Crisis Financiera en los Mercados Globales

8/3/2019 Crisis Financiera en los Mercados Globales

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NYG^G^ @NKHJGNC W BGHCHNG@YC @HDK^ J@YNCLK^ EDKICD@^6

CH\@N@L@H\@^ W ]CHKYCJC^]K^GID@^

]@Y^]@N\GRC^ @NKHJGNC^ ]CYCJQGNK

Lyc( Hkyc N( Cj}plgc Jysp`v(

Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( 3


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Jqgnk hk `~|c hg `h nyg~g~ hg `h y`n`~gh ~ghk

`h ph }ykn`~k l`~cn`d`ycngh

@d `~|chncjg`h|k `nkhjgnk ac ~glk dc

nkh~|ch|` `h dk~ d|gjk~ 3= ck~6 3(5% l`

ny`ngjg`h|k }ykj`lgk chpcd !NC]@J'



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Lpych|` `d }y`~`h|` ck dc cn|grglcl `nkhjgnc ac`~|clk y`dc|grcj`h|` `~|chnclc$ hk ~` }`yngi` phbp`y|` }ykn`~k l` y`np}`ycngh `nkhjgnc `h dc~r`h|c~$ `d `j}d`k$ `d nkh~pjk w dc ghr`y~gh(

Lclk `d `~n`hcygk gh|`yhcngkhcd w ~g dc~ nkhlgngkh`~}`yjch`n`h nkjk ac~|c `d lc l` akw$ `d ck l`d9=39 jk~|ycy ph nkj}ky|cjg`h|k }knk lghjgnkjpw ~`j`fch|` cd l` `~|` ck(

]`yk `ddk l`}`hl`y l` dk sp` ~pn`lc nkh dc nyg~g~l` l`plc ~ki`ychc `h @pyk}c w dc y`np}`ycngh l`dc `nkhkjc Hky|`cj`ygnchc(

Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( >


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@Q]@N\C\GRC^ ]CYC 9=33*9=39

GH^\G\PNGKH 9=33 9=39IIRC*ICHNKJ@Y

>(0 >(0

PHCJ+@NKHKJC

>(1 >((59 >(9=% l`dk sp` nkj}ycic `h dk~ kna`h|c !PHCJ$ N`h|yk l` chdg~g~

jpd|glg~ng}dghcygk'( Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( 35


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J@YNCLK GH\@YHK`' @~nc~k lghcjg~jk `h e`h`ycngh l` `j}d`k~6 Hghg~$

~pi`j}d`k ` ghbkyjcdglcl(

b' Jcwky nkhn`h|ycngh l`d ghey`~k$ ndc~` j`lgc ~` y`lpn`!>9% l` dk~ akecy`~$ N w N/3' 2=% l` dc~ jpf`y`~ |ycicfc$2=% ~kh `j}d`clk~ !Gh~|g|p|k l` Ghr`~|gecngkh`~ kngcd`~ PHCJ'

e' Ichnc l` l`~cyykddk ac glk y`lpng`hlk ~p }cy|gng}cngh}kyn`h|pcd `h `d bghchngcjg`h|k c dc }yklpnngh$ cd gepcd sp`dc ichnc nkj`yngcd(

a' Hk `qg~|` phc }kd|gnc ndcyc w nkh|phl`h|` l` }ykjkngh cd

ny`ngjg`h|k6 bg~ncd$ ncjigcygc hg jkh`|cygc(g' Dc ndc~` c~cdcygclc `~ dc sp` j~ }cec gj}p`~|k~6


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^P@DLK^ W ^CDCYGK^^@EPHLK \YGJ@^\Y@ 9=33

Rcygcngh chpcd(


GHBDCNGH

\K\CD ^CDCYGK^ ]Y@^\CNGKH ^P@DLK^ JCWKY@K J@HPL@K

=(< =(0 3(3 *=(< *=(3 *>(5 >(7 }g`vc~ < d|~ > oe(

]KL@Y L@ NKJ]YC ^CDCYGK JHGJK


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GHR@Y^GH ]YKLPN\GRCJp`~|yc y`lpnngh `h ~p~ |c~c~ l` ny`ngjg`h|k(

@ddk ghlgnc sp` `d `j}d`k }`yjch`n`y `~|chnclk$ dk~`j}y`~cygk~ r`h ph j`ynclk }knk lghjgnk( Dc |`hl`hngc ~`jch|`hly gepcd `d ck sp` `h|yc(Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( 9=

*9(0

*9

*3(0

*3

*=(0

=

=(0

3

3(0

9==5+=3

9==5+=>

9==5+=0

9==5+=5

9==5+=7

9==5+33

9==1+=3

9==1+=>

9==1+=0

9==1+=5

9==1+=7

9==1+33

9==7+=3

9==7+=>

9==7+=0

9==7+=5

9==7+=7

9==7+33

9=3=+=3

9=3=+=>

9=3=+=0

9=3=+=5

9=3=+=7

9=3=+33

9=33+=3

9=33+=>

9=33+=0

9=33+=5

GHR@Y^GH @H JCSPGHCYGC W @SPG]KRcygcngh j`h~pcd


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^G\PCNGH DCIKYCD

Cpj`h|k akyc~|ycicfclc~(

Lg~jghpnghy`jph`ycngkh`~

j`lgc~ y`cd`~(Jcwky gh|`h~glcll` fkyhclc l`|ycicfk(



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Dc~ |c~c~ l` l`~knp}cngh ~` jch|g`h` `d`rclc~ l`~l` acn` > ck~


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Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( 9>

]KIDCNGH \K\CD

33> 73= 2=1acig|ch|`~

]@C


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L@IGDGLCL@^ @NKHKJC J@QGNCHCJ@YNCLK GH\@YHK

Dc~ `j}y`~c~ `~|h ci~kyig`hlk `d naksp` ghbdcngkhcygk( ^p~ nk~|k~ ~` ghny`j`h|ch w hk }p`l`h ~`y |yc~dclclk~ cd

}y`ngk l` r`h|c$ }ky dc c}`y|pyc `q|`yhc w dc y`~|ygnngh l`dj`ynclk gh|`yhk(

^p~ k}ngkh`~6 Y`lpnngh l` jcye`h l` echchngc~( Y`lpnngh l` nk~|k~6

Y`*ghe`hg`yc( ^pinkh|yc|cngh( Bghchngcjg`h|k }ykr``lky`~( Ghbkyjcdgvcngh l` ph ~`ej`h|k l` dc }yklpnngh k dk~ |ycicfclky`~( Gh|`h~gbgncngh fkyhclc dcikycd$ y`lpnngh }y`~|cngkh`~$ `j}d`k

|`j}kycd(



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97

]kidcngh hk }kiy` whk rpdh`ycid`

37(> %

]kidcngh rpdh`ycid`}ky ncy`hngc~ ~kngcd`~

91(5 %

]kidcngh rpdh`ycid` }kyghey`~k~$ 0(1 %

]kidcngh `h~g|pcngh l` }kiy`vc

jkl`yclc>0(1 %

]kidcngh h ~g|pcnghl` }kiy`vc q|y`jc$

3=(< %

=

3=

9=

>=


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FR@H@^ HGHG^ !hg `~|plgch$ hg |ycicfch' @lcl l` 30 c 97 ck~6 90% ~kh hghg~(

L` dk~ npcd`~ (7% Yg`~ek~ l` nc`y `h6

L`~`j}d`k nyhgnk6 bcd|c nkh|ghpc l` `q}`yg`hngc(

L`dghnp`hngc(

Rcechngc6 cdnkakdg~jk w lykeclgnngh( L`}y`~gh(

]ylglc l` nc}g|cd apjchk(!PHCJ @HK@'

Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( >=


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Lbgng| cnpjpdclk l` 2 jgddkh`~ l` }dcvc~bkyjcd`~ l` `j}d`k l`d 9=== cd 9=33(

]KIY@VC6

L`d 9==1 cd 9=3= ~` ghny`j`h|k l`


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BGHCHVC^ ]IDGNC ]@\YKDGVCLC^6 >0% l`d |k|cd l` dk~ ghey`~k~ b`l`ycd`~ l`}`hl`h l`d

}`|yd`k(

LIGD NKJ]KH@H\@ @^\YPN\PYCD L@ DC^ BGHCHVC^

]IDGNC^( L`d |k|cd l` dk~ ghey`~k~ b`l`ycd`~6

(


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BKY\CD@VC^

Dc l`plc }idgnc ~`jch|g`h` `h ph}kyn`h|cf` jpwcn`}|cid`(

Dc ghbdcngh `~ icfc

w `~|cid` `hcdy`l`lky l`d >%(

@d lbgng| bg~ncd `~jch`fcid`(

Dc~ |c~c~ l` gh|`y~

~` jch|g`h`hy`dc|grcj`h|``~|cid`~(

Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( >>


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@^\YC\@EGC P\GDGVCLC AC^\C AKW

Ic~clc `h `d j`ynclk `q|`yhk( J`lgch|` `d ghny`j`h|k l` dc nkj}`|g|grglcl

c |ycr~ l` dc gepcdcngh l` dk~ ~cdcygk~ c dc

icfc$ dk sp` e`h`yc ph ~`~ek l`bdcngkhcygk!y`lpnngh l` }y`ngk~ l` j`ynclk'$ ~ghecych|gvcy dc y`lpnngh l` dk~ nk~|k~ l`}yklpnngh$ dk sp` e`h`yc ph }ykn`~k l`ci~kyngh l` dc ghbdcngh j`lgch|` dc}y`ncygvcngh l`d j`ynclk dcikycd(

Nk}wygea| Lyc( Hkyc( N( Cj}plgc Jysp`v( >

Crisis Financiera en los Mercados Globales

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