Financiarización y titulización: un momento Minsky

Abstract

THE PRESENT WORK ANALYSES THE CURRENT FINANCIAL CRISIS BASED ON MINSKY'S ""FINANCIAL FRAGILITY"" THEORY. SEVERAL YEARS OF ABUNDANT LIQUIDITY AND LOW REAL INTEREST RATES IN THE US, ALONG WITH THE SEARCH BY INVESTORS FOR NEW AND COMPLEX WAYS TO INCREASE THEIR PROFITS (SECURITIZATION) BROUGHT ABOUT A RISE IN HOUSING PRICES AND AN EXCESSIVE RISK TAKING. THIS CONFIRMED THE PRINCIPLES OF A MONETARY ECONOMY WHERE MARKETS BEHAVE IRRATIONALLY. FINANCIAL UNCERTAINTY BECAME MORE ACUTE AS IT WENT FROM REGULATED FINANCIAL STRUCTURES TO UNREGULATED ONES. THE CRISIS EXPLODED WHEN EXCESSIVE LEVERAGING BROUGHT ABOUT A GREAT UNCERTAINTY, AS THE VALUE OF THE FINANCIAL ASSETS COULD NOT BE DETERMINED. THE MORTGAGE CRISIS TURNED INTO A LIQUIDITY CRISIS OF THE FINANCIAL SYSTEM. CREDIT CONTRACTION REDUCED THE GROWTH OF THE ECONOMY WHICH IN TURN DIMINISHED THE DEMAND IN DEVELOPED COUNTRIES, WITH THE CONSEQUENT IMPACT ON DEVELOPING AND EMERGING COUNTRIES. TO THE PRECEDING FACTS, WE MUST ADD THE EXTRAORDINARY INCREASES IN THE PRICES OF ENERGY, FOOD AND OTHER RAW MATERIALS. THESE EVENTS ONCE AGAIN CLEARLY SHOW THAT THE GLOBAL FINANCIAL SYSTEM LACKS ADEQUATE SUPERVISION.