<?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>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16671999000400015</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Las razones de la política contraccionista y sus consecuencias]]></article-title>
<article-title xml:lang="en"><![CDATA[Reasons for a contractionist policy and its consequences]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Huerta G.]]></surname>
<given-names><![CDATA[Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,UNAM Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>1999</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>1999</year>
</pub-date>
<volume>59</volume>
<numero>230</numero>
<fpage>15</fpage>
<lpage>54</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16671999000400015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16671999000400015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16671999000400015&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En el presente trabajo se analiza porque él proceso de globalización exige en las economías emergentes el predominio de políticas contraccionistas y de estabilidad monetaria y cambiaria que favorecen al capital financiero internacional, y relega por tanto la instrumentación de políticas en favor de las demandas nacionales y del crecimiento económico generalizado. Asimismo, se estudian las consecuencias de las políticas contraccionistas y de estabilidad monetaria-cambiaria sobre la dinámica de acumulación de la esfera productiva, el ahorro interno, el comportamiento de los mercados de capitales y sobre el sector bancario. Por más que se insiste en México y en el resto de América Latina en la disciplina fiscal y estabilidad monetaria y del tipo de cambio, no se logra el aumento del ahorro interno, ni la disminución de las prácticas especulativas, ni la vulnerabilidad externa, ni se alcanza la estabilidad bancaria, ni la dinámica sostenida de tales economías. Cabe señalar que si bien el análisis del presente trabajo puede circunscribirse en mayor o menor grado a las diferentes economías emergentes, esta referido principalmente al caso mexicano.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper looks at why the process of globalization demands of emerging economies the predominance of contractionist policies, and of monetary and exchange-rate stability, all of which favour international financial capital; recognizing that the process thereby relegates to a lower priority the instrumentation of policies in favour of national demands and generalized economic growth. Likewise, the paper studies the consequences of such contractionist policies, and of monetary and exchange-rate stability, on the dynamic of accumulation within the productive sphere, on domestic savings, on the behaviour of the capitals market, and on the banking sector. Much as Mexico and the rest of Latin America insist on fiscal discipline and on monetary and exchange-rate stability, no increase in domestic savings has been achieved, nor has there been any decrease in speculative practices nor in external vulnerability, nor has banking stability been established nor a sustained dynamism in these economies. It should be noted that, while the analysis presented here could, to a greater or lesser degree, describe any of the various emerging economies, the paper refers mainly to the case of Mexico's economy.]]></p></abstract>
</article-meta>
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