Resumen

MATA MOLLEJAS, Luis  y  LEVY-CARCIENTE, Sary. Global Financial Dynamics: Theory and Policy for Small Open Economies. Inv. Econ [online]. 2007, vol.66, n.260, pp.151-190. ISSN 0185-1667.

The increase in frequency of economic crises at the end of the XXth century, and the transfer of their genesis to small open economies, seem to be related to the substitution of the commodity-currency regime and to other changes in the world. These have produced a loss of efficiency of the national economic policies in their domestic and external aspects, evidencing the necessity to find a new exchange order. But their study and definition should not be limited to the distinction among fixed exchange rates and floating ones -closely associated to trade and the conception of the commodity-currency- but rather it should consider the influence of the financial aspects in the economic dynamics, because until the present the prevalence of the traditional visions has not been translated in a relatively effective policy instrumentation. The study proposes and justifies, for small open economies —theoretical and empirically the setting— up of a bimonetary regime or financial substitution during the transit toward advanced subregional integration agreements.

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