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¿Es un sistema financiero menos procíclico una meta alcanzable?

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  • Goodhart, Charles
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    Abstract

    La banca y las finanzas son inherentemente procíclicas, una condición exacerbada por la combinación de Basilea II y la contabilidad a valor de mercado (mark-to-market accounting), por lo que se requiere crear políticas macroprudenciales anticíclicas. Esta fragilidad se vio intensificada por la reducción en la liquidez bancaria (mayor dependencia en fondos de segundo piso) y el cambio organizacional de sociedades generales a sociedades anónimas abiertas. Algunos comentaristas han visto como solución a esta prociclicidad la aplicación de restricciones directas a la actividad bancaria, tales como la promoción del narrow banking o límites al tamaño de los bancos. Si bien existen argumentos para fortalecer la regulación al incrementarse el riesgo sistémico, las restricciones directas son simplistas; ideas más razonables involucran la adopción de una regulación macroprudencial mejor diseñada, tal vez con alguna forma de auto seguro bancario. Sin embargo, aún queda mucho por decidir con respecto al futuro de la regulación bancaria.

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    File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/21/ree-21-goodhart.pdf
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    Bibliographic Info

    Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

    Volume (Year): (2011)
    Issue (Month): 21 ()
    Pages: 9-22

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    Handle: RePEc:rbp:esteco:ree-21-01

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    1. Edward E. Leamer, 2007. "Housing IS the Business Cycle," NBER Working Papers 13428, National Bureau of Economic Research, Inc.
    2. Harald Uhlig, 2009. "A Model of a Systemic Bank Run," NBER Working Papers 15072, National Bureau of Economic Research, Inc.
    3. Acharya, Viral V., 2009. "A Theory of Systemic Risk and Design of Prudential Bank Regulation," CEPR Discussion Papers 7164, C.E.P.R. Discussion Papers.
    4. Kashyap, Anil K. & Rajan, Raghuram G. & Stein, Jeremy C., 2008. "Rethinking capital regulation," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 431-471.
    5. Charles Goodhart & Miguel Segoviano, 2009. "Banking Stability Measures," FMG Discussion Papers, Financial Markets Group dp627, Financial Markets Group.
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