<?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>S2448-718X2013000200283</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La participación de los bancos centrales en las crisis bancarias de la América Latina. Lecciones de los decenios de los noventa y de 2000]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jácome H.]]></surname>
<given-names><![CDATA[Luis I.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Fondo Monetario Internacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2013</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2013</year>
</pub-date>
<volume>80</volume>
<numero>318</numero>
<fpage>283</fpage>
<lpage>327</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2013000200283&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2013000200283&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2013000200283&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN En el presente artículo se analiza el papel de los bancos centrales en las crisis bancarias de la América Latina. Se descubre que, salvo por un puñado de casos, cuando las resoluciones bancarias se ejecutaron puntualmente, el dinero del banco central se utilizó a gran escala para contener y gestionar crisis tanto sistémicas como menores. Sin embargo, las aportaciones de dinero a raudales en el sistema financiero tendieron a exacerbar la turbulencia macroeconómica y aumentaron las probabilidades de que ocurrieran crisis cambiarias, sobre todo en los países de mercados emergentes. Si bien con algunas salvedades, las conclusiones del presente artículo son pertinentes y los países en desarrollo deberían verlas como una advertencia contra la expansión excesiva de los balances generales de los bancos centrales para hacer frente a las crisis financieras, tal como lo han hecho recientemente varios países industrializados.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This paper analyzes central banks' role in banking crises in Latin America. It finds that, except in a handful of cases, where bank resolution was timely executed, central bank money was used in large scale to contain and manage systemic and small crises alike. However, pouring money into the financial system tended to fuel macroeconomic unrest and increased the chances of currency crises, in particular in emerging market countries. While subject to some caveats, the conclusions of this paper are relevant and should be taken by developing countries as a warning against excessively expanding central banks' balance sheets to cope with financial crises, as several industrial countries have done it recently.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[crisis bancaria]]></kwd>
<kwd lng="es"><![CDATA[bancos centrales]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[mercados emergentes]]></kwd>
<kwd lng="es"><![CDATA[América Latina.]]></kwd>
</kwd-group>
</article-meta>
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