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La gestión de la liquidez del Banco Central Europeo durante la crisis financiera: 2008-2009

  • Carlos Pateiro Rodríguez

    (Universidade de A Coruña. España.)

  • Ramón Nuñez Gamallo

    (Universidade de A Coruña. España.)

  • Jesús M. García Iglesias

    (Universidade de Extremadura. España.)

En los meses posteriores a la quiebra de Lehman Brothers, en septiembre de 2008, los mercados financieros fueron sometidos a fuertes tensiones. Por su parte, los mercados monetarios sufrieron alteraciones de tal importancia que el Eurosistema hubo de adoptar medidas orientadas a facilitar liquidez a los bancos ante la posibilidad de colapso del mercado interbancario. En este trabajo se analiza la transformación experimentada por el modelo de inyección de liquidez al sistema, en un contexto de grave crisis financiera y económica. Con tipos de interés en descenso, el cambio ha sido radical entre octubre de 2008 y mediados de 2009. Las operaciones de financiación a más largo plazo representaron la primera posición, desplazando a las operaciones principales de financiación semanales, al tiempo que se ampliaba la lista de activos de garantía y un número creciente de entidades acudía a las subastas de liquidez. En la medida en que el BCE decida limitar las subastas de financiación a más largo plazo, adaptándolas a su procedimiento de política monetaria, resulta de gran interés el análisis de la actual situación deudora de bancos y cajas frente al BCE.

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Article provided by Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna in its journal Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2014).

Volume (Year): 9 (2010)
Issue (Month): (April)
Pages: 1-16

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Handle: RePEc:eac:articl:03/09
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