Paul Lachine

Banqueros sin fronteras

FRANKFURT – Durante la fase más aguda de la crisis financiera de 2008-2009, parecía que los bancos occidentales iban a retirar sus participaciones en el extranjero e iban a irse a casa, dejando los mercados financieros mucho más fragmentados por fronteras nacionales. Pero, como muestra un nuevo informe de Deutsche Bank Research, al presente, los negocios transfronterizos – ya sea de manera directa o vía sucursales o filiales – se han estabilizado ampliamente.

Durante la crisis, el nivel de actividad bancaria se redujo fuertemente sobre todo en áreas de uso intensivo de capital, como por ejemplo la de préstamos tradicionales al sector privado. El efecto fue especialmente pronunciado en préstamos a empresas no financieras, mientras que los préstamos a hogares – un área donde tradicionalmente la internacionalización es menor – permanecieron más robustos.

En parte, el descenso se debió a una mayor tenencia de títulos de deuda pública externa en comparación a la tenencia de títulos de deuda privada externa. Antes de la crisis, frecuentemente los bancos habían actuaban como vendedores netos de bonos de gobiernos extranjeros; sin embargo, ellos aumentaron considerablemente sus compras durante el periodo 2008-2009. Con el inicio de la crisis de la deuda soberana europea en 2010, el apetito de los bancos por deuda pública cayó nuevamente.

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