<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362018000400101</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2018.195.64790</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Financiarización y desarrollo económico en la República Dominicana]]></article-title>
<article-title xml:lang="en"><![CDATA[Financialization and Economic Development in the Dominican Republic]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Calvo Clúa]]></surname>
<given-names><![CDATA[Rosalía]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del País Vasco  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>49</volume>
<numero>195</numero>
<fpage>101</fpage>
<lpage>125</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362018000400101&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362018000400101&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362018000400101&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En las últimas décadas las estructuras productivas y financieras de la República Dominicana han presentado características similares a las que muestra la región. En el ámbito del sistema financiero se observan similitudes, en sintonía con los procesos de financiarización experimentados, no obstante, con ciertos rasgos distintivos. El análisis de las implicaciones de este proceso constituye un aspecto clave para entender el desarrollo del país, así como para formular políticas económicas eficaces que permitan alcanzar niveles de crecimiento sostenible.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In recent decades, productive and financial structures in the Dominican Republic have displayed traits similar to those throughout the region. In the financial sphere, there are similarities that line up with the financialization they have undergone, but with certain distinctive nuances. Analyzing the implications of this process is vital to understanding development in the country, as well as to making effective economic policies that achieve sustainable growth levels.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[financiarización]]></kwd>
<kwd lng="es"><![CDATA[sistema financiero]]></kwd>
<kwd lng="es"><![CDATA[mercados financieros]]></kwd>
<kwd lng="es"><![CDATA[inversión extranjera directa]]></kwd>
<kwd lng="es"><![CDATA[desarrollo económico]]></kwd>
<kwd lng="es"><![CDATA[D52]]></kwd>
<kwd lng="es"><![CDATA[E22]]></kwd>
<kwd lng="es"><![CDATA[G15]]></kwd>
<kwd lng="es"><![CDATA[O16]]></kwd>
<kwd lng="en"><![CDATA[Financialization]]></kwd>
<kwd lng="en"><![CDATA[financial system]]></kwd>
<kwd lng="en"><![CDATA[foreign direct investment]]></kwd>
<kwd lng="en"><![CDATA[economic development]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aglietta]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Systèmes financiers et régimes de croissance]]></article-title>
<source><![CDATA[Revue d'Economie Financière]]></source>
<year>2001</year>
<volume>61</volume>
<publisher-loc><![CDATA[Paris ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Álvarez]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financiarización, nuevas estrategias empresariales y dinámica salarial. El caso de Francia entre 1980-2010]]></source>
<year>2013</year>
<publisher-loc><![CDATA[España ]]></publisher-loc>
<publisher-name><![CDATA[Universidad Complutense de Madrid]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arestis]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Demetriades]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Luintel]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Development and Economic Growth: the Role of Stock Markets]]></article-title>
<source><![CDATA[Journal of Money, Credit and Banking]]></source>
<year>2001</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arrizabalo]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capitalismo y economía mundial]]></source>
<year>2014</year>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[IME]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bellamy]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Financialization of Accumulation]]></article-title>
<source><![CDATA[Monthly Review]]></source>
<year>2010</year>
<volume>62</volume>
<numero>5</numero>
<issue>5</issue>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<collab>Bolsa de Valores de Santo Domingo (BVSD)</collab>
<source><![CDATA[Informe anual]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Boyer]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is a Finance Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis]]></article-title>
<source><![CDATA[Economy and Society]]></source>
<year>2000</year>
<volume>29</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Camacho]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Competencia, concentración y movilización de recursos en el sistema financiero dominicano: De la represión a la reforma financiera]]></article-title>
<source><![CDATA[Economics and Sociology, Occasional Paper]]></source>
<year>1991</year>
<numero>1827</numero>
<issue>1827</issue>
<publisher-loc><![CDATA[USA ]]></publisher-loc>
<publisher-name><![CDATA[The Ohio State University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chesnais]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La teoría del régimen de acumulación financiarizado: Contenido, alcance e interrogantes]]></article-title>
<source><![CDATA[Revista de Economía Crítica]]></source>
<year>2003</year>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Epstein]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Introduction: Financialization and the World Economy]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Epstein]]></surname>
<given-names><![CDATA[Gerald A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financialization and the World Economy]]></source>
<year>2005</year>
<publisher-loc><![CDATA[Northampton, MA, EU ]]></publisher-loc>
<publisher-name><![CDATA[Edward Elgar Publihsing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Girón]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[América Latina, crisis financiera y financiamiento al desarrollo]]></article-title>
<source><![CDATA[Iztapalapa. Revista de Ciencias Sociales y Humanidades]]></source>
<year>2011</year>
<volume>32</volume>
<numero>70</numero>
<issue>70</issue>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guttmann]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Una introducción al capitalismo conducido por las finanzas]]></article-title>
<source><![CDATA[Revista Ola financiera]]></source>
<year>2009</year>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hilferding]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[El capital financiero y las crisis]]></source>
<year>1910</year>
<publisher-loc><![CDATA[Munich ]]></publisher-loc>
<publisher-name><![CDATA[Willi Weismann Verlag]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lapavitsas]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El capitalismo financiarizado. Crisis y expropiación financiera]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Lapavitsas]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[La crisis de la financiarización]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Painceira]]></surname>
<given-names><![CDATA[J. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Los países en desarrollo en la era de financiación: de la acumulación del déficit a la de reservas en divisas]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Lapavitsas]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[La crisis de la financiarización]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="">
<collab>Planet Finance</collab>
<source><![CDATA[Soluciones durables para la inclusión financiera. Informe sobre el sector del financiamiento de las MIPyME en la República Dominicana]]></source>
<year>2011</year>
<publisher-loc><![CDATA[República Dominicana, Santo Domingo ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Plihon]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Le nouveau capitalisme]]></source>
<year>2004</year>
<publisher-loc><![CDATA[Paris ]]></publisher-loc>
<publisher-name><![CDATA[La Découverte]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Polanco]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[En fondos de inversión RD logró un salto de uno a 30]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sierra]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[En cuatro años PYMES reciben RD$20,000 MM]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Soto]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Crisis del modelo bancario en América Latina: los casos de México y Argentina]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Déniz]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Girón]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodríguez]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Crisis financiera. Viejas manías, nuevos pánicos]]></source>
<year>2010</year>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[Editorial Catarata]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Soto]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[América Latina. Entre la financiarización y el financiamiento productivo]]></article-title>
<source><![CDATA[Problemas del Desarrollo]]></source>
<year>2013</year>
<volume>173</volume>
<numero>44</numero>
<issue>44</issue>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="">
<collab>Tesorería de la Seguridad Social de la República Dominicana</collab>
<source><![CDATA[Informe Financiero de la Tesorería de la Seguridad Social de la República Dominicana]]></source>
<year>2012</year>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Veloz]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sistema financiero dominicano y asignación selectiva del crédito]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Massad]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Held]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Sistema financiero y asignación de recursos. Experiencias latinoamericanas y del Caribe]]></source>
<year>1990</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Grupo Editor Latinoamericano]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vidal]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Privatizaciones, fusiones y adquisiciones: las grandes empresas en América Latina]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Barcelona ]]></publisher-loc>
<publisher-name><![CDATA[Anthropos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vidal]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Marshall]]></surname>
<given-names><![CDATA[W C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sistema financiero, crédito externo y crisis global en América Latina]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Déniz]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Girón]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodríguez]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Crisis financiera. Viejas manías, nuevos pánicos]]></source>
<year>2010</year>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[Catarata]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
