Repensando los bancos públicos dinámicos para una transición verde y justa
Barra lateral del artículo
Contenido principal del artículo
Resumen
Los bancos públicos son dominantes, con más de 900 en todo el mundo, y poderosos, con activos que se acercan a los 49 billones de dólares. Sin embargo, con demasiada frecuencia se perciben como instituciones financieras estáticas, basadas en teorías económicas que parten de nociones fijas de lo que es ser un banco de propiedad pública. Esto ha dado lugar a un debate polarizado en el que los bancos públicos se caracterizan por ser esencialmente buenos o malos. Esto es poco realista y poco útil a la hora de buscar formas de hacer frente a las crisis financieras y de la financiación climática. En su lugar, necesitamos repensar los bancos públicos como instituciones dinámicas y disputadas dentro de las esferas públicas de los Estados. Desde este punto de vista, la propiedad pública en sí misma no predetermina nada, pero sí abre un ámbito público particular de posibilidades. El cambio se hace posible y es el resultado de las fuerzas sociales que lo hacen posible, aunque dentro de los límites estructurales de la sociedad capitalista dividida por género, raza y clase social. Una teoría dinámica de los bancos públicos ofrece una alternativa teórica novedosa y una vía práctica hacia la financiación de transiciones ecológicas y justas en aras del interés público.
Detalles del artículo
Citas en Dimensions Service
Citas
Andrianova, S., P. Demetriades, y A. Shortland. [2012. ‘Government Ownership of Banks, Institutions and Economic Growth.’ Economica 79: 449–469.
Badré, B. [2018]. Can Finance Save the World? Regaining Power Over Money to Serve the Common Good. Oakland, CA: Berrett-Koehler Publishers.
Banco Mundial. [2012]. Global Financial Development Report 2013: Rethinking the Role of State in Finance. Washington: World Bank.
Barth, J. R., Jr., G. Caprio, y R. Levine. [2006]. Rethinking Bank Regulation: Till Angels Govern. New York: Cambridge University Press.
Beitel, K. [2016]. The Municipal Public Bank: Regulatory Compliance, Capitalization, Liquidity, and Risk. Roosevelt Institute. www.rooseveltinstitute.org.
Bennett, D., y K. Sharpe. [1980]. ‘The State as Banker and Entrepreneur: The Last-Resort Character of the Mexican State’s Economic Intervention, 1917–76.’ Comparative Politics 12 (2): 165–189.
Bircan, Ç, y O. Saka. [2018]. ‘Lending Cycles and Real Outcomes: Costs of Political Misalignment.’ LSE ‘Europe in Question’ Discussion Paper Series. LEQS Paper No. 139/2018. London: London School of Economics.
Brei, M., y A. Schclarek. [2013]. ‘Public Bank Lending in Times of Crisis.’ Journal of Financial Stability 9 (4): 820–830.
Brown, E. [2019]. Banking on the People: Democratizing Money in the Digital Age. Washington: The Democracy Collaborative. https://democracycollaborative.org/.
Butzbach, O., G. Rotondo, y T. Desiato. [2020]. ‘Can Banks Be Owned?’ Accounting, Economics, and Law: A Convivium 10 (1): 1–21.
Butzbach, O., and K. von Mettenheim, eds. [2014]. Alternative Banking and Financial Crisis. London: Pickering & Chatto.
Calomiris, C. W., y S. Haber. [2014]. Fragile by Design: Banking Crises, Scarce Credit, and Political Bargains. Princeton: Princeton University Press.
Caprio, G., J. L. Fiechter, R. E. Litan, y M. Pomerleano, eds. [2004]. The Future of State-Owned Financial Institutions. Washington: Brookings Institution Press.
Chesnais, F. [2016]. Finance Capital Today: Corporations and Banks in the Lasting Global Slump. Boston, MA: Brill.
Christophers, B. [2015]. ‘The Limits to Financialization.’ Dialogues in Human Geography 5 (2): 183–200.
Cull, R., M. S. Martinez Peria, y J. Verrier. [2017]. ‘Bank Ownership: Trends and Implications.’ IMF Working Paper. WP/17/60. Washington: International Monetary Fund.
Cumbers, A. [2012]. Reclaiming Public Ownership: Making Space for Economic Democracy. London: Zed Books.
Dafermos, Y., D. Gabor, y J. Michell. [2021]. ‘The Wall Street Consensus in Pandemic Times: What Does it Mean for Climate-Aligned Development?’ Canadian Journal of Development Studies/Revue canadienne d’études du développement. doi:10.1080/02255189.2020.1865137.
Demirgüç-Kunt, A., y L. Servén. [2010]. ‘Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies.’ The World Bank Research Observer 25 (1): 91–124.
Di John, J. [2020]. ‘The Political Economy of Development Banking.’ In The Oxford Handbook of Industrial Policy, edited by A. Oqubay, C. Cramer, H.-J. Chang, and R. Kozul-Wright. Oxford: Oxford University Press.
dos Santos, P. [2009]. ‘On the Content of Banking in Contemporary Capitalism.’ Historical Materialism 17 (2): 180–213.
Dymski, G. [2009]. ‘Racial Exclusion and the Political Economy of the Subprime Crisis.’ Historical Materialism 17 (2): 149–179.
Engels, F. 1959 [1888]. ‘Ludwig Feuerbach and the End of Classical German Philosophy.’ In Marx and Engels: Basic Writings on Politics and Philosophy, edited by L. S. Feuer, 195–242. New York: Anchor Books.
FMI. [2020]. Fiscal Monitor: Policies to Support People During the COVID-19 Pandemic. Washington: International Monetary Fund.
FMI/Banco Mundial. [2015]. From Billions to Trillions: Transforming Development Finance Post-2015 Financing for Development: Multilateral Development Finance. Development Committee, Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries. DC2015-0002. www.worldbank.org.
Friedman, M. [1962]. Capitalism and Freedom. Chicago: University of Chicago Press.
Frigerio, M., y D. Vandone. [2020]. ‘European Development Banks and the Political Cycle.’ European Journal of Political Economy 62 (March): 101852. doi:10.1016/j.ejpoleco.2019.101852 .
Gerschenkron, A. [1962]. Economic Backwardness in Historical Perspective. Boston: Harvard University Press.
Griffith-Jones, S., J. A. Ocampo, F. Rezende, A. Schclarek, y M. Brei. [2018]. ‘The Future of National Development Banks.’ In The Future of National Development Banks, edited by S. Griffith-Jones, and J. A. Ocampo, 1–36. Cambridge: Cambridge University Press.
Hanieh, A. [2018]. Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East. Cambridge: Cambridge University Press.
Hanna, T. M. [2018]. Our Common Wealth: The Return of Public Ownership in the United States. Manchester: Manchester University Press.
Harvey, D. [2010]. The Enigma of Capital and the Crises of Capitalism. London: Profile Books.
Hayek, F. A. 1984 [1967]. ‘The Principles of a Liberal Social Order.’ In The Essence of Hayek, edited by C. Nishiyama, and K. R. Leube, 363–381. Stanford, CA: Hoover Institution Press.
Hilferding, R. 2006 [1981]. Finance Capital: A Study of the Latest Phase of Capitalist Development. London: Routledge.
Ho, P. [2013]. ‘In Defense of Endogenous, Spontaneously Ordered Development: Institutional Functionalism and Chinese Property Rights.’ Journal of Peasant Studies 40 (6): 1087–1118.
Ho, P. [2016]. ‘An Endogenous Theory of Property Rights: Opening the Black box of Institutions.’ The Journal of Peasant Studies 43 (6): 1121–1144.
Ho, P. [2017]. Unmaking China’s Development: The Function and Credibility of Institutions. Cambridge: Cambridge University Press.
Ho, P. [2020]. ‘The Credibility of (in)Formality: Or, the Irrelevance of Institutional Form in Judging Performance.’ Cities 99 (April): 102609. doi:10.1016/j.cities.2020.102609.
Ho, S., y T. Marois. [2019]. ‘China’s Asset Management Companies as State Spatial–Temporal Strategy.’ The China Quarterly 239: 728–751.
Hudson, M. [2018]. … and Forgive Them Their Debts: Lending, Foreclosure, and Redemption from Bronze Age to the Jubilee Year. Dresden, Germany: ILSET-Verlag.
Jessop, B. [1990]. State Theory: Putting the Capitalist State in Its Place. Cambridge, UK: Polity Press.
Jessop, B. [2016]. ‘Territory, Politics, Governance and Multispatial Metagovernance.’ Territory, Politics, Governance 4 (1): 8–32.
Keynes, J. M. [1926]. The End of Laissez-Faire. London: I. and V. Woolf.
Lapavitsas, C. [2009]. ‘Financialised Capitalism: Crisis and Financial Expropriation.’ Historical Materialism 17 (2): 114–148.
La Porta, R., F. Lopez-de-Silanes, y A. Shleifer. [2002]. ‘Government Ownership of Banks.’ The Journal of Finance 57 (1): 265–301.
Lefebvre, H. 2016 [1972]. Marxist Thought and the City. Trans. by R. Bononno. Foreword by S. Elden. Minneapolis: University of Minnesota Press.
Levy Yeyati, E., A. Micco, y U. Panizza. [2007]. ‘A Reappraisal of State-Owned Banks.’ Economia (pontificia Universidad Catolica Del Peru. Departamento De Economia) 7 (2): 209–247.
Marcelin, I., y I. Mathur. [2015]. ‘Privatization, Financial Development, Property Rights and Growth.’ Journal of Banking & Finance 50: 528–546.
Marois, T. [2012]. States, Banks, and Crisis: Emerging Finance Capitalism in Mexico and Turkey. Cheltenham, UK: Edward Elgar Publishing.
Marois, T. [2021]. Public Banks: Decarbonisation, Definancialisation, and Democratisation. Cambridge: Cambridge University Press.
Marois, T., y A. R. Güngen. [2016]. ‘Credibility and Class in the Evolution of Public Banks: The Case of Turkey.’ Journal of Peasant Studies 43 (6): 1285–1309.
Marshall, W. C., y L.P. Rochon. [2019]. ‘Public Banking and Post-Keynesian Economic Theory.’ International Journal of Political Economy 48 (1): 60–75.
Mazzucato, M. 2015 [2013]. The Entrepreneurial State. Revised Edition. London: Anthem Press.
Mazzucato, M. [2018]. The Value of Everything: Making and Taking in the Global Economy. London: Penguin-Allen Lane.
Mazzucato, M., y M. McPherson. [2018]. ‘The Green New Deal: A bold mission-oriented approach.’ IIPP Policy Brief (December). London: Institute for Innovation and Public Purpose.
Mazzucato, M., y C. C. R. Penna. [2016]. ‘Beyond Market Failures: the Market Creating and Shaping Roles of State Investment Banks.’ Journal of Economic Policy Reform 19 (4): 305–326.
Mazzucato, M., y G. Semieniuk. [2018]. ‘Financing Renewable Energy: Who Is Financing What and Why it Matters.’ Technological Forecasting & Social Change 127: 8–22.
McDonald, D. A. [2016]. ‘To Corporatize or Not to Corporatize (And if so How)?’ Utilities Policy 40: 107–114.
McDonald, D. A., T. Marois, y D. V. Barrowclough (Eds.) [2020]. Public Banks and Covid-19: Combatting the Pandemic With Public Finance. Municipal Services Project (Kingston), UNCTAD (Geneva), and Eurodad (Brussels). https://publicbankscovid19.org/.
McDonald, D. A., T. Marois, y S. Spronk. [2021]. ‘Public Banks + Public Water = SDG 6?’ Water Alternatives 14 (1): 117–134.
McNally, D. [2020]. Blood and Money: War, Slavery, Finance, and Empire. Chicago, Il: Haymarket Books.
Megginson, W. L. [2005]. The Financial Economics of Privatization. New York: Oxford University Press.
Meiksins Wood, E. [2002]. The Origin of Capitalism: A Longer View. London: Verso.
Mettenheim, K., y O. Butzbach. [2017]. ‘Back to the Future of Alternative Banks and Patient Capital.’ In Public Banks in the Age of Financialization: A Comparative Perspective, edited by C. Scherrer, 29–50. Cheltenham, UK: Edward Elgar Publishing.
Minsky, H. P. 2008 [1986]. Stabilizing an Unstable Economy. London: McGraw-Hill.
Nachtwey, O., y T. ten Brink. [2008]. ‘Lost in Translation: The German World-Market Debate in the 1970s.’ Historical Materialism 16 (1): 37–70.
Palermo, G. [2019]. ‘Power: a Marxist View Coercion and Exploitation in the Capitalist Mode of Production.’ Cambridge Journal of Economics 43: 1353–1375.
Poulantzas, N. 2000 [1978]. State, Power, Socialism. New York: Verso Classics.
Ray, R., K. P. Gallagher, y C. A. Sanborn, eds. [2020]. Development Banks and Sustainability in the Andean Amazon. Abingdon, UK: Routledge.
Ribeiro de Mendonça, A. R., y S. Deos. [2017]. ‘Beyond the Market Failure Argument: Public Banks as Stability Anchors.’ In Public Banks in the Age of Financialization, edited by C. Scherrer, 13–28. Cheltenham, UK: Edward Elgar Publishing.
Roberts, A. [2015]. ‘Gender, Financial Deepening and the Production of Embodied Finance: Towards a Critical Feminist Analysis.’ Global Society 29 (1): 107–127.
Scherrer, C., ed. [2017]. Public Banks in the Age of Financialization: A Comparative Perspective. Cheltenham, UK: Edward Elgar Publishing.
Shirley, M. M. [1999]. ‘Bureaucrats in Business: The Roles of Privatization Versus Corporatization in State-Owned Enterprise Reform.’ World Development 27 (1): 115–136.
Shleifer, A. [1998]. ‘State Versus Private Ownership.’ Journal of Economic Perspectives 12 (4): 133– 150.
Shonfield, A. 1969 [1965]. Modern Capitalism: The Changing Balance of Public and Private Power. New York: Oxford University Press.
Skidelsky, R., F. Martin, y C. Westerlind Wigstrom. [2011]. Blueprint for a British Investment Bank. London: Centre for Global Studies.
Spratt, S., and L. Ryan-Collins. [2012]. Development Finance Institutions and Infrastructure: A Systematic Review of Evidence for Development Additionality. A Report Commissioned by the Private Infrastructure Development Group. Brighton, UK: Institute of Development Studies.
Stiglitz, J. [1994]. ‘The Role of the State in Financial Markets.’ Proceedings of the World Bank Annual Conference on Development Economics 1993: 19–61.
Vanberg, V. J. [2005]. ‘Market and State: The Perspective of Constitutional Political Economy.’ Journal of Institutional Economics 1 (1): 23–49.
von Mettenheim, K., and M. A. Del Tedesco Lins, eds. [2008]. Government Banking: New Perspectives on Sustainable Development and Social Inclusion from Europe and South America. Rio de Janeiro and Berlin: Konrad Adenauer Foundation.
UNCTAD. [2019]. Trade and Development Report 2019: Financing a Global Green New Deal. Geneva: United Nations Conference on Trade and Development.
UN IATF. [2019]. Financing for Sustainable Development Report. New York: United Nations Inter-Agency Task Force on Financing for Development.
Vidal, G., W. C. Marshall, y E. Correa. [2011]. ‘Differing Effects of the Global Financial Crisis: Why Mexico has Been Harder hit Than Other Large Latin American Countries.’ Bulletin of Latin American Research 30 (4): 419–435.
Xu, J., X. Ren, y X. Wu. [2019]. Mapping Development Finance Institutions Worldwide: Definitions, Rationales, and Varieties. NSE Development Financing Research Report No. 1. Beijing, China: Peking University Institute of New Structural Economics.
Todo el contenido de esta revista, excepto dónde está identificado, está bajo una Licencia Creative Commons Atribución-NoComercial-SinDerivar 4.0 Internacional.