<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2010000300758</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La innovación financiera y la crisis mundial]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez]]></surname>
<given-names><![CDATA[Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2010</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2010</year>
</pub-date>
<volume>77</volume>
<numero>307</numero>
<fpage>758</fpage>
<lpage>769</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2010000300758&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2010000300758&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2010000300758&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo se enfoca en la naturaleza y los prospectos de la innovación financiera a la luz de la reciente crisis económica mundial. Mi punto focal es que a pesar de que en fechas recientes la innovación financiera ha caído en desgracia debido a que algunos de sus productos sirvieron como vehículos en el auge crediticio que derivó en la crisis, las críticas deben tomarse con cautela. La innovación está entre nosotros desde hace mucho tiempo y su contribución a las finanzas y el bienestar social ha sido positiva. Siempre y cuando fortalezcamos la regulación prudencial para demostrar la toma excesiva de riesgos en el futuro, la innovación puede seguir beneficiando a nuestras sociedades.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This essay focuses on the nature and prospects of financial innovation in light of the recent global economic crisis. My central point is that although financial innovation has lately fallen out of favor because some of its products acted as vehicles in the credit boom that led to the crisis, criticism should be taken with caution. Innovation has been with us for a long time, and its overall contribution to finance and welfare has been positive. Provided that we strengthen prudential regulation to discourage excessive risk taking in the future, innovation can continue to benefit our societies.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[innovación financiera]]></kwd>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Fed Didn't Cause the Housing Bubble]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Greenspan]]></surname>
<given-names><![CDATA[Alan]]></given-names>
</name>
</person-group>
<source><![CDATA[WSJ]]></source>
<year>2009</year>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calomiris]]></surname>
<given-names><![CDATA[C. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Powell]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Can Emerging Market Bank Regulators Establish Credible Discipline? The Case of Argentina, 1992-99]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Mishkin]]></surname>
<given-names><![CDATA[F. S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Prudential Supervision: What Works and What Doesn't]]></source>
<year>2001</year>
<page-range>147-96</page-range><publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mishkin]]></surname>
<given-names><![CDATA[Frederic S.]]></given-names>
</name>
<name>
<surname><![CDATA[Eakins]]></surname>
<given-names><![CDATA[Stanley G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Markets and Institutions]]></source>
<year>2009</year>
<edition>sexta</edition>
<page-range>453-61</page-range><publisher-name><![CDATA[Pearson Prentice Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Flannery]]></surname>
<given-names><![CDATA[Mark]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[No Pain, No Gain? Effecting Market Discipline via Reverse Convertible Debentures]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Scott]]></surname>
<given-names><![CDATA[Hal S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital Adequacy Beyond Basel: Banking, Securities and Insurance]]></source>
<year>2005</year>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[Merton H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Innovation and Market Volatility]]></source>
<year>1991</year>
<publisher-name><![CDATA[Blackwell]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tufano]]></surname>
<given-names><![CDATA[Peter]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Innovation]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Constantinides]]></surname>
<given-names><![CDATA[George]]></given-names>
</name>
<name>
<surname><![CDATA[Harris]]></surname>
<given-names><![CDATA[Milt]]></given-names>
</name>
<name>
<surname><![CDATA[Stulz]]></surname>
<given-names><![CDATA[René]]></given-names>
</name>
</person-group>
<source><![CDATA[The Handbook of Economics and Finance]]></source>
<year>2003</year>
<volume>1A</volume>
<publisher-name><![CDATA[Elsevier North-Holland]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rajan]]></surname>
<given-names><![CDATA[Raghuram]]></given-names>
</name>
</person-group>
<source><![CDATA[Too Systemic to Fail: Consequences and Potential Remedies]]></source>
<year>mayo</year>
<month> d</month>
<day>e </day>
<conf-name><![CDATA[ Conference on Bank Structure and Competition]]></conf-name>
<conf-date>mayo de 2009</conf-date>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[Ross]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Finance and Growth: Theory and Evidence]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Aghion]]></surname>
<given-names><![CDATA[Philippe]]></given-names>
</name>
<name>
<surname><![CDATA[Durlauf]]></surname>
<given-names><![CDATA[Steven N.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Handbook of Economic Growth]]></source>
<year>2005</year>
<publisher-name><![CDATA[Elsevier North Holland]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Walter]]></surname>
<given-names><![CDATA[Bagehot]]></given-names>
</name>
</person-group>
<source><![CDATA[Lombard Street: A Description of the Money Market]]></source>
<year>1873</year>
<edition>tercera</edition>
<publisher-name><![CDATA[Henry S. King]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<article-title xml:lang=""><![CDATA[Financial Innovations and Technological Innovations as Twin Engines of Economic Growth]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chou]]></surname>
<given-names><![CDATA[Yuan K.]]></given-names>
</name>
<name>
<surname><![CDATA[Chin]]></surname>
<given-names><![CDATA[Martin S.]]></given-names>
</name>
</person-group>
<source><![CDATA[]]></source>
<year>2004</year>
<publisher-name><![CDATA[Universidad de Melbourne]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
