La estatización bancaria en México. Una interpretación desde la perspectiva del pensamiento económico

Abstract

25 years have passed since expropriation of private banks was decreed in Mexico in 1982. Since then, no convincing explanations of that decision have been presented. In this paper it is argued that the origins derived from heterodox currents of thought based on which an alternative economic policy was adopted, different to the one applied from 1958 to 1970. In general terms, that alternative economic policy implied strong contradictions, and its application derived in an intense devaluation crisis. Specifically, the fiscal and monetary expansionism implicit in the economic policy adopted, was incompatible with the maintenance of exchange stability. Based also on those heterodox currents of thought, the solutions suggested by his “Reformist” economic advisors to the president Lopez Portillo were to expropriate the private banks and apply a general exchange control.