The International Monetary Fund is currently a
problematic institution. A brief enumeration of the principal, commonly
perceived problems includes the following: 1) the institution is no
longer fulfilling the functions it used to fulfil, nor is there a clear
vision of any new functions for it; 2) due to a drastic pruning of its
loan operations, it is not receiving enough revenue to cover its
operating costs; 3) the IMF has not played a notable role in the debate
a-bout global imbalances, even though this issue is at the very heart

What are the underlying factors shaking the very foundation of one of the pillars of the
international financial architecture? What strategic and managerial reforms would be necessary
to allow the IMF to address the most pressing challenges to economic and financial
stability? And fi nally, what can be done within the governance structure of the Fund to make
it more representative of all segments of its membership?

Serious efforts to reform the international financial
system must consider the broad lessons of the current
crisis for financial market regulation, specific
steps to take to make future financial stability
more likely, and the reshaping of the international
financial system, including its architecture and
governance, so that it better serves the needs of
the underlying real economy. Such efforts should
begin with the recognition that the social costs of
financial instability on the emerging market and
developing economies are immense.

Resumen

La presente investigación es una tesis doctoral. Asesorada por la Dra. Yolanda Trápaga Delfín

1. Crisis actual y Nueva Arquitectura Financiera Internacional.
En septiembre de 2008 explotó una crisis financiera que venía anunciando su llegada desde
hacía un año atrás. Aunque comenzó en el sistema financiero, esta crisis no sólo impacta en
la economía, sino que evidencia lo que muchos sectores de la sociedad civil venían
señalando: las políticas neoliberales que han imperado desde el Consenso de Washington
han fracasado, inclusive ante aquellos que siempre las defendieron.

Los presidentes y representantes gubernamentales de los países miembros
de la Alternativa Bolivariana para los Pueblos de Nuestra América
(ALBA), más Ecuador, dieron hoy luz verde a la creación de una moneda
común, denominada SUCRE (Sistema Único de Compensación Regional), que
inicialmente circulará de manera virtual.

La declaración final
de la III Cumbre extraordinaria del ALBA aprobada este miércoles en
Caracas da luz verde a la construcción de la zona monetaria unida y un
fondo de reservas con aportes de países miembros para sostener

Nesse ambiente instável, os bancos públicos desempenham um papel
estabilizador crucial do volume de crédito durante o ciclo econômico. O
comportamento anticíclico do crédito ofertado por instituições financeiras
públicas tem sido reconhecido até mesmo por economistas conservadores e
comprovado por diversos trabalhos empíricos. Estudo realizado por dois
economistas do Banco Interamericano de Desenvolvimento – Alejandro Micco &
Ugo Panizza. Bank ownership and lending behavior, *Working Paper*, n. 520,

The world economy continues to be buffeted by the burgeoning downdraft of the financial crisis
and volatile commodity prices. As such, the outlook points to a major downturn for the global
economy, with growth falling to its slowest pace since the 2001–02 recession. However, authorities
around the world have taken further, massive, and increasingly coordinated corrective actions. The
central scenario in the World Economic Outlook anticipates that these will be successful in stabilizing

En el curso del corriente año, la Argentina ha atravesado circunstancias, en los planos
económico y político, que han deparado desafíos de magnitud. Entre ellos, se
cuentan la crisis política ocasionada por la discusión en torno de la movilidad
de las retenciones a las exportaciones agrícolas, la reestatización de las
jubilaciones y el nuevo contexto que se perfila a partir de la implosión del
sistema financiero internacional.