Crises financeiras: o quê há de errado?

Abstract

This paper emphasize the recurrence of financial crises. In several studies, the long term instability of the international financial integration has been characterized as a intrinsic element of capitalistics economies. This fact emerge as a challenge to conventional wisdom in economics. We argue that the new models of financial crises has been successful with the incorporation of the stylized fact associated with that instability. Otherwise, in a normative perspective, the knew literature tends to generate conservative proposals to the institutional organization of the international financial market.