United States officially since last year is in recession. There is a broad agreement around the explanation of the direct or immediate causes of the current global crisis, originated in the sub-prime business suppresses in the American banking system and the financial instruments that have favored pollution progressive of the whole of the world economy. In the field of financial administration, numerous evidence confirm the central role played by ideology and ultra liberal and capitalist policies in the scarce and limited control exercised by the competent bodies on the entities and financial operations that have favored the gestation and global expansion of the crisis. It remains latent in economies worldwide. Later, after the transformation of the crisis mortgage and banking-American global financial crisis, has opened the door to the intervention of the States to save the banks and the credit markets and treat of the inevitable and, in any of the possible scenarios, lasts downturn to come have the lowest intensity and duration as possible.

In the same way they are acting almost all continents countries. The crisis was determined by perverse incentives and excessive risks in the system financial shadow, which includes sparsely regulated financial intermediaries and structures and complex legislation instruments and little clear (such as the risk of default of the debtor and secured debt obligations swaps) that not valued correctly. The high degree of leverage and the broad systemic risk generated with this system traded the American border. It should be pointed out that systemic risk was increasing progressively in the system and that this increase went unnoticed until it was too late, that can be attributed to financial innovation during the economic boom. After the turmoil in the mortgage market of high risk and loss of value of an enormous amount of derivatives built on the basis of such mortgages, economic conditions world suffered a marked deterioration since mid-September 2008, whereupon the prospects and the external context for Latin America and the Caribbean also worsened. This decline actually began in mid-2007, when the increase in the unemployment rate of the United States caused the collapse of the market for mortgages of high riesgo(EL cual himplemos en este documento). We can summarize the impact of the global economic crisis highlights in the following overhead: the slowdown in growth, changes in international relative prices (especially the weakening in the price of raw materials); possible reduction of the remittances: cost of credit and the financial crisis; decrease of the external resources available for the financing of development, housing and production projects; reduction of direct and indirect employment and a decline in tourism.

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