Housing crisis denver Chris Hondros/Getty Images

Déjà Vu de la burbuja inmobiliaria

CAMBRIDGE – La crisis financiera del período 2008-2009 puso de manifiesto una seria debilidad en la arquitectura del sistema financiero mundial: un mercado de fondos a un día de plazo para valores respaldados por hipotecas sin la capacidad de manejar la implosión de una burbuja inmobiliaria. Aproximadamente nueve años después, aún no se ha abordado adecuadamente esa debilidad.

Cuando estalló la crisis, las empresas e inversionistas en Estados Unidos prestaban el dinero en efectivo extra que tenían a bancos y a otras firmas financieras por una noche; estos préstamos, más sus respectivos intereses, se debían pagar a la mañana siguiente. Debido a que el seguro de depósito bancario cubría sólo hasta la suma de $100.000, aquellos que tenían millones de dólares para almacenar, frecuentemente, preferían este mercado a un día, utilizando como garantía los ultra seguros valores de deuda a largo plazo del Tesoro de EE.UU.

Pero, los prestamistas de dineros a un día tenían la posibilidad de obtener tasas de interés aún más altas si tomaban como garantía una cartera menos segura compuesta por deudas hipotecarias, y eso es justamente lo que muchos hicieron. Pronto, un candente mercado estadounidense de la vivienda operaba a sazón de un mercado de dinero de varios millones de millones de dólares.

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