Palley, T. Stabilizing finance: The case for asset-based reserve requi-
rements. Financial Markets and Society (2000). August.

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