Since then, central bankers and economic authorities have been focusing their efforts on defusing the threat of financial disintermediation due to the severe consequences that this implies both for the stability of the financial system and the health of the real economy.
Within this context, the international financial crisis finds developing countries in a position that considerably differs from other episodes in the past: instead of causing the crisis, they are the ones suffering its impact at this time. And this point is not a minor one given our history of macroeconomic volatility and instability.