Medidas para aliviar tensiones en los mercados monetarios

Escrito el 12 Septiembre 2007 por Juan Toro en Financial Markets

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David Bach 21 Septiembre 2007 - 15:25

Juan, just read the version of this post you published in Cinco Dias. I couldn’t agree more with you. CBs as providers of liquidity of last resort would turn the role of CBs on its head, at least as far as banking regulation is concerned. Rather than setting rules as to the extend of risk that banks can take on in order to ensure systemic stability, the CB would be encouraging excessive risk-taking. A critic of capitalist democracy ones said that in these systems profits are privatized while losses are socialized. The calls for even greater intervention to ease the pain remind me of that.

Philip Bowring has a nice comparison to the Asian financial crisis in todays’ International Herald Tribune (http://www.iht.com/articles/2007/09/20/news/edbowring.php). The smell of hypocracy is certainly in the air!

Juan Toro 21 Septiembre 2007 - 17:37

Thanks for the reference. I will have a look at the article you mention.

Despite the drop of 50 basis points in the reference rate in the US, the spread between Fed fund rates and the 3 months LIBOR is still 45 basis points.

Even after the drop in rates there are still adverse selection fears around among banks.

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