Kindleberger y Galbraith: el eterno retorno de las crisis financieras
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Guillén Romo, Héctor
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México D. F., México : CIECAS – IPN
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En este texto se presentan algunas de las principales tesis desarrolladas por Charles Kindleberger, en su libro clásico Manias, Panics and Crashes: A History of Financial Crises, y por John Kenneth Galbraith en su importante libro A Short History of Financial Euphoria. En el caso de Kindleberger, nos centramos en su modelo económico de las crisis financieras, que describe el paso de la euforia especulativa a la depresión y en el rol fundamental que desempeña el “prestamista en última instancia” para la superación de las crisis. En el caso de Galbraith, se hace una revisión de los rasgos comunes que caracterizan los episodios especulativos de los últimos tres siglos: desde la crisis de los tulipanes en Holanda a comienzos del siglo XVII hasta el desastre financiero de octubre de 1987 en los Estados Unidos. Se trata de dos libros escritos por dos grandes economistas heterodoxos americanos que pueden servir de base para la comprensión de la primera gran crisis financiera del siglo XXI: la crisis de los créditos subprime.
This paper present some of the main theories developed by Charles Kindleberger, in his classic Manias, Panics and Crashes: A History of Financial Crises, and John Kenneth Galbraith, in his important book A Short History of Financial Euphoria. For Kindleberger, we focus on his economic model of financial crises, which describes the transition from speculative euphoria to depression and the fundamental role played by the “lender of last resort” for overcoming the crisis. For Galbraith, this paper make a review of the common features that characterize the speculative episodes of the last three centuries: from the crisis of tulips in Holland in the early seventeenth century to the financial disaster in October 1987 in the U.S. These two books, written by two great American heterodox economists, can provide a basis for understanding the fi rst great fi nancial crisis of the XXI century: the subprime loan crisis.
This paper present some of the main theories developed by Charles Kindleberger, in his classic Manias, Panics and Crashes: A History of Financial Crises, and John Kenneth Galbraith, in his important book A Short History of Financial Euphoria. For Kindleberger, we focus on his economic model of financial crises, which describes the transition from speculative euphoria to depression and the fundamental role played by the “lender of last resort” for overcoming the crisis. For Galbraith, this paper make a review of the common features that characterize the speculative episodes of the last three centuries: from the crisis of tulips in Holland in the early seventeenth century to the financial disaster in October 1987 in the U.S. These two books, written by two great American heterodox economists, can provide a basis for understanding the fi rst great fi nancial crisis of the XXI century: the subprime loan crisis.
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2009-09
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p. 15-25
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Guillén Romo, Héctor. 2009. Kindleberger y Galbraith: el eterno retorno de las crisis financieras (Fundamentos y Debate). Mundo Siglo XXI. Revista del Centro de Investigaciones Económicas, Administrativas y Sociales del Instituto Politécnico Nacional, 18: 15-25.