Abstract

MARTINEZ MANTILLA, Manuel Felipe  and  BORSARI, Pietro. Subordinated financial integration and the effects of the pandemic crisis in Colombia. Cuad. Econ. [online]. 2021, vol.40, n.spe85, pp.899-920.  Epub Sep 27, 2022. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v40n85.90925.

The economic and social crisis generated by the coronavirus is causing intense effects in Colombia in terms of production and employment. Based on a Marxist and post-Keynesian perspective, subordinated financial integration is analysed contingent on the behaviour of international capital flows as well as the stock of external assets and liabilities of the Colombian economy during the period 19902019. The results indicate that the Colombian economy is in a position of high external vulnerability and financial fragility evidenced by a significant transfer of financial wealth to the central countries and weak growth dynamics, conditioning the country's economic trajectory in the face of the international financial contagion derived from the COVID-19 pandemic.

Keywords : External vulnerability; financial fragility; hierarchical international monetary system; subordinate financialisation.

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