In 1994, John C. Harsanyi, John F. Nash and Reinhard Selten, won the Nobel economics prize for his pioneering analysis of the equilibrium in the theory of non-cooperative games. The Nash equilibrium is one of the results which can be reached on the models of non-cooperative games, in which the individual action of the different participants, generates a result that is less than that it would reach if among them they decided to cooperate according a particular behavior. These models have shown to have wide applicability in reality. And in these times of crisis, we have seen several examples of actions that replicated their results. One of them has been observed during the past weekend and which had as protagonists to Latin American central banks. In a meeting which attended by central bankers in Argentina, Brazil, Colombia, Chile, Mexico and Peru, agreed among other measures, to prevent a devaluatoria war between them, coincide in that sudden fluctuations in the types of changes of these countries should be avoided as is It has been observed in the last time, product of the international turbulence.
Without doubts an agreement of great relevance and little imaginable in the past. In addition, in the meeting which was hosted the President of the Central Bank of Chile, Jose De Gregorio, Latin American Bankers agreed according to the communique issued after the meeting: establish mechanisms for Exchange of information and technical cooperation, to facilitate the determination of courses of action to follow. In the press release, stands out the confidence that the region: is in better condition to face the financial turbulence, thanks to its solid economic fundamentals and it has instruments to preserve the integrity and functioning of monetary and financial markets. Clear that what has been agreed does not represent a coordination of monetary policies and this made clear the holder of the Central Bank of the Republic Argentina (BCRA), Martin Redrado: talk about coordination It is still a word that does not qualify this meeting well.