Chris Van Es

Resistencia en los mercados de dinero

CAMBRIDGE – Recientemente, la Comisión de Bolsa y Valores de los Estados Unidos (SEC) rechazó normas dirigidas a mejorar la seguridad de los fondos de inversión en mercados de dinero ante situaciones de crisis financieras –un rechazo que causó consternación entre los observadores y otros reguladores. Dados los riesgos que pueden generar los fondos de inversión en mercados de dinero para el sistema financiero global, como quedó demostrado por su rol desestabilizador durante la crisis financiera de 2008, no es difícil entender su preocupación.

Los fondos de inversión en mercados de dinero captan los excedentes de efectivo de los inversores y con ellos adquieren pagarés a corto plazo de empresas, bancos y otras instituciones financieras. Son imitaciones de cuentas bancarias, ya que permiten que los inversores emitan cheques y prometan que el valor de sus inversiones se mantendrá.

En 2012, los fondos estadounidenses de inversión «preferenciales» en mercados de dinero, que adquieren deuda bancaria y corporativa, tenían un valor aproximado de $1,5 billones. El dinero que fluía a través de estos fondos terminaba en muchos de los bancos más grandes del mundo, incluidos, además de los obvios candidatos estadounidenses (JP Morgan Chase, Bank of America, y Citi), algunos de los principales bancos europeos y japoneses, como Barclays, Deutsche Bank, Bank of Tokyo, Sumitomo, Credit Suisse, e ING. Tan solo esos seis bancos internacionales daban cuenta aproximadamente del 20% del valor de los fondos de inversión en mercados de dinero preferenciales.

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