Money and Institutions for Development: the long path of the LA financial reforms

Abstract

The most orthodox economic analyses have been widely dominant over the Latin America (LA) economic thought. The macroeconomic equilibrium standard was deeply accepted with a very tiny opposition until now; even in front of the critical world economic unbalances and the large deterioration of the growth capacities. This paper expose some of the main financial structures characteristics and credit trends within the new financial insertion in the globalization process. Later, an analysis is done about the main lessons of the financial instability and crisis for LA. Within this framework, some lines and ideas for the debate regarding the structural change of development’s financing are exposed.