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Economía UNAM

versão impressa ISSN 1665-952X


RUIZ DURAN, Clemente. Financial crisis of beginning of century: varieties of the capitalism, territorial answers in the global economy. Economía UNAM [online]. 2011, vol.8, n.24, pp.3-22. ISSN 1665-952X.

The first financial crisis of the 21st century has occurred and developed among capitalist schemes that have multiple institutional and productive structures, which are explained by what this paper calls "varieties of capitalism" following Hall and Soskice. This document describes in a stylized form the institutional framework prior to the crisis -explained by different government arrangements, levels of financial deepness, openness degree of the economies and commerce concentration- and how this led to different responses to the crises of several of the world's leading financial centers. Departing from this framework the paper analyzes the multiple responses that were put together by different countries to face the collapse of the financial sector; it analyzes the role of state's management capacities to grant funds to worldwide markets to avoid a collapse similar to that occurred in the 1930's. This paper analyzes how the crisis has been faced, using an arsenal of public instruments and how this crisis affected mainly the weakest European economies. It introduces a comparative analysis to measure the degree of interaction among the different variables, and concludes with an exploration of different policies that could help build an agenda to reduce fragility and give sustentaibility to the different varieties of capitalism.

Palavras-chave : Financial Markets and the Macroeconomy; Economic Integration; Measurement of Economics Growth.

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