{0>Unfreezing Credit<}0{>La descongelación de los créditos<0}

{0>CHICAGO – Little political enthusiasm exists for further support to the banking sector.<}0{>CHICAGO.- No hay mucho entusiasmo político para dar mayor apoyo al sector bancario.<0} {0>One reason is that banks that received money in the initial rescues do not seem to have increased their lending, without which monetary and fiscal stimulus are unlikely to be effective.<}0{>Una de las razones es que los bancos que recibieron dinero en los primeros rescates no parecen haber incrementado sus préstamos, sin los cuales es poco probable que los estímulos fiscales y monetarios sean efectivos.<0} {0>For banks to start lending again, even more intervention may be needed.<}0{>Para que los bancos vuelvan a prestar tal vez se requieran aún más intervenciones.<0}

{0>To see why, we need to understand why banks are still so reluctant.<}0{>Para saber por qué, necesitamos entender los motivos por los que los bancos siguen mostrándose reacios.<0} {0>One possibility is that they worry about borrowers’ credit risk, though this would have to be extremely high to justify the complete cessation of long-term lending.<}0{>Una probable respuesta es que les preocupa el riesgo crediticio de los prestatarios, aunque éste tendría que ser extremadamente alto para justificar la total suspensión de los préstamos a largo plazo.<0} {0>A second possibility is that banks worry about having enough resources to meet their own creditors’ demands if they lock up funds in long-term loans.<}30{>Otra explicación es que a los bancos les preocupa no tener los recursos necesarios para responder a las demandas de sus propios acreedores si deciden inmovilizar fondos mediante préstamos de largo plazo.<0} {0>But the many central bank lending facilities that have been opened around the world should assuage these concerns, especially for large and well-capitalized banks.<}0{>No obstante, los múltiples mecanismos de crédito que los bancos centrales de todo el mundo han abierto deberían apaciguar estas preocupaciones, especialmente en el caso de los bancos más grandes y mejor capitalizados.<0}

{0>On the other hand, perhaps banks’ reluctance to lend reflects a fear of being short of funds if investment opportunities get even better.<}0{>Por otro lado, tal vez la indecisión de los bancos a realizar préstamos refleje su temor a quedarse sin fondos en caso de que mejoren aún más las oportunidades de inversión.<0} {0>Citicorp CEO Vikram Pandit said as much when he indicated that it was cheaper to buy loans on the market than to make them.<}0{>El presidente ejecutivo de Citicorp, Vikram Pandit, prácticamente lo dijo cuando indicó que era más barato comprar créditos en el mercado que otorgarlos.<0} {0>And buying may get cheaper still!<}0{>Además, es posible que las operaciones de compra sigan bajando de precio.<0}

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/SMfKWny/es;
  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable


    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.