<?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>S0185-16672007000200151</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Dinámica financiera global: teoría y política para economías pequeñas y abiertas]]></article-title>
<article-title xml:lang="en"><![CDATA[Global Financial Dynamics: Theory and Policy for Small Open Economies]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mata Mollejas]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Levy-Carciente]]></surname>
<given-names><![CDATA[Sary]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Central de Venezuela Facultad de Ciencias Económicas y Sociales ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Venezuela</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Central de Venezuela Facultad de Ciencias Económicas y Sociales ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Venezuela</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2007</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2007</year>
</pub-date>
<volume>66</volume>
<numero>260</numero>
<fpage>151</fpage>
<lpage>190</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672007000200151&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672007000200151&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672007000200151&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El incremento de la frecuencia de las crisis económicas y el traslado de su génesis a las economías pequeñas y abiertas al final del siglo XX, aparecen asociados a la sustitución del régimen de moneda mercancía y a otros cambios en el ámbito mundial. Ello ha inducido a la pérdida de eficiencia de las políticas económicas nacionales en sus aspectos internos y externos evidenciando la necesidad de encontrar un nuevo orden cambiario. Pero su estudio y definición no debe limitarse a la distinción entre tipos de cambio fijo y flotante &#8212;estrechamente asociados al comercio y la concepción de moneda mercancía&#8212;, sino que debe considerar la influencia de los aspectos financieros en la dinámica económica, pues hasta el presente el predominio de las visiones tradicionales no se ha traducido en una instrumentación política relativamente eficaz. El estudio propone y justifica, para las economías pequeñas y abiertas &#8212;teórica y empíricamente&#8212; la instauración de un régimen bimonetario o de sustitución financiera durante el tránsito hacia convenios avanzados de integración subregional.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The increase in frequency of economic crises at the end of the XXth century, and the transfer of their genesis to small open economies, seem to be related to the substitution of the commodity-currency regime and to other changes in the world. These have produced a loss of efficiency of the national economic policies in their domestic and external aspects, evidencing the necessity to find a new exchange order. But their study and definition should not be limited to the distinction among fixed exchange rates and floating ones -closely associated to trade and the conception of the commodity-currency- but rather it should consider the influence of the financial aspects in the economic dynamics, because until the present the prevalence of the traditional visions has not been translated in a relatively effective policy instrumentation. The study proposes and justifies, for small open economies &#8212;theoretical and empirically the setting&#8212; up of a bimonetary regime or financial substitution during the transit toward advanced subregional integration agreements.]]></p></abstract>
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<person-group person-group-type="author">
<name>
<surname><![CDATA[Triffin]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[El Sistema Monetario Internacional]]></source>
<year>1968</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Amorrotu Edits]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wicksell]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Interest and Prices]]></source>
<year>1936</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Augustus M. Kelley]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
