El enigma de la mayor liquidez y mayor restricción de financiamiento

Abstract

THE FINANCIAL DEEPENING PROCESS OF DEVELOPED COUNTRIES MODIFIED THE DOMESTIC FINANCIAL MARKET ORGANIZATION, CREATING NEW INSTITUTIONS AND FINANCIAL INNOVATION AIMED TO INCREASE LIQUIDITY. ALTHOUGH THESE CHANGES TOOK PLACE IN DEVELOPING COUNTRIES, PARTICULARLY IN MEXICO, THE RESULTS WERE DIFFERENT. ON THE ONE HAND, THE TRADITIONAL INSTITUTIONS (BANKS) ADAPTED TO THE INTERNATIONAL SYSTEM, DIVERSIFYING THEIR BALANCE SHEET AND, ON THE OTHER HAND, THE NEW INSTITUTIONS AND FINANCIAL INNOVATIONS WERE SO SMALL THAT OLD FORMS OF GOVERNMENT INTERVENTION REAPPEARED, INCREASING FINANCE TO SOME PRIORITY SECTORS (HOUSING).