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¿Es un sistema financiero menos procíclico una meta alcanzable?

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  • Goodhart, Charles

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.

Suggested Citation

  • Goodhart, Charles, 2011. "¿Es un sistema financiero menos procíclico una meta alcanzable?," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 21, pages 9-22.
  • Handle: RePEc:rbp:esteco:ree-21-01
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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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    References listed on IDEAS

    as
    1. Acharya, Viral V., 2009. "A theory of systemic risk and design of prudential bank regulation," Journal of Financial Stability, Elsevier, vol. 5(3), pages 224-255, September.
    2. Edward E. Leamer, 2007. "Housing is the business cycle," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 149-233.
    3. Uhlig, Harald, 2010. "A model of a systemic bank run," Journal of Monetary Economics, Elsevier, vol. 57(1), pages 78-96, January.
    4. Charles Goodhart & Miguel Segoviano, 2009. "Banking Stability Measures," FMG Discussion Papers dp627, Financial Markets Group.
    5. 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, pages 431-471.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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