Carry trade y credit crunch en la economía española

Abstract

Alonso, Fernando y Blázquez, Pablo. Carry trade y credit crunch en la economía española. RESUMENEl trabajo presenta algunos factores que han causado la restricción crediticia a las empresas y al consumo durante la etapa de crisis que vive aún hoy la economía española. Analiza las claves que han desembocado en esta situación como son las políticas aplicadas antes y durante la crisis por los Bancos Centrales, la distribución sectorial del crédito y el uso que del mismo han hecho los bancos comerciales en sus políticas de riesgo y liquidez. Los datos analizados vinculan la situación a dos fenómenos que tienen una clara integración en la actual situación del sistema financiero en España: el "carry trade" o uso del crédito a los bancos en la adquisición de deuda pública ha llevado al "credit crunch" con niveles de crédito muy por debajo de los existentes en cualquier otro país de la OCDE resultado del comportamiento de la banca comercial en el mecanismo de transmisión de la política monetaria.PALABRAS CLAVE: crédito, política monetaria, credit crunch, carry trade, trading.ABSTRACT This paper presents some factors which contribute and originate the current credit restrictions to companies and consumption during the crisis phase that have affected the Spanish economy is now experiencing. It analyzes key questions that lead to the current situation as policies applied by Central Banks before and during the crisis period, sectorial distribution of the credit, and performance of credit in commercial banks in their risk and liquidity policies. The quantitative data shows a clear link between two phenomena detected and integrated in the Spanish Financial System: the "carry trade" or the use of credit by the European Central Bank to buy great amounts of Public Debt caused the "credit crunch" with levels much lower than those existing in the other countries of OECD originated in base to the commercial banks behavior in their transmission role of the monetary policy.

El nuevo rostro de la economía del desarrollo

“…Enero-Febrero-Marzo 2024. N.º 934 aritmética de las relaciones de poder en una sociedad (Alonso, 2021;Tang, 2022).…”

Wheels within wheels within wheels: the importance of capital inflows in the origin of the Spanish financial crisis

“…Many papers have emphasized financial-banking imbalances as an explanatory factor of the Spanish crisis. In particular, rising private indebtedness, as well as a clear increase in credit risk, were observed through the expansion of bank credit (Calvo and Paul, 2009;Alonso and Blázquez, 2013). This expansion fed what we have referred to as market and liquidity risks, since a growing share of credit went toward financing a housing bubble 16 (increasing the risk of a sharp downfall on the price of the collateral), along with the building sector (whose returns are long term and dependent on the housing bubble), and public investments (fiscal income also being highly sensitive to the boom in the real estate sector).…”

“…On the channeling of credit to consumption and real estate investment see, for instance, BernardosDomínguez (2009), andAlonso and Blázquez (2013).…”