Liberalización comercial y financiera, ahorro y crecimiento endógeno

Liberalización comercial y financiera, ahorro y crecimiento endógeno
!703@/:7H/17S< 1=;3@17/: G I</<173@/ /6=@@= G
1@317;73<B= 3<2S53<=
<@7?C3 /A/@3A 7:
3>/@B/;3<B= 23 1=<=;Q/ )"H1/>=BH/:1=
7C2/2 23 "PF71= "PF71=
3@151=@@3=/H1C/;;F
"
'3 23A/@@=::/ C< ;=23:= 23 1@317;73<B= 3<2S53<= 1=< B@3A 073<3A 3F>=@B/0:3
7;>=@B/2= G <=1=;3@17/0:3 : 1=<=17;73<B= B31<=:S571= 2=;PAB71= >@=2C172= 3<
3: A31B=@ 3F>=@B/2=@ >C323 A3@ CB7:7H/2= 3< 3: A31B=@ <=1=;3@17/0:3 !=A 6=5/@3A
3ABO< AC83B=A / C</ @3AB@7117S< 23 1@P27B= 3FB3@<= '3 ;C3AB@/ /</:QB71/;3<B3 ?C3
:/ :703@/:7H/17S< 1=;3@17/: G :/ I</<173@/ B73<3< C< 7;>/1B= <C:= A=0@3 3: B7>= 23
1/;07= @3/: 3< 3: B@/0/8= 3;>:3/2= 3< :=A A31B=@3A G 3< :/ >@=>=@17S< 23 1/>7B/:3A
23;OA A3 ;C3AB@/ ?C3 :/ :703@/:7H/17S< 1=;3@17/: G :/ I</<173@/ >@=;C3D3< 3:
1@317;73<B= 31=<S;71= >=@ ;327= 23 C< /C;3<B= 3< 3: /6=@@= 2=;PAB71= 3431B7D=
G 3: /6=@@= 3FB3@<= '3 /@5C;3<B/ ?C3 3AB= A3 2303 / ?C3 3: B7>= 23 1/;07= @3/:
3A 1=<AB/<B3 '7< 3;0/@5= A7 :/ :703@/:7H/17S< >@=2C13 C</ />@317/17S< 23: B7>= 23
1/;07= @3/: 3: 1@317;73<B= >C323 @32C17@A3
!!
+3 23D3:=> /< 3<2=53<=CA 5@=EB6 ;=23: E7B6 B6@33 5==2A 3F>=@B32 7;>=@B32
/<2 <=<B@/2/0:3 =;3AB71 B316<=:=571/: 9<=E:3253 >@=2C132 7< B63 3F>=@B A31B=@
1/< 03 CA32 7< B63 <=<B@/2/0:3 A31B=@ =CA36=:2A /@3 AC0831B B= / @3AB@71B7=< =<
3FB3@</: 1@327B +3 A6=E /</:GB71/::G B6/B B@/23 :703@/:7H/B7=< /<2 I</<17/: 6/D3
<= 7;>/1B =< B63 @3/: 3F16/<53 @/B3 =< B63 :/0=@ 3;>:=G32 7< B63 A31B=@A /<2
=< B63 >@=>=@B7=< =4 1/>7B/: "=@3=D3@ E3 /:A= A6=E B6/B B@/23 :703@/:7H/B7=< /<2
B63 I</<17/: =<3 >@=;=B3 31=<=;71 5@=EB6 B6@=C56 7<1@3/A32 2=;3AB71 3N31B7D3
A/D7<5A /<2 3FB3@</: A/D7<5A B 7A /@5C32 B6/B B67A 7A 031/CA3 B63 @3/: 3F16/<53
49
50
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
@/B3 7A 1=<AB/<B =E3D3@ 74 :703@/:7H/B7=< >@=2C13A /< />>@317/B7=< =4 B63 @3/:
3F16/<53 @/B3 5@=EB6 1/< 03 @32C132
%/:/0@/A 1:/D3 '31B=@ 3F>=@B/2=@ />@3<27H/83 B/A/ /@/<13:/@7/ 1=:/B3@/: 1@P27B=
3FB3@<= B7>= 23 1/;07= @3/: 1@317;73<B=
:/A7I1/17S< ! $
!"'
: 7;>/1B= 23 C</ :703@/17S< 1=;3@17/: G I</<173@/ A=0@3 3: 1@317;73<B=
31=<S;71= 6/ A72= /;>:7/;3<B3 3ABC27/2= =< @3A>31B= / :/ @3:/17S< 3<B@3
/>3@BC@/ 1=;3@17/: G 1@317;73<B= :/ 5@/< ;/G=@Q/ 23 :=A 3ABC27=A 3;>Q@7
1=A 1=<1:CG3< ?C3 3ABO< >=A7B7D/;3<B3 1=@@3:/17=</2=A +/1H7/@5 G +3:16
;C3AB@/< ?C3 / ;/G=@ />3@BC@/ 1=;3@17/: ;/G=@ 1@317;73<B= >/@/
C</ ;C3AB@/ 23 >/QA3A >/@/ 3: >3@7=2= DP/A3 B/;07P< =::/@
G @//G 23;OA 3< 3ABC27=A 23 1/A= +/1H7/@5 G +3:16 3<1C3<
B@/< ?C3 :/ :703@/:7H/17S< 3< >/QA3A >@=2C8= C< 7;>/1B= >=A7B7D= A=0@3 3:
1@317;73<B= 3< >/QA3A 1/CAS C< 7;>/1B= <C:= G 3< >/QA3A =1/A7=<S C<
7;>/1B= <35/B7D= 3< "PF71= >@=2C8= C< 7;>/1B= <35/B7D= < >/@B71C:/@
>/@/ 3: 1/A= ;3F71/<= +/1H7/@5 G +3:16 A3R/:/< ?C3 :/ :703@/:7H/17S< 1=
;3@17/: 4C3 /1=;>/R/2/ >=@ C</ />@317/17S< 23: >3A= ;3F71/<= G >=@ =B@=A
4/1B=@3A ?C3 27A;7<CG3@=< :/ 5/</<17/ 23 :/ />3@BC@/ %=@ B/<B= C</ :703
@/:7H/17S< 1=;3@17/: 2303 23 7@ /1=;>/R/2/ 23 ;3272/A 1=;>:3;3<B/@7/A
AQ 6/<5 /:B/<7 G !=/GH/ ;C3AB@/< ?C3 3: 03<3I17= 23 C</ />3@
BC@/ 1=;3@17/: >C323 A3@ ;38=@/2= >=@ ;327= 23 @34=@;/A /2717=</:3A DP/A3
B/;07P< /:2E7< =< @3A>31B= / :/ @3:/17S< 3<B@3 />3@BC@/ I</<173@/ G 1@317;73<B= :/
5@/< ;/G=@Q/ 23 :=A 3ABC27=A 3;>Q@71=A ;C3AB@/< <= 1=@@3:/17S< AQ $0AB
43:2 1=<1:CG3 ?C3 :/ 3D723<17/ ;/1@=31=<S;71/ ;C3AB@/ ?C3 :/ 7<B3
5@/17S< I</<173@/ <= ;38=@/ 3: 1@317;73<B= 23 :/A 31=<=;Q/A 3< 23A/@@=::=
DP/A3 B/;07P< =A3 %@/A/2 &=5=N G +37 23;OA :/A 31=<=;Q/A
3< 23A/@@=::= ?C3 23>3<273@=< ;3<=A 23: /6=@@= 3FB3@<= 1@3173@=< ;OA
DP/A3 7H3<;/< %7<B= G &/2H7E7:: G %@/A/2 &/8/< G 'C0@/;/<7/<
< >/@B71C:/@ :/ 4C<17S< 23: /6=@@= 3FB3@<= 3A :/ 23 1=;>:3;3<B/@ 3:
Liberalización comercial y financiera, ahorro y crecimiento endógeno
/6=@@= 2=;PAB71= '7< 3;0/@5= 3: /6=@@= 3FB3@<= 6/ 23A>:/H/2= /: /6=@@=
2=;PAB71= 3< ;P@71/ !/B7</ DP/A3 )B6=N G (7B3:;/< G @3AA3@
%3@37@/ G /:/ "73<B@/A >/@/ :/A 31=<=;Q/A /A7OB71/A 3< 53<3@/: 3:
/6=@@= 3FB3@<= G 3: 2=;PAB71= 6/< A72= 1=;>:3;3<B/@7=A DP/A3 &37<6/@B G
(/:D7 G )<7B32 #/B7=<A 7</:;3<B3 :=A 3ABC27=A ;/1@=31=<S;7
1=A ;C3AB@/< C</ @3:/17S< >=A7B7D/ >3@= 2P07: 3<B@3 7<D3@A7S< 3FB@/<83@/
27@31B/ G 3: 1@317;73<B= 31=<S;71= A7< 3;0/@5= :/ 5/</<17/ >C323 3AB/@
:7;7B/2/ >=@ 1=<2717=<3A 2=;PAB71/A 1=;= 3: <7D3: 23 1/>7B/: 6C;/<= = 3:
<7D3: 23 23A/@@=::= 23: A7AB3;/ I</<173@= DP/A3 :4/@= 6/<2/ /:3;:7
$H1/< G '/G39 < 3AB3 /@BQ1C:= A3 3ABC27/ 3: 7;>/1B= 23 C</ @32C117S< 23 /@/<13:3A G
23 C< /C;3<B= 23: 1@P27B= 3FB3@<= 3< 3: 1@317;73<B= 31=<S;71= 3< 4=@;/
A3>/@/2/ G A7;C:BO<3/ %/@/ 3AB3 I< A3 23A/@@=::/ C< ;=23:= 23 1@317;73<
B= 3<2S53<= >/@/ C</ >3?C3R/ 31=<=;Q/ /073@B/ !/ 31=<=;Q/ >@=2C13
2=A 073<3A 3F>=@B/0:3 G <=1=;3@17/0:3 1=<AC;3 2=A 073<3A 7;>=@B/2=
G <=1=;3@17/0:3 G /1C;C:/ 2=A 073<3A 3F>=@B/0:3 G <=1=;3@17/0:3 :
A31B=@ 3F>=@B/2=@ 3A :/ 4C3<B3 23: 1=<=17;73<B= B31<=:S571= 2=;PAB71= AB3
1=<=17;73<B= >C323 A3@ CB7:7H/2= 3< 3: A31B=@ 23: 073< <=1=;3@17/0:3 %=@
B/<B= 3< 3: ;=23:= 6/G 2=A 3FB3@</:72/23A 23 />@3<27H/83
: 5=073@<=
/>:71/ C< /@/<13: / :/A 7;>=@B/17=<3A !=A 6=5/@3A 3ABO< AC83B=A / C</ @3A
B@7117S< 23 1@P27B= 7<B3@</17=</: AQ A3 AC>=<3 ?C3 A=:/;3<B3 C</ 4@/117S<
1=<AB/<B3 G 3FS53</ 23: 1/>7B/: 3F>=@B/0:3 A7@D3 1=;= 1=:/B3@/: >/@/ >@PA
B/;=A 3< 3: ;3@1/2= ;C<27/: DP/A3 /@@= "/<97E G '/:/7"/@B7< (/;07P< A3 AC>=<3 ?C3 :=A 6=5/@3A /6=@@/< C</ 4@/117S< 1=<AB/<B3 G 3FS
53</ 23: 7<5@3A= </17=</:
%=@ B/<B= 3: ;=23:= 3ABO C071/2= 3< :/ 070:7=5@/4Q/ ?C3 27D723 :/ 31=<=;Q/
3< C< 073< 1=;3@17/0:3 3F>=@B/0:3 3 7;>=@B/0:3 G 3< C< 073< <=1=;3@17/0:3
1=< /1C;C:/17S< 23 1/>7B/: AQ @=19 G (C@<=DA9G 23A/@@=::/< C<
;=23:= 1=< 2=A B7>=A 23 1/>7B/: C<= 1=;3@17/0:3 G =B@= <=1=;3@17/0:3
A 1=<D3<73<B3 A3R/:/@ ?C3 C</ 31=<=;Q/ 3< 23A/@@=::= /073@B/ B73<3 :/ 1/>/172/2 23
B3<3@ ;/G=@3A 7;>=@B/17=<3A 23 073<3A 23 1/>7B/: >@=D3<73<B3A 23 :=A >/QA3A 23A/@@=::/2=A
!/ 7;>=@B/17S< 23 073<3A 23 1/>7B/: 3A C< ;31/<7A;= 23 B@/<A;7A7S< 23: 1=<=17;73<B=
B31<=:S571= 3FB3@<= : ;=23:= 23A/@@=::/2= 3< 3AB3 /@BQ1C:= 1=<A723@/ A=:/;3<B3 :/ 53<3
@/17S< 23 1=<=17;73<B= B31<=:S571= 2=;PAB71=
51
52
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
23;OA (C@<=DA9G >@3A3<B/ C< ;=23:= 23 1@317;73<B= 3<2S53<= 3<
2=<23 3: 1/>7B/: 4QA71= 3A 1=;3@17/0:3 G 3: 1/>7B/: 6C;/<= 3A <=1=;3@17/0:3
A7;7A;= =@7<39 G '3@D3< 23A/@@=::/< C< ;=23:= 23 1@317;73<B=
3<2S53<= 3< 2=<23 :/ >@=2C117S< 23 073<3A 1=;3@17/0:3A 53<3@/ ;/G=@3A
3FB3@</:72/23A 23 />@3<27H/83 ?C3 :=A <=1=;3@17/0:3A
%@7;3@= A3 /</:7H/ 3< 3: 3AB/2= 3AB/17=</@7= 1=;= :/ 31=<=;Q/ @3A
>=<23 / C</ 27A;7<C17S< 23 :/ B/A/ /@/<13:/@7/ AQ 1C/<2= 3: /@/<13: 3A
27A;7<C72= :/ 23;/<2/ 23 1=<AC;= >=@ 3: 073< 7;>=@B/2= /C;3<B/ G :/
23;/<2/ 23 1=<AC;= >=@ 3: 073< <=1=;3@17/0:3 27A;7<CG3 %=@ :/A 1/
@/1B3@QAB71/A 23: ;=23:= 3: B7>= 23 1/;07= @3/: 3: >@317= @3:/B7D= 23: 073<
<=1=;3@17/0:3 <= 1/;07/ A7;7A;= :/ >@=>=@17S< 23: B@/0/8= 3;>:3/2=
3<B@3 :=A A31B=@3A <= D/@Q/ <7 :/ >@=>=@17S< 23 1/>7B/:3A '7< 3;0/@5= 3:
1/;07= 3< :/ 1=;>=A717S< 23 :/ 23;/<2/ >@=2C13 ?C3 :/ B/A/ 3431B7D/ 23
1=<AC;= 27A;7<CG/ G ?C3 :/ B/A/ 3431B7D/ 23 /6=@@= /C;3<B3 AQ 3< 3:
<C3D= 3AB/2= 3AB/17=</@7= :/ B/A/ 23 1@317;73<B= 23 :/ 31=<=;Q/ /C;3<
B/ %=@ B/<B= :/ @32C117S< /@/<13:/@7/ 3AB7;C:/ 3: /6=@@= 2=;PAB71= G 3:
1@317;73<B= 31=<S;71= 23 :/@5= >:/H=
'35C<2= A3 ;C3AB@/ 1=;= :/ 31=<=;Q/ @3A>=<23 / C< /C;3<B= 3< :/
4@/117S< 23: 1/>7B/: 3F>=@B/0:3 ?C3 A7@D3 1=;= 1=:/B3@/: AQ C< /C;3<B=
3< 3: 1@P27B= 3FB3@<= <= B73<3 7;>/1B= A=0@3 3: B7>= 23 1/;07= @3/: 3:
;7A;= ;=2= <= B73<3 7;>/1B= 3< 3: B@/0/8= 3;>:3/2= 3< 3: A31B=@ 3F>=@B/
2=@ <7 3< :/ >@=>=@17S< 23 1/>7B/:3A =;= / ;/G=@ 1@P27B= 3FB3@<= ;/G=@
/6=@@= 3FB3@<= :/ B/A/ 23 1@317;73<B= 23 :/ 31=<=;Q/ /C;3<B/ %=@ B/<
B= :/ 3<B@/2/ 23 1/>7B/:3A 03<3I17/ /: 1@317;73<B= 31=<S;71= 7</:;3<B3
A3 1=<A723@/ C</ @32C117S< /@/<13:/@7/ G C< /C;3<B= 23: 1@P27B= 3FB3@<=
A7;C:BO<3/;3<B3 : @3AC:B/2= 3A ?C3 3: /6=@@= B=B/: 23 :/ 31=<=;Q/ /C;3<
B/ B/<B= 3: 2=;PAB71= 1=;= 3: 3FB3@<= /AQ 3: /6=@@= 2=;PAB71= G 3: 3FB3@<=
A=< 1=;>:3;3<B/@7=A 1=;= 3< :/A 31=<=;Q/A /A7OB71/A %=@ := B/<B= :/ :703
@/:7H/17S< 1=;3@17/: G :/ I</<173@/ B73<3< C< 7;>/1B= >=A7B7D= A=0@3 :/ B/A/
23 1@317;73<B= 23 :/ 31=<=;Q/ 23 :/@5= >:/H= 23;OA A3 23;C3AB@/ ?C3 3:
;=23:= <= B73<3 27<O;71/ 23 B@/<A717S< !=A @3AC:B/2=A /?CQ ;=AB@/2=A <=
3ABO< >@3A3<B3A 3< :/ 070:7=5@/4Q/ /<B3A ;3<17=</2/
!=A @3AC:B/2=A 3< 3AB3 /@BQ1C:= 23>3<23< 4C<2/;3<B/:;3<B3 23 ?C3 3:
B7>= 23 1/;07= @3/: 3: >@317= @3:/B7D= 23: 073< <=1=;3@17/0:3 A3/ 1=<AB/<B3
Liberalización comercial y financiera, ahorro y crecimiento endógeno
3< 3: >@=13A= 23 :703@/:7H/17S< 1=;3@17/: G I</<173@/ '7< 3;0/@5= /A/@3A
>@3A3<B/ C< ;=23:= 23 1@317;73<B= 3<2S53<= 3< 2=<23 <= 6/G @3A
B@7117S< /: 1@P27B= 3FB3@<= <7 073<3A 7;>=@B/2=A '3 ;C3AB@/ ?C3 1C/<2= :/
31=<=;Q/ 3;>@3<23 C</ />3@BC@/ I</<173@/ 1=< C</ 27A;7<C17S< 23 :/ B/A/
23 7<B3@PA >@=2C1B= 23 C</ @32C117S< 23: @73A5= >/QA 3: B7>= 23 1/;07= @3/:
A3 />@317/ G >3@8C271/ /: A31B=@ 1=;3@17/0:3 AB= >@=2C13 ?C3 3: B@/0/8=
JCG/ /: A31B=@ <=1=;3@17/0:3 G :/ 4@/117S< 23: B@/0/8= 3;>:3/2= 3< 3: A31B=@
1=;3@17/0:3 27A;7<CG/ A7;7A;= 3AB7;C:/ :/ /1C;C:/17S< 23 1/>7B/: 3< 3:
A31B=@ <=1=;3@17/0:3 G :/ 23A/:73<B/ 3< 3: A31B=@ 1=;3@17/0:3 AQ :/ B/A/
23 1@317;73<B= 23 :/ 31=<=;Q/ >C323 27A;7<C7@ /C;3<B/@ = B3<3@ 3?C7:70@7=
;T:B7>:3
< >/@B71C:/@ 3: Q<2713 23: B7>= 23 1/;07= @3/: (& ;C:B7:/B3@/: 23:
>3A= ;3F71/<= 23: /<1= 23 "PF71= >/AS 23 3< 27173;0@3 23 / C< <7D3: ;Q<7;= 23 3< ;/@H= 23 1=< C</ 23>@317/17S< 0@CA1/
>3@= 1=@B/ 3< C</ 27A;7<C17S< 23: (& @3>@3A3<B/ C</ />@317/17S<
%=@ := B/<B= >/@/ 3: >3@7=2= 3: B7>= 23 1/;07= @3/: A3 />@317=
3< C< G :/ B/A/ 23 1@317;73<B= >@=;327= 23: 7<5@3A= >3@ 1O>7B/ 4C3 23:
/<C/: 3< 2S:/@3A 7<B3@</17=</:3A %/@/ 27173;0@3 23 3: (&
4C3 23 AQ >/@/ 3: >3@7=2= 3: B7>= 23 1/;07= @3/: BCD= C</
23>@317/17S< 23 C< G :/ B/A/ 23 1@317;73<B= >@=;327= 23: 7<5@3A= >3@
1O>7B/ /C;3<B= / /<C/: : 03<3I17= 23 :/ :703@/:7H/17S< >C2= A3@
27A;7<C72= >=@ :/ />@317/17S< 23: B7>= 23 1/;07= @3/: ;OA =B@=A 4/1B=@3A
2/<2= >=@ @3AC:B/2= C< :3<B= 1@317;73<B= 31=<S;71=
: /@BQ1C:= 3ABO =@5/<7H/2= 23 :/ A75C73<B3 ;/<3@/ < :/ A3117S< A3
23A/@@=::/ C< ;=23:= 23 1@317;73<B= 3<2S53<= 23 C</ >3?C3R/ 31=<=;Q/
/073@B/ < :/ A3117S< A3 @323I<3 3: ;=23:= 3< D/@7/0:3A 3AB/17=</@7/A
< :/ A3117S< A3 3ABC27/ 3: 3AB/2= 3AB/17=</@7= < :/ A3117S< A3 2/<
:/A 1=<1:CA7=<3A
&
!/ 31=<=;Q/ B73<3 B@3A 073<3A 3F>=@B/0:3 7;>=@B/2= G <=1=;3@17/0:3
23;OA :/ 31=<=;Q/ 3A >3?C3R/ /AQ 3: >@317= 23: 073< 3F>=@B/0:3 G 23: 7;
53
54
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
>=@B/2= 3ABO< 2/2=A >=@ 3: ;3@1/2= ;C<27/: A7;7A;= :/ B/A/ 23 7<B3@PA
;C<27/: 3ABO 2/2/ %=@ A7;>:7172/2 >/@/ 3ABC27/@ :/ >=:QB71/ 1=;3@17/: A3
1=<A723@/ ?C3 3: 073< 3F>=@B/0:3 3A >@=2C172= G /1C;C:/2= >3@= <= 1=<AC;7
2= 3: 073< 7;>=@B/2= 3A 1=<AC;72= >3@= <= >@=2C172= <7 /1C;C:/2= G 3:
073< <=1=;3@17/0:3 3A >@=2C172= 1=<AC;72= G /1C;C:/2= DP/A3 7<93 G
#A3<57GC;D/ '3 1=<A723@/ ?C3 3: 5=073@<= 7;>=<3 C</ B/A/ /@/<13
:/@7/ / :/A 7;>=@B/17=<3A G 3AB=A 7<5@3A=A A=< B@/<A43@72=A / :=A 6=5/@3A >=@
;327= 23 C</ B@/<A43@3<17/ 23 AC;/ I8/ %/@/ 3ABC27/@ :/ :703@/:7H/17S<
I</<173@/ A3 AC>=<3 ?C3 A=:/;3<B3 C</ 4@/117S< 1=<AB/<B3 23: 1/>7B/: 3F
>=@B/0:3 3A 1=:/B3@/: >/@/ >@PAB/;=A 3< 3: ;3@1/2= 7<B3@</17=</: 23 1@P27B=
: 073< 3F>=@B/0:3 G 3: <=1=;3@17/0:3 A=< >@=2C172=A >=@ ;327= 23 1/>7B/:
4QA71= B@/0/8= G 1=<=17;73<B= B31<=:S571= 2=;PAB71= %=@ A7;>:7172/2 3:
A31B=@ 3F>=@B/2=@ 3A 3: T<71= ?C3 53<3@/ 1=<=17;73<B= B31<=:S571= 2=;PA
B71= >=@ ;327= 23 C< />@3<27H/83 3< :/ >@O1B71/ :3/@<7<5 0G 2=7<5 :
1=<=17;73<B= A3 23A0=@2/ /: A31B=@ <=1=;3@17/0:3 !/ =43@B/ B=B/: 23: 4/1
B=@ B@/0/8= 3A 1=<AB/<B3 F7AB3 :70@3 ;=D7:72/2 23: B@/0/8= 3<B@3 :=A 2=A
A31B=@3A >@=2C1B7D=A
! #!
'3 AC>=<3 ?C3 :/ 4C<17S< 23 >@=2C117S< 23: A31B=@ 3F>=@B/2=@ 3A =00
=C5:/A
3< 2=<23 3A :/ >@=2C117S< 23: 073< 3F>=@B/0:3 3A C< >/@O;3B@= 23
3I173<17/ 3A 3: /13@D= 23 1/>7B/: 4QA71= /1C;C:/2= 23: 073< 3F>=@B/0:3
3A 3: B@/0/8= 3;>:3/2= 3< 3: A31B=@ G A=< :/A >/@B717>/17=<3A
23 G @3A>31B7D/;3<B3 G 3A C</ 3FB3@</:72/2 23 />@3<27H/83 '3
AC>=<3 ?C3 3A CA/2= T<71/;3<B3 3< 3: A31B=@ 3F>=@B/2=@
: 1=<=17;73<B= B31<=:S571= 2=;PAB71= 3A 1@3/2= / B@/DPA 23 C< />@3<
27H/83 3< :/ >@O1B71/ 3< 3: A31B=@ :3/@<7<5 0G 2=7<5 /AQ 3: 1=<=17;73<B= 3A
C< AC0>@=2C1B= 23 :/ 7<D3@A7S< %=@ B/<B= 3A 3: 3431B= 3FB3@<= 23 3< :/ 4C<17S< 23 >@=2C117S< 23: A31B=@ 3F>=@B/2=@ %/@/ 53<3@/@ 1@317;73<
B= 3<2S53<= A3 AC>=<3 ?C3 /AQ :/ 4C<17S< 23 >@=2C117S< 23:
Liberalización comercial y financiera, ahorro y crecimiento endógeno
A31B=@ 3F>=@B/2=@ B73<3 @3<27;73<B=A 1=<AB/<B3A 3< 3: 1/>7B/: /;>:7/;3<B3
;3272= DP/A3 &=;3@ '3 23I<3 1=;= 3: >@317= ;C<27/: 1=<AB/<B3 23: 073< 3F>=@B/0:3
2/2= >=@ 3: ;3@1/2= ;C<27/: '3 CA/ /: 073< 3F>=@B/0:3 1=;= <C;3@/@7=
23;OA A3 23I<3 / $ 1=;= :/ B/A/ 1=<AB/<B3 23 7<B3@PA ;C<27/:
'C>=<73<2= C</ >/@72/2 23 @3<27;73<B=A 3: 1=AB= A=0@3 G :/ B/A/ 23
7<B3@PA A=0@3 :/ 23C2/ 3FB3@</ A=< 75C/:3A / $ %=@ B/<B= 3: 1=AB= 23 3A $ /2= ?C3 3A 3: <C;3@/@7= G ?C3 B73<3 C</ B/A/ 23 23>@317/17S< 13@= 3: 1=AB= 23 3A $ AQ 3: <7D3: 23 3ABO I8/2= >=@ $ !/A 3;>@3A/A 3< 3: A31B=@ 3F>=@B/2=@
;/F7;7H/< 03<3I17=A B=;/<2= :/ 3FB3@</:72/2 1=;= 2/2/ !/A 1=<2717=<3A
23 >@7;3@ =@23< A=<
& $ !/ 31C/17S< 2713 ?C3 3: A/:/@7= 3A 75C/: /: D/:=@ 23: >@=2C1B= ;/@57</:
23: B@/0/8= 3< 3: A31B=@ 3F>=@B/2=@ 1C/17S< 2713 ?C3 3: 1=AB= 23 3A 75C/: /: >@=2C1B= ;/@57</:
! $ AQ 3:
: >@317= 7<B3@</17=</: 1=<AB/<B3 23: 073< 7;>=@B/2= 3A 3< 2=<23 3A :/
>@317= 2=;PAB71= 23: 073< 7;>=@B/2= 3A B/A/ /@/<13:/@7/ %=@ B/<B= 3: >@317= @3:/B7D= 2=;PAB71= 23: 073< 7;>=@B/2=
3< BP@;7<=A 23: 073< 3F>=@B/0:3 # 3A # #
3< 2=<23 # /2= ?C3 3: 073< 7;>=@B/2= 3A A=:/;3<B3 1=<AC;72= A3 B73<3 ?C3
# #
3< 2=<23 3A 3: 1=<AC;= 3< 3: 073< 7;>=@B/2= G #
A=< :/A
7;>=@B/17=<3A / >@317=A 7<B3@</17=</:3A %=@ B/<B= :/ 31C/17S< 2713 ?C3
3: D/:=@ 23: 1=<AC;= 3< 073<3A 7;>=@B/2=A 3A 75C/: /: D/:=@ 23 :/A 7;>=@B/
17=<3A / >@317=A 2=;PAB71=A : 5=073@<= @31/C2/ /@/<13:3A 3< :/ 1/<B72/2
#
AB3 7<5@3A= /@/<13:/@7= 3A B@/<A43@72= / :=A 6=5/@3A >=@ ;327= 23
55
56
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
C</ B@/<A43@3<17/ 23 AC;/ I8/ %=@ B/<B= :/ @3AB@7117S< >@3AC>C3AB/: 23:
5=073@<= 3A
#
! =< @3A>31B= /: A31B=@ <=1=;3@17/0:3 :/ 4C<17S< 23 >@=2C117S< 3A
=00=C5:/A
2=<23 3A :/ >@=2C117S< 23: 073< <=1=;3@17/0:3 3A C< >/@O;3B@=
23 3I173<17/ 3A 3: /13@D= 23 1/>7B/: 4QA71= /1C;C:/2= 1=< 3: 073< <=
1=;3@17/0:3 3A 3: B@/0/8= 3;>:3/2= 3< 3: A31B=@ G A=< :/A
>/@B717>/17=<3A 23 G @3A>31B7D/;3<B3 G 3A C</ 3FB3@</:72/2 :
/13@D= 23 3A CA/2= T<71/;3<B3 3< 3: A31B=@ <=1=;3@17/0:3
F7AB3 C< 3431B= 23A0=@2/;73<B= 23: 1=<=17;73<B= 3<B@3 :=A A31B=@3A
AQ 3A :/ 1=<B@70C17S< 23: 1=<=17;73<B= B31<=:S571= 2=;PAB71= 53<3@/2=
3< 3: A31B=@ 3F>=@B/2=@ 3< :/ >@=2C117S< 23: 073< <=1=;3@17/0:3 23;OA
>/@/ 53<3@/@ 1@317;73<B= 3<2S53<= A3 AC>=<3 ?C3 /AQ :/ 4C<17S<
23 >@=2C117S< 23: A31B=@ <=1=;3@17/0:3 B73<3 @3<27;73<B=A 1=<AB/<B3A 3<
3: 1/>7B/: /;>:7/;3<B3 ;3272=
'3 23I<3 #
1=;= 3: >@317= @3:/B7D= 23: 073< <=1=;3@17/0:3 3< BP@;7<=A
23: 073< 3F>=@B/0:3 : 1=AB= 23 3A $ #
#
/2=
?C3 B73<3 C</ B/A/ 23 23>@317/17S< 13@= :/ @3<B/ 23 3A
$ #
#
2=<23 #
#
3A :/ B/A/ 23 1@317;73<B= 23 #
= :/A
5/</<17/A 23 1/>7B/: !/A 3;>@3A/A <=1=;3@17/0:3A ;/F7;7H/< 03<3I17=A
B=;/<2= :/ 3FB3@</:72/2 1=;= 2/2/ !/A 1=<2717=<3A 23 >@7;3@ =@23< A=<
&
#
$ #
#
!/ 31C/17S< 2713 ?C3 3: A/:/@7= 3A 75C/: /: D/:=@ 23: >@=2C1B= ;/@57</:
23: B@/0/8= 3< 3: A31B=@ <=1=;3@17/0:3 !/ 31C/17S< 3A :/ 1=<2717S< 23
Liberalización comercial y financiera, ahorro y crecimiento endógeno
3?C7:70@7= 27<O;71/ >/@/ AQ :/ 31C/17S< 2713 ?C3 3: 1=AB= 23 3A
75C/: / AC >@=2C1B= ;/@57</:
A 7;>=@B/<B3 A3R/:/@ ?C3 3< C< 1=<B3FB= /5@35/2= 3: B7>= 23 1/;
07= @3/: 3ABO 23I<72= 1=;= 3: <7D3: 23 >@317=A 3< BP@;7<=A 4QA71=A 23: >/QA
3FB@/<83@= 27D7272= 3<B@3 3: <7D3: 23 >@317=A 3< BP@;7<=A 4QA71=A 23: >/QA
2=;PAB71= < C< 1=<B3FB= 23A/5@35/2= 23 073<3A 3F>=@B/0:3A 7;>=@B/2=A
G <=1=;3@17/0:3A 3: B7>= 23 1/;07= @3/: 3ABO 23I<72= 1=;= 3: <7D3: 23 >@3
17=A @3:/B7D=A 23 :=A 073<3A <=1=;3@17/0:3A 23: >/QA 3FB@/<83@= 3< BP@;7<=A
4QA71=A 27D7272= >=@ 3: <7D3: 23 >@317=A @3:/B7D=A 23 :=A 073<3A <=1=;3@17/0:3A
23: >/QA 2=;PAB71= 3< BP@;7<=A 4QA71=A =<A723@/<2= ?C3 3: <7D3: 23 >@3
17=A @3:/B7D=A 23: >/QA 3FB@/<83@= 3A 1=<AB/<B3 3: B7>= 23 1/;07= @3/: 3ABO
7<D3@A/;3<B3 @3:/17=</2= 1=< 3: <7D3: 23 >@317=A @3:/B7D=A 23 :=A 073<3A <=
1=;3@17/0:3A 23: >/QA 2=;PAB71= %=@ B/<B= C< /C;3<B= 3< #
1=@@3A>=<23
/ C</ />@317/17S< 23: B7>= 23 1/;07= @3/:
!=A 6=5/@3A >=A33< G !/ @3AB@7117S< >@3AC>C3AB/: 23 :=A 6=5/@3A
3A
$ # #
#
& &
#
3< 2=<23 3A :/ 23C2/ 3FB3@</ 3A 3: 7<1@3;3<B= 23 :/ 23C2/ 3FB3@</
3< 3: B73;>= $ 3A 3: >/5= 23 7<B3@3A3A A=0@3 :/ 23C2/ 3FB3@</ 3A 3:
1=<AC;= 3< 3: 073< 7;>=@B/0:3 3A 3: 1=<AC;= 3< 3: 073< <=1=;3@17/0:3
# #
3A 3: 5/AB= B=B/: 3< 1=<AC;= / >@317=A 2=;PAB71=A 3A :/ 7<D3@A7S< 3< 3A :/ 7<D3@A7S< 3< & &
3A 3: 7<5@3A= A/:/@7/: #
3A 3: 7<5@3A= >=@ G @3A
>31B7D/;3<B3 G A=< :/A B@/<A43@3<17/A 23: 5=073@<= !/ 31C/17S< 3AB/
3F>@3A/2/ 23A23 3: >C<B= 23 D7AB/ 23 C< 6=5/@ @3>@3A3<B/B7D= 23C2=@ /AQ 3:
>/5= 23 7<B3@3A3A A=0@3 :/ 23C2/ 3FB3@</ ;OA 3: 5/AB= 3< 1=<AC;= G :/ /1C
;C:/17S< 23 /1B7D=A 3F1323< /: 7<5@3A= >=@ B@/0/8= 1/>7B/: G B@/<A43@3<17/A
< 3AB3 /@BQ1C:= A3 AC>=<3 ?C3 A=:/;3<B3 >C323 A3@ CA/2= 1=;= 1=:/B3
@/: >/@/ >@PAB/;= 3< 3: ;3@1/2= ;C<27/: 23;OA A=:/;3<B3 C</ 4@/117S<
57
58
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
1=<AB/<B3 G 3FS53</ 23 A7@D3 1=;= 1=:/B3@/: %=@ B/<B=
3A :/ @3AB@7117S< 23 1@P27B= 3FB3@<= AQ :=A @3A723<B3A 2=;PAB7
1=A >=A33< B=2= 3: /13@D= 23 3: 1C/: 3A I</<17/2= >/@17/:;3<B3 >=@ 3:
;3@1/2= ;C<27/: < 1=<A31C3<17/ :=A @3A723<B3A 3FB3@<=A >=A33< :/ 23C2/
23 DP/A3 /@@= "/<97E G '/:/7"/@B7< G !/<3 23;OA
2/2= ?C3 A3 B73<3 ?C3 1=<B7<C/17S< A3 232C13< :/A 23;/<2/A 23 1=<AC;= 23 :=A 073<3A '3
AC>=<3 ?C3 :/A 23;/<2/A 23 1=<AC;= >/@/ 3: 073< 7;>=@B/2= G 23: <=
1=;3@17/0:3 @3AC:B/< 23 :/ ;/F7;7H/17S< 23 :/ 4C<17S< 23 CB7:72/2
% AC83B/ / :/ @3AB@7117S< 23: 5/AB= B=B/: 3< 1=<AC;= / >@317=A 2=;PAB71=A
# # #
3< 2=<23 3A C</ 1=<AB/<B3
G A=< :/A >/@B717>/17=<3A 23: 5/AB= 3< G @3A>31B= /: 5/AB=
B=B/: 3< 1=<AC;= @3A>31B7D/;3<B3 # 3A 3: Q<2713 23 >@317=A @3:/B7D=A 3<
BP@;7<=A 23: 073< 3F>=@B/0:3 /: 1=<AC;72=@ / >@317=A 2=;PAB71=A G 3A
3: 1=<AC;= /5@35/2= : Q<2713 23 >@317=A @3:/B7D=A /: 1=<AC;72=@ / >@317=A
2=;PAB71=A 2303 23 3AB/@ 23I<72= 1=;= # # #
AQ :/A 23;/<2/A
>/@/ G A=<
# #
# #
#
=;= # #
A3 B73<3 ?C3 # # #
#
# # 3A 3: Q<2713 23 >@317=A @3:/B7D=A /: 1=<
3<
2=<23
#
#
AC;72=@ / >@317=A ;C<27/:3A < 1=<A31C3<17/ :/A 23;/<2/A 23 1=<AC;=
A3 >C323< @33A1@707@ 1=;=
#
#
#
#
Liberalización comercial y financiera, ahorro y crecimiento endógeno
=0A3@D3 ?C3 C</ 27A;7<C17S< 3< >@=2C13 C< /C;3<B= 3< G C</ 27A
;7<C17S< 3< 7</:;3<B3 >=@ A7;>:7172/2 A3 AC>=<3 ?C3 :=A 6=5/@3A 3:753< 3: <7D3: 23:
5/AB= B=B/: 3< 1=<AC;= / >@317=A 7<B3@</17=</:3A #
# #
1=;= C</ 4@/117S< 1=<AB/<B3 23: 7<5@3A= </17=</: / >@317=A 7<B3@</17=</:3A
3< 2=<23 & &
#
$ <= 6/G
3:3117S< 7<B3@B3;>=@/: < 1=<A31C3<17/ A3 B73<3
& &
#
$ #
3< 2=<23 3A :/ B/A/ 23 1=<AC;= ?C3 3A 1=<AB/<B3 G 3FS53</
3AB= 3A C</ :7;7B/17S< 23: ;=23:=
"
%/@/ =0B3<3@ :/ @3AB@7117S< 23 @31C@A=A 23 :/ 31=<=;Q/ A3 ACAB7BCG3 & &
G :/ @3AB@7117S< >@3AC>C3AB/: 23: 5=073@<= 31C/17=<3A G 3< :/ 31C/17S< =0B3<7P<2=A3
#
#
#
#
$ 3< 2=<23 #
$ 3A 3: 7<5@3A= </17=</: / >@317=A 7<B3@</
17=</:3A G #
#
3A 3: 5/AB= B=B/: 3< 1=<AC;= / >@317=A 7<B3@</
17=</:3A &3=@23</2= :/ 31C/17S< A3 =0B73<3
#
$ #
#
#
;OA 3: /6=@@= 2=;PAB71=
:/ 31C/17S< 2713 ?C3 3: /6=@@= 3FB3@<= 2743@3<17/ 3<B@3 3: 7<5@3A= </17=</: G 3: 5/AB= B=B/: 3< 1=<AC;= A7@D3<
>/@/ I</<17/@ :/ /1C;C:/17S< 23 1/>7B/: A7;7A;= ACAB7BCG3<2= & &
G 3< :/ 31C/17S< A3 =0B73<3 ?C3 3: 5/AB= B=B/: 3< 1=<AC;= /
>@317=A 7<B3@</17=</:3A 3A #
#
$ /2= ?C3 3: >@317= @3:/B7D= 23: 073< <=1=;3@17/0:3 3A J3F70:3 :/ =43@
B/ 23: 073< <=1=;3@17/0:3 A73;>@3 3A 75C/: / :/ 23;/<2/ %=@ B/<B= :/
1=<2717S< 23 3?C7:70@7= >/@/ 3: ;3@1/2= 23: 073< <=1=;3@17/0:3 3A
#
#
#
59
60
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
%/@/ =0B3<3@ :/ 1=<2717S< 23 3?C7:70@7= >/@/ 3: ;3@1/2= 23: 073< 3F
>=@B/0:3 A3 ACAB7BCG3 :/ 31C/17S< 3< =0B3<7P<2=A3
$ #
23;OA :/ 1C3<B/ 1=@@73<B3 23I17B/@7/ 3ABO 23I<72/ 1=;=
$ 3< 2=<23 A=< :/A 3F>=@B/17=<3A G 3A 3: A/:2= 1=;3@17/: 7</:
;3<B3 1=< #
G :/A 31C/17=<3A G A3 =0B73<3
:/ 31C/17S< /<B3@7=@ ;C3AB@/ :/ 1=<2717S< 23 3?C7:70@7= >/@/ 3: ;3@1/2= 23:
073< 3F>=@B/0:3 &3A>31B= /: ;3@1/2= :/0=@/: A3 AC>=<3 ?C3 :/ =43@B/ B=B/:
23 B@/0/8= 3A 1=<AB/<B3 !/ 1=<2717S< 23 3?C7:70@7= 3< 3: ;3@1/2= :/0=@/:
3A %' /2= ?C3 :/A D/@7/0:3A G 1@313@O< >3@;/<3<B3;3<B3 / C</ B/A/
1=;T< 3A <313A/@7= 23I<7@ :/A D/@7/0:3A 23: ;=23:= 1=;= D/@7/0:3A 3AB/
17=</@7/A 3A 2317@ D/@7/0:3A ?C3 A3/< 1=<AB/<B3A 3< 3: 3AB/2= 3AB/17=</@7=
AQ A3 23I<3 / ( 1=;= :/ >@7;3@/ D/@7/0:3 3AB/17=</@7/ 23;OA
2/2= ?C3 3A 1=<AB/<B3 A3 <=@;/:7H/ / C<= 3 3AB3 ;=2= :/ 1=<27
17S< 23 3?C7:70@7= 3< 3: ;3@1/2= :/0=@/: 3A " " 2=<23 " 3A :/
4@/117S< 23: B@/0/8= 3;>:3/2= 3< 3: A31B=@ 3F>=@B/2=@ G " 3A :/ 4@/1
17S< 23: B@/0/8= 3;>:3/2= 3< 3: A31B=@ <=1=;3@17/0:3 =;= " 3A 1=<AB/<B3
3< 3: 3AB/2= 3AB/17=</@7= :/ D/@7/0:3 " 3A :/ A35C<2/ D/@7/0:3 3AB/17=</@7/
'3 23I<3 1=;= :/ B3@13@/ D/@7/0:3 3AB/17=</@7/ A7;7A;= 1=;=
3: >@317= @3:/B7D= 23: 073< <=1=;3@17/0:3 2303 A3@ 1=<AB/<B3 3< 3: 3AB/2=
3AB/17=</@7= #
3A :/ 1C/@B/ D/@7/0:3 3AB/17=</@7/
(=;/<2= 3< 1=<A723@/17S< :/A 3FB3@</:72/23A G :/A 4C<17=<3A 23
>@=2C117S< A3 >C323< 3F>@3A/@ 1=;=
'
Liberalización comercial y financiera, ahorro y crecimiento endógeno
%=@ B/<B= :/ 4C<17S< 23 >@=2C117S< 23: A31B=@ 3F>=@B/2=@ 3< D/@7/0:3A 3AB/
17=</@7/A 3A
"
G :/A 1=<2717=<3A ;/@57</:3A >/@/ 3: A31B=@ 3F>=@B/2=@ 3< D/@7/0:3A 3AB/
17=</@7/A A=<
& "
$ "
A7;7A;= :/ 4C<17S< 23 >@=2C117S< 23: A31B=@ <=1=;3@17/0:3 3< D/@7/
0:3A 3AB/17=</@7/A 3A
( "
G :/A 1=<2717=<3A ;/@57</:3A >/@/ 3: A31B=@ <=1=;3@17/0:3 3< D/@7/0:3A 3AB/
17=</@7/A A=<
&
#
( "
#
$ "
#
(
'3 AC>=<3 ?C3 /AQ 3: A31B=@ 3F>=@B/2=@ 3A ;OA 7<B3<A7D= 3< 1/>7B/:
?C3 3: A31B=@ <=1=;3@17/0:3 (C@<=DA9G /</:7H/ :/A 1=<A31C3<17/A 23
3AB3 B7>= 23 AC>C3AB=
!/ 1=<2717S< 3ABOB71/ 23 /A75</17S< 3I173<B3 23: B@/0/8= 3<B@3 :=A 2=A
A31B=@3A A3 =0B73<3 75C/:/<2= :/A 31C/17=<3A G " #
( "
AB/ 1=<2717S< 2713 ?C3 3: D/:=@ 23: >@=2C1B= ;/@57</: 23: B@/0/8= 3< /;0=A
A31B=@3A 2303 A3@ 75C/: 3< B=2= B73;>= =< :/ 31C/17S< A3 =0B73<3 3:
<7D3: 23 ( 3< B=2= B73;>=
"
(
#
"
61
62
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
'CAB7BCG3<2= G 3< A3 =0B73<3
#
$ # #
#
$ #
3< :/ 31C/17S< /<B3@7=@
A3 B73<3
ACAB7BCG3<2=
#
$ #
'CAB7BCG3<2= G 3< :/ 31C/17S<
A3 =0B73<3
#
$ #
3< 2=<23 3ABO 23I<72/ 1=;=
1C/<2= :/ B/A/ /@/<13:/@7/ 3A >=A7B7D/ 3A 4O17: 23;=AB@/@ ?C3 AQ 1C/<2= 3: BP@;7<= A3@O ;/G=@ / C<= G :/ B/A/ 3431B7D/ 23
1=<AC;= 23I<72= 1=;= A3@O ;/G=@ / G :/ B/A/ 3431B7D/ 23 /6=@@=
2=;PAB71= 23I<72= 1=;= A3@O ;3<=@ / %=@ B/<B= 3<
3AB3 ;=23:= C</ @32C117S< /@/<13:/@7/ 27A;7<CG3 G 3AB7;C:/ 3: /6=@@=
2=;PAB71= 3431B7D=
1=<B7<C/17S< A3 =0B73<3< :/A B/A/A 23 1@317;73<B= 23 G 3<
D/@7/0:3A 3AB/17=</@7/A 7D7273<2= >=@ :/ 31C/17S< A3 B73<3
#
$ #
(
6=@/ A3 23B3@;7</ 3< 4C<17S< 23 (=;/<2= :=5/
@7B;=A G 23@7D/2/A @3A>31B= /: B73;>= 23 ( A3 =0B73<3
(
(
Liberalización comercial y financiera, ahorro y crecimiento endógeno
=;= A3@O 3D723<B3 ;OA /23:/<B3 " A73;>@3 A3 3<1C3<B@/ 3< C< 3AB/2=
3AB/17=</@7= G 3A 1=<AB/<B3 (=;/<2= :=5/@7B;=A G 23@7D/2/A @3A>31B= /:
B73;>= 23 :/ 31C/17S< A3 B73<3
(
#
(
#
5C/:/<2= :/A 31C/17=<3A G A3 =0B73<3
#
#
'CAB7BCG3<2= :/ 31C/17S< 3< :/ 31C/17S< A3 B73<3
#
$ #
#
(
#
7</:;3<B3 ACAB7BCG3<2= :/A 4C<17=<3A 23 >@=2C117S< 31C/17=<3A G
3< :/ 31C/17S< A3 =0B73<3 :/ B/A/ 23 1@317;73<B= 23 3< D/@7/0:3A 3AB/17=</@7/A
#
(
#
( #
"
#
( "
$ #
3: ;7A;= ;=2= 27D7273<2= >=@ :/ 31C/17S< CB7:7H/<2= 23 :/ 31C/17S< G CA/<2= :/A 4C<17=<3A 23 >@=2C117S< A3 B73<3 :/ B/A/
23 1@317;73<B= 23 3< D/@7/0:3A 3AB/17=</@7/A
#
(
# "
#
( "
$ #
63
64
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
=;= " A73;>@3 A3 3<1C3<B@/ 3< C< 3AB/2= 3AB/17=</@7= G 3A 1=<AB/<B3 3A
>=A70:3 ;=AB@/@ ?C3 :/ B/A/ 23 1@317;73<B= 23: 7<5@3A= </17=</: 3A
#
(
#
$ ( #
2=<23 " " #
( " 3A :/ >/@B717>/17S<
23 3< 3: 7<5@3A= </17=</: G #
#
( " " #
( " 3A :/ >/@B717>/17S< 23 #
3< 3: 7<5@3A= </17=</: G
$ $ " #
( " 3A :/ >/@B717>/17S< 23 $ 3< 3: 7<5@3A= </17=</: < :/ A75C73<B3 A3117S< A3 ;C3AB@/ :/ A=:C17S< 3< 3:
3AB/2= 3AB/17=</@7=
! !
!/ A=:C17S< 23 3AB/2= 3AB/17=</@7= 7;>:71/ :/ 3F7AB3<17/ 23: 3?C7:70@7=
%=@ B/<B= :/A B/A/A 23 1@317;73<B= 23 ( " G #
2303< 23 A3@ 75C/:3A /
13@= 3< 3: 3AB/2= 3AB/17=</@7= /AQ ACA <7D3:3A A=< 1=<AB/<B3A A7;7A;= :/A
B/A/A 23 1@317;73<B= 23 G 2303< 23 A3@ 75C/:3A / C</
B/A/ 1=<AB/<B3 3< 3: 3AB/2= 3AB/17=</@7=
%=@ B/<B= 1=< :/ 31C/17S< A3 B73<3 ?C3
" $
/2= ?C3 $ G A=< 1=<AB/<B3A 3: <7D3: 23 " 3A 1=<AB/<B3 3<
3: 3AB/2= 3AB/17=</@7= :=A <7D3:3A 23 3AB/2= 3AB/17=</@7= 3ABO< 23<=B/2=A
1=< C< /2= ?C3 3: <7D3: 23 " <= 23>3<23 23 :/ B/A/ /@/<13:/@7/ C</
:703@/:7H/17S< 1=;3@17/: 27A;7<C17S< 3< <= 7;>/1B/ / " A7;7A;= 1=
;= 3: <7D3: 23 " <= 23>3<23 23: >/@O;3B@= C</ :703@/:7H/17S< I</<173@/
/C;3<B= 3< <= 7<JCG3 / " %=@ B/<B= 3: <7D3: 23 " A73;>@3 3ABO 3< 3:
3AB/2= 3AB/17=</@7= 1=;= 4C3 ;3<17=</2= /<B3@7=@;3<B3
Liberalización comercial y financiera, ahorro y crecimiento endógeno
'CAB7BCG3<2= 3: <7D3: 23 ( 31C/17S< 3< :/ 31C/17S< A3 B73<3
#
#
"
$ "
#
"
/2= ?C3 #
3< 3: 3AB/2= 3AB/17=</@7= 23 :/ 31C/17S< A3 =0B73<3
$ #
"
7</:;3<B3 ACAB7BCG3<2= 3: <7D3: 23 " A3 =0B73<3 3: <7D3: 23: B7>= 23
1/;07= @3/: #
23 3AB/2= 3AB/17=</@7=
$ #
=;= #
23>3<23 23 >/@O;3B@=A 3: <7D3: 23 #
3A 1=<AB/<B3 3< 3: 3AB/
2= 3AB/17=</@7= #C3D/;3<B3 1=;= 3: <7D3: 23 #
<= 23>3<23 23 :/ B/A/
/@/<13:/@7/ <7 23 :/ :703@/:7H/17S< 1=;3@17/: G :/ I</<173@/ <= 7;
>/1B/< /: B7>= 23 1/;07= @3/: #
%=@ B/<B= 3: <7D3: 23 #
A73;>@3 3ABO
3< 3: 3AB/2= 3AB/17=</@7=
'CAB7BCG3<2= :/A 31C/17=<3A G 3< A3 =0B73<3 3: <7D3: 23 (
23 3AB/2= 3AB/17=</@7=
$ ( $ 3< 2=<23 G A=< >/@O;3B@=A
65
66
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
=;= ( 23>3<23 23 >/@O;3B@=A 3: <7D3: 23 ( 3A 1=<AB/<B3 3< 3: 3AB/2=
3AB/17=</@7= #C3D/;3<B3 3: <7D3: 23 ( <= 23>3<23 23: /@/<13: <7 23 AQ
:/ :703@/:7H/17S< 1=;3@17/: G :/ I</<173@/ <= 7<JCG3< 3< ( < 1=<A31C3<17/
3: <7D3: 23 ( A73;>@3 3ABO 3< 3: 3AB/2= 3AB/17=</@7= %=@ B/<B= 2/2= ?C3 :/
:703@/:7H/17S< 1=;3@17/: G :/ I</<173@/ <= 7;>/1B/< :=A <7D3:3A 23 " #
G
( 3: ;=23:= <= B73<3 27<O;71/ 23 B@/<A717S<
/2= ?C3 A73;>@3 #
#
:/ B/A/ 23 1@317;73<B= 23 G 31C/17S< G 23 3AB/2= 3AB/17=</@7= 3A
! ! #
( " #
( " $ 3A :/ B/A/ 23 1@317;73<B= 23 3AB/2= 3AB/17=</@7= 23 G ! 3< 2=<23 !
3A :/ B/A/ 23 1@317;73<B= 23 3< 3: 3AB/2= 3AB/17=</@7= 7</:;3<B3 :/
B/A/ 23 1@317;73<B= 23 3AB/2= 3AB/17=</@7= 23 :/ 31=<=;Q/ ! 3A
! #
( " #
( " $ =;= ! 23>3<23 23 >/@O;3B@=A 3: <7D3: 23 ! 3A 1=<AB/<B3 3< 3: 3AB/2=
3AB/17=</@7= 6=@/ :/ B/A/ 23 1@317;73<B= 23 3AB/2= 3AB/17=</@7= A7 23>3<23
23 :/ B/A/ /@/<13:/@7/ 23;OA A7 3: <7D3: 23 G /AQ 3: /6=@@= 2=;PAB71= 3431B7D= 3A ;3<=@ / (/;07P< 3A 4O
17: 23;=AB@/@ ?C3 ! < >/@B71C:/@ A7 3: <7D3: 23 G
3: /6=@@= 2=;PAB71= 3431B7D= A3@O 75C/: / %=@ B/<B= :/ :703@/:7H/17S<
1=;3@17/: 27A;7<C17S< 3< >@=;C3D3 3: 1@317;73<B= 31=<S;71= 23 :/@5=
>:/H= >=@ ;327= 23 C< /C;3<B= 3< 3: /6=@@= 2=;PAB71= 3431B7D= 5C/:
;3<B3 :/ B/A/ 23 1@317;73<B= 23 3AB/2= 3AB/17=</@7= A7 23>3<23 23 G 3A
4O17: 23;=AB@/@ ?C3 ! !/ :703@/:7H/17S< I</<173@/ /C;3<B= 3< 03<3I17/ /: 1@317;73<B= 31=<S;71= 23 :/@5= >:/H= >=@ ;327= 23 C< /C;3<B=
23: /6=@@= 3FB3@<=
Liberalización comercial y financiera, ahorro y crecimiento endógeno
%/@/ D7AC/:7H/@ 3: 7;>/1B= 23 C</ :703@/:7H/17S< 1=;3@17/: G I</<173@/
A=0@3 3: 1@317;73<B= 31=<S;71= A3 >@3A3<B/ C</ A7;C:/17S< @3>@3A3<B/B7D/
3< 2=<23 :=A D/:=@3A 23 :=A >/@O;3B@=A A=< G $ AB=A D/:=@3A A=< AS:= >/@/
>@=>SA7B=A 7:CAB@/B7D=A 23;OA A3 1=<A723@/ ?C3 G 3:
23 3A I</<17/2= >=@ 1@P27B= 3FB3@<= : @3AC:B/2= <C;P@71= 3A
#
" ( G 23;OA 3: <7D3: 23:
/6=@@= 2=;PAB71= 3431B7D= 3A ?C3 3A ;3<=@ / 7</:;3<B3
3: <7D3: 23 ! 3A 23 /<C/:
6=@/ A3 1=<A723@/ ?C3 27A;7<CG3 / 13@= G A3 ;/<B73<3 3< 3A
2317@ A3 3;>@3<23 C</ :703@/:7H/17S< 1=;3@17/: : @3AC:B/2= <C;P@71= 3A
#
" ( G ! =;= A3
=0A3@D/ :/A D/@7/0:3A ( " G #
B73<3< 3: ;7A;= <7D3: ?C3 3: 1/A= /<B3@7=@
1=;= 4C3 232C172= /</:QB71/;3<B3 23;OA 3: /6=@@= 3431B7D= 2=;PAB71=
/C;3<B/ 23 / AQ ;7A;= :/ B/A/ 23 1@317;73<B= 23 :/ 31=<=;Q/
>/A/ 23 / /<C/: AQ :/ :703@/:7H/17S< 1=;3@17/: 03<3I17/ /:
1@317;73<B= 31=<S;71= >=@ ;327= 23 C< ;/G=@ /6=@@= 2=;PAB71= 3431B7D=
6=@/ A3 1=<A723@/ ?C3 G ?C3 /C;3<B/ 3: 1@P27B= 3FB3@<= 3A
2317@ /C;3<B/ / 3: 23 3A I</<17/2= >=@ /6=@@= 3FB3@<= :
@3AC:B/2= <C;P@71= 3A #
" ( G
! #C3D/;3<B3 :/A D/@7/0:3A ( " G #
B73<3< 3: ;7A;= <7D3:
?C3 :=A 1/A=A /<B3@7=@3A 6=@/ :/ B/A/ 23 1@317;73<B= /C;3<B/ 23 /
/<C/: AQ 3: /6=@@= 3FB3@<= 03<3I17/ /: 1@317;73<B= 31=<S;71= >=@
;327= 23: 3431B= 27@31B= A=0@3 :/ 7<D3@A7S< G :/ >@=2C117S< %=@ B/<B= :/
:703@/:7H/17S< 1=;3@17/: G :/ I</<173@/ >@=;C3D3< 3: 1@317;73<B= 23 :/@5=
>:/H= 23 :/ 31=<=;Q/ >=@ ;327= 23 C< /C;3<B= 3< 3: /6=@@= 2=;PAB71=
G 3FB3@<= %=@ 1=<A75C73<B3 :=A 2=A B7>=A 23 /6=@@= A=< 1=;>:3;3<B/@7=A
1=;= 3< :/A 31=<=;Q/A /A7OB71/A
" '3 23A/@@=::S C< ;=23:= 23 1@317;73<B= 3<2S53<= 1=< 2=A A31B=@3A >@=
2C1B7D=A 3< 2=<23 3: A31B=@ 3F>=@B/2=@ 3A 3: T<71= ?C3 53<3@/ >@=5@3A= BP1
67
68
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
<71= 2=;PAB71= : 1=<=17;73<B= 53<3@/2= 3< 3: A31B=@ 3F>=@B/2=@ A3 CB7:7H/
3< 3: A31B=@ <=1=;3@17/0:3 23;OA 3: 073< 3F>=@B/0:3 <= 3A 1=<AC;72= G 3:
073< 7;>=@B/2= A7 3A 1=<AC;72= G 3A 5@/D/2= : A31B=@ 3F>=@B/2=@ G 3: A31
B=@ <=1=;3@17/0:3 B73<3< :/ 1/>/172/2 23 /1C;C:/@ 1/>7B/: '3 AC>CA= ?C3
3: /6=@@= 3A C</ 4@/117S< 1=<AB/<B3 23: 7<5@3A= </17=</: !=A 6=5/@3A B73<3<
@3AB@7117S< /: 1@P27B= 7<B3@</17=</: %=@ B/<B= :/ 23C2/ 3FB3@</ 3A 75C/: /
C</ 4@/117S< 1=<AB/<B3 23: 1/>7B/: 3F>=@B/0:3 ?C3 A7@D3 1=;= 1=:/B3@/: '3
23;=AB@S ?C3 C</ 27A;7<C17S< 23 :/ B/A/ /@/<13:/@7/ <= 7;>/1B/ /: B7>= 23
1/;07= @3/: A7;7A;= <= 7;>/1B/ / :/ 4@/117S< 23 B@/0/8= 3;>:3/2/ 3< 3:
A31B=@ 3F>=@B/2=@ <7 / :/ @3:/17S< 23 1/>7B/:3A (/;07P< A3 23;=AB@S ?C3
C</ :703@/:7H/17S< 1=;3@17/: /C;3<B/ 3: /6=@@= 2=;3AB71= 3431B7D= G ;38=@/
3: 1@317;73<B= 31=<S;71= 23 :/@5= >:/H=
2717=</:;3<B3 A3 23;=AB@S /</:QB71/;3<B3 ?C3 C< ;/G=@ 1@P27B= 3F
B3@<= <= 7;>/1B/ /: B7>= 23 1/;07= @3/: 3: ;7A;= ;=2= <= 7;>/1B/ /:
B@/0/8= 3;>:3/2= 3< :=A A31B=@3A <7 / :/ @3:/17S< 23 1/>7B/:3A 7</:;3<B3
A3 1=;>@=0S ?C3 / ;/G=@ 1@P27B= 3FB3@<= ;/G=@ 1@317;73<B= 3< 3: :/@5= >:/
H= AQ 3< 3AB3 /@BQ1C:= A3 >CA= P<4/A7A 3< 3: 7;>/1B= 23 :/ :703@/:7H/17S<
A=0@3 3: /6=@@= B=B/: 23 :/ 31=<=;Q/ !/ :703@/:7H/17S< 1=;3@17/: /C;3<B/ 3:
/6=@@= 2=;PAB71= 3431B7D= G :/ :703@/:7H/17S< I</<173@/ /C;3<B/ 3: /6=@@=
3FB3@<= %=@ := B/<B= 3: /6=@@= B=B/: 23 :/ 31=<=;Q/ /C;3<B/ G 3AB= B73<3
C< 3431B= 27@31B= A=0@3 :/ 7<D3@A7S< G 3: 1@317;73<B= 23 :/@5= >:/H= AB3 @3
AC:B/2= A3 /A3;38/ /: 1=;>=@B/;73<B= 23 :/A 31=<=;Q/A /A7OB71/A 3< 2=<23
3: /6=@@= 2=;PAB71= G 3: 3FB3@<= 6/< A72= 1=;>:3;3<B/@7=A <= /AQ >/@/ :/A
31=<=;Q/A :/B7<=/;3@71/</A 3< 2=<23 6/< A72= ACAB7BCB=A '7< 3;0/@5= 1=
;= 4C3 ;3<17=</2= >/@/ 3<B3<23@ >:3</;3<B3 C</ :703@/:7H/17S< 1=;3@17/:
G I</<173@/ 3A >@317A= 1=<=13@ 1=;= 3: B7>= 23 1/;07= @3/: 3A 7;>/1B/2=
3<B@3 =B@/A D/@7/0:3A 4C<2/;3<B/:3A
-
. 7H3<;/< %7<B= G &/2H7E7:: L'=C@13A 4=@ 7</<17<5
=;3AB71 />7B/:A =@375< '/D7<5 / *7/0:3 $>B7=< 4=@ 3D3:=>7<5
Liberalización comercial y financiera, ahorro y crecimiento endógeno
=C<B@73AM =C@</: =4 <B3@</B7=</: "=<3G /<2 7</<13 *=: -. :4/@= ! 6/<2/ ' /:3;:7$H1/< G ' '/G39 L=E =3A
=@375< 7@31B <D3AB;3<B %@=;=B3 1=<=;71 @=EB6 F>:=@7<5 B63
N31BA =4 7</<17/: "/@93BA =< !7<9/53AM =C@</: =4 3D3:=>;3<B
1=<=;71A *=: -. /:2E7< & L$>3<<3AA /<2 @=EB6 +6/BKA B63 ;>7@71/:
&3:/B7=<A67>M +=@97<5 %/>3@ #&
-. /@@= & # "/<97E G , '/:/7"/@B7< L/>7B/: "=
07:7BG 7< #3=1:/AA71/: "=23:A =4 @=EB6M ;3@71/< 1=<=;71 &3D73E
*=: -. @3AA3@%3@37@/ ! G % /:/ L+6G =@375< '/D7<5A /7:
B= /CA3 @=EB6M @/H7:7/< =C@</: =4 %=:7B71/: 1=<=;G *=: -. @=19 % ! G ' (C@<=DA9G L(63 3>3<23<B1=<=;G "=2
3: E7B6 =B6 (@/232 /<2 #=<B@/232 />7B/: ==2AM &3D73E =4 <B3@
</B7=</: 1=<=;71A *=: -. /A/@3A & L:C8=A 23 />7B/: FB3@<= G @317;73<B=
1=<S;71= "T:B7>:3M 1=<=;Q/ (3=@Q/ G %@O1B71/ #T;3@= -. 6/<5 & ! /:B/<7 G # !=/GH/ L$>3<<3AA 7A ==2 4=@
@=EB6 (63 &=:3 =4 %=:71G =;>:3;3<B/@7B73A=C@</: =4 3D3:=>
;3<B 1=<=;71A -. =::/@ G @//G L(@/23 @=EB6 /<2 %=D3@BGM 1=<=;71
=C@</: *=: -
. 7<9:3 ! G #A3<57GC;D/ M(63 (6@33==2 <B3@</:
&& 4=@ F>=@B ;>=@BA /<2 =;3AB71 ==2AM 3< 7<9:3 G "=<B73:
327B=@3A ' # "# $F4=@2 )<7D3@A7BG %@3AA
69
70
PERSPECTIVAS. Revista de Análisis de Economía, Comercio y Negocios Internacionales / Volumen 5 / No. 1 / ene-jun 2011
-
.
=@7<39 G ! '3@D3< L)<23@D/:C/B7=< (6@=C56 =@375< &3
A3@D3 11C;C:/B7=< 'B/B71 !=AA3A G</;71 /7<AM %=:71G &3A3/@16
+=@97<5 %/>3@ +=@:2 /<9
-
.
=A3 " %@/A/2 &=5=N G ' +37 L7</<17/: :=0
/:7H/B7=< &3/>>@/7A/: " 'B/N %/>3@A *=: -
. !/<3 % & L<B3@</B7=</: (@/23 /<2 1=<=;71 =<D3@53<13
(63 @327B 6/<<3:M $F4=@2 1=<=;71 %/>3@A *=: -
. $0AB43:2 " L<B3@</B7=</: 7</<13 /<2 @=EB6 7< 3D3:=>7<5
=C<B@73A +6/B /D3 +3 !3/@<32M 3< #) !" *=: -
. %@/A/2 ' & &/8/< G 'C0@/;/<7/< L=@375< />7B/:
/<2 1=<=;71 @=EB6M @==97<5A %/>3@A =< 1=<=;71 1B7D7BG -
. &37<6/@B G (/:D7 L/>7B/: :=EA /<2 '/D7<5 7< !/B7<
;3@71/ /<2 A7/ &37<B3@>@3B/B7=<M =C@</: =4 3D3:=>;3<B 1=
<=;71A *=: -
. &=;3@ % " L/>7B/: 11C;C:/B7=< 7< B63 (63=@G =4 !=<5
&C< @=EB6M 3< & /@@= 327B=@ ! $""" ( !(
/A7: :/19E3::
-
. (C@<=DA9G ' L<2=53<=CA @=EB6 7< / 3>3<23<B 1=<
=;G E7B6 (@/232 /<2 #=<B@/232 />7B/:M &3D73E =4 <B3@</B7=</:
1=<=;71A *=: -
. (C@<=DA9G ' #!# ! ( (63
"( %@3AA
-. )<7B32 #/B7=<A ! " $!%( ! % # )<7B32 #/B7=<A %C0:71/B7=<A
Liberalización comercial y financiera, ahorro y crecimiento endógeno
-
. )B6=N G (7B3:;/< L(63 &3:/B7=<A67> 3BE33< =@375<
/<2 #/B7=</: '/D7<5A )<23@ 7</<17/: !703@/:7H/B7=< 3< & 4@3<16
/D7A G &37A3< 327B=@3A # &" %"## !!
"" ! # ! $
-. +/1H7/@5 & G +3:16 (@/23 !703@/:7H/B7=< /<2 @=EB6
#3E D723<13+=@:2 /<9 1=<=;71 &3D73E 71