A crise do sistema financeiro globalizado contemporâneo

Redesign or demise of old Developmental States? East Asia in the post-financial crisis of 2008

“…On the international front, financial globalization, the new unilateral order brought by the end of the Cold War and the expansion of the neoliberal ideology from Washington moved forward growing structural constraints on development paradigms alternative to the liberal variety of capitalism, including the East Asian Developmental States (Hall & Soskice, 2001;Torres Filho, 2014).…”

“…However, they became more frequent from the turn of the 1970s to the 1980s, with the consolidation of the contemporary globalized financial system. Such new paradigm of capitalism, replacing the previous international economic order governed by the Keynesian monetary framework of Bretton Woods, was driven by institutional finance and deregulation of capital markets, with high propensity to generate financial (particularly foreign exchange) crises as it expanded territorially and brought new countries -or emerging markets -into its orbit (Torres Filho, 2014).…”

“…All these elements were created, enhanced or exacerbated by the new economic architecture cited. Greater capital mobility, together with the scarce State and Interstate regulation of the newly created financial instruments, allowed the progressive leverage of these institutions and even of companies (Torres Filho, 2014;Blyth, 2017). The deregulation of financial markets, based on a neoliberal ideology advocating the allocative efficiency of "self-regulated" markets, allowed the formation of speculative bubbles more frequently, making countries around the world more vulnerable to the occurrence of such episodes (Stiglitz, 2010).…”

Elementos pós-Keynesianos e Estruturalistas para a análise da vulnerabilidade externa Latino-Americana no contexto de finanças globalizadas

“…Ao possibilitar a atuação, em escala global, do investidor financeiro na composição do seu portfólio, tornar cada vez mais fácil a transação de ativos financeiros e moedas entre países e elevar os riscos decorrentes da variação das taxas de câmbio e dos preços dos ativos, estimulando o surgimento de inovações financeiras, como derivativos e títulos securitizados, a globalização financeira tem favorecido a atividade especulativa no contexto mundial (Guttmann, 2015;Torres Filho, 2014;Amado, 2004;Plihon, 1995). Nesse sentido, há uma elevação no volume de negociações envolvendo moedas, títulos públicos e privados, de renda fixa e variável, entre países, visando a obtenção de ganhos de capital de curto prazo.…”