2026-06-01T02:06:36Zhttps://riuma.uma.es/rest/oai/request

oai:riuma.uma.es:10630/277072026-02-03T12:13:33Zcom_10630_2254col_10630_37959

In the mood for liquidity: non-banks in the shadow of banks & fintechs. Ruiz-Ojeda, Alberto Luis Instituciones financieras Bancos - Regulación Bancos hipotecarios Bolsa de valores 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. 2023-10-02T06:13:34Z 2023-10-02T06:13:34Z 2023 2023 conference output "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 https://hdl.handle.net/10630/27707 eng Corporate and Financial Governance: A Transatlantic Perspective, XIX Harvard Law School-Real Colegio Complutense Seminar, 25-27 septiembre 2023 Cambridge-USA 25-27 septiembre 2027 http://creativecommons.org/licenses/by-nc-nd/4.0/ open access Attribution-NonCommercial-NoDerivatives 4.0 Internacional