RT Conference Proceedings
T1 In the mood for liquidity: non-banks in the shadow of banks & fintechs.
A1 Ruiz-Ojeda, Alberto Luis
K1 Instituciones financieras
K1 Bancos - Regulación
K1 Bancos hipotecarios
K1 Bolsa de valores
AB The main of the author goes to the restrictions on the means for liquidity derived from the last decade’s regulatory trends. My contention is about the severe distortions caused to all stakeholders and economic agents by the Humpty-Dumpty mantra of (global) financial stability, which entails a number of overlapping controls directed to channel every single stream of liquidity to the banking sector, devised as a mere elongation of central banks and regulatory authorities. To spur the debate, I’d like to pose a couple of questions: (1) does it make sense the financial repression exercise over OTCs through the duties of notice to the regulators? (2) does the unprecedented proliferation of ETFs since the GFC show the flight by investors from conventional financial vehicles which are seen as unreliable and too close to politicians’ hands?In a nutshell, we would be in the way to forget that liquidity is inevitably about short-term gains and losses, not about money printing, and the adequate discernment of credit risk is the specific role of commercial banks in a market economy; that of the central banks is last resort lending at a penalty rate, and against good collateral, but to commercial banks, not to States.
YR 2023
FD 2023
LK https://hdl.handle.net/10630/27707
UL https://hdl.handle.net/10630/27707
LA eng
NO "In the mood for liquidity: non-banks in the shadow of banks & fintechs", XIX Harvard Law School-Real Colegio Complutense Seminar on Corporate and Financial Governance: A Transatlantic Perspective, 25-27 September 2023
NO Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech
DS RIUMA. Repositorio Institucional de la Universidad de Málaga
RD 3 mar 2026