Resumo

GARCIA RUIZ, Mercedes. International Finance in the Last Half-century: From the End of the Gold Standard to Permanent Instability and Uncertainty. Econ. y Desarrollo [online]. 2021, vol.165, n.2  Epub 09-Mar-2021. ISSN 0252-8584.

This paper analyzes how, in the five decades since the Bretton Woods international monetary system went into crisis, important transformations have taken place in international finance associated with processes of liberalization, integration, securitization and financial innovation. As a result, the monetary and financial landscape is essentially characterized by high levels of deregulation and interconnection of the securities, money and credit markets; great magnitude and dynamism of the activity of the institutions and agents operating in them; and persistent volatility of interest rates, exchange rates, stock market indexes and access to financing. In this environment, a distinctive feature is the permanent risk of shocks and crises and the consequent uncertainty that dominates the market.

Palavras-chave : banks; crisis; debt; currencies; financial markets; risk.

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