<?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>S2448-718X2012000200263</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[¿Qué ha fallado en la macroeconomía y finanzas suramericanas desde los años noventa?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ffrench-Davis]]></surname>
<given-names><![CDATA[Ricardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2012</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2012</year>
</pub-date>
<volume>79</volume>
<numero>314</numero>
<fpage>263</fpage>
<lpage>286</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2012000200263&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2012000200263&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2012000200263&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo examina las experiencias macroeconómicas de cinco países suramericanos -Argentina, Brasil, Chile, Colombia y Perú- desde los años noventa. Se destacan características comunes en sus políticas macroeconómicas y en las crisis cíclicas que experimentan, las que predominan sobre diferencias relevantes que se examinan. Se analiza cómo, no obstante la estabilización de los precios y la mayor disciplina fiscal logrados, se obtiene un crecimiento mediocre del PIB (3.2% desde los años noventa), resultado que ha estado asociado a una baja formación de capital. Al examinar las causas se encuentra una intensa asociación con la inestabilidad del entorno macroeconómico -en particular, demanda agregada y tipo de cambio real-, una especie de "montaña rusa" que enfrentan los productores del PIB. Esta inestabilidad, a su vez, aparece determinada por choques cíclicos de los flujos de capitales y términos del intercambio. Se concluye que la "incompletitud" de los logros macroeconómicos está en el centro de la falta de convergencia al desarrollo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The macroeconomic experiences of five South American nations -Argentina, Brazil, Chile, Colombia and Peru- are examined since the 1990s. Common features in reforms and macroeconomic policies as well as common cyclical breaking points are stressed, which overcome some relevant differences that are presented. It is analyzed how, notwithstanding price level stabilization and improved fiscal discipline achievements, a mediocre economic growth is recorded (3.2% since the 1990s) which has been associated to a low investment ratio. Its causes are traced to an intensive macroeconomic instability -particularly, of aggregate demand and the real exchange rate- a sort of roller coaster suffered by the producers of GDP. This instability appears to be determined by cyclical capital flows and terms of trade. It is concluded that the "incompleteness" of macroeconomic balances is at the core of the lack of development convergence.]]></p></abstract>
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<kwd lng="es"><![CDATA[mercados financieros]]></kwd>
<kwd lng="es"><![CDATA[ciclos económicos]]></kwd>
<kwd lng="es"><![CDATA[desequilibrios de la macroeconomía real]]></kwd>
<kwd lng="es"><![CDATA[tipos de cambio]]></kwd>
<kwd lng="es"><![CDATA[inversión]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
</kwd-group>
</article-meta>
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