Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole
Jean Tirole y Bengt Holmström publicaron Inside and Outside Liquidity (mit Press, 2011). Con sus planteamientos se caracterizan los fundamentos conceptuales y de política económica en la gestión de liquidez, con aplicación en los mercados financieros. La acumulación preventiva de liquidez surge ante restricciones para pignorar los flujos de ingreso empresariales a favor de inversionistas. Ante tensiones de liquidez, las empresas emplean sus propios activos, inside liquidity, para conseguir efectivo; al ser estos insuficientes, el Gobierno actúa mediante bonos y medidas como ventana de redescuento del Banco Central, seguro de depósitos, ayudas de desempleo y otras formas de outside liquidity, que no provienen de la hoja de balance del sector... Ver más
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1794-1113
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Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole Holmström, B. y Tirole, J. (agosto 2000). Liquidity and Risk Management. En Journal of Money, Credit and Banking, 32 (3), 295-319. ODEON https://revistas.uexternado.edu.co/index.php/odeon/article/view/4878 Español https://creativecommons.org/licenses/by-nc-sa/4.0/ Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84 (3), 488-500. Arrow, K. y Debreu, G. (1954). Existence of an equilibrium for a competitive economy. Econometrica, 22 (3), 265-290. Bryant, J. (1980). A model of Reserves, Bank Runs, and Deposit Insurance. Journal of Banking and Finance, 4, 335-344. Diamond, D. W. y Dybvig, P. H. (1983). Bank Runs, Deposit Insurance, and Liquidity. The Journal of Political Economy, 91 (3), 401-419. Holmström, B. y Tirole, J. (2011). Inside and Outside Liquidity. Cambridge: mit Press. Holmström, B. y Tirole, J. (febrero 1998). Private and Public Supply of Liquidity. Journal of Political Economy, 106 (1), 1-40. application/pdf Perold, A. F. (2004). The Capital Asset Pricing Model. Journal of Economic Perspectives, 18 (3), 3-24. Tirole, J. (2015). Country Solidarity in Sovereign Crises. American Economic Review, 105 (8), 2.333-2.363. info:eu-repo/semantics/article http://purl.org/coar/resource_type/c_6501 http://purl.org/redcol/resource_type/ARTREF info:eu-repo/semantics/publishedVersion http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 Text text/html Universidad Externado de Colombia Publication crisis subprime shadow banking lapm selección adversa bonos contingentes según estado de liquidez agregada liquidity hoarding 11 Inside y Outside Liquidity shock de liquidez Núm. 11 , Año 2016 : Julio-Diciembre Guedez Calderin, Orlando Artículo de revista Jean Tirole y Bengt Holmström publicaron Inside and Outside Liquidity (mit Press, 2011). Con sus planteamientos se caracterizan los fundamentos conceptuales y de política económica en la gestión de liquidez, con aplicación en los mercados financieros. La acumulación preventiva de liquidez surge ante restricciones para pignorar los flujos de ingreso empresariales a favor de inversionistas. Ante tensiones de liquidez, las empresas emplean sus propios activos, inside liquidity, para conseguir efectivo; al ser estos insuficientes, el Gobierno actúa mediante bonos y medidas como ventana de redescuento del Banco Central, seguro de depósitos, ayudas de desempleo y otras formas de outside liquidity, que no provienen de la hoja de balance del sector privado. Los mercados financieros internacionales son otra fuente de liquidez, contra flujos pignoraticios del sector transable. Los autores dedican un epílogo a la crisis subprime, añadiendo la perspectiva de mala calidad de colateral en la evaporación de liquidez del mercado. subprime crisis Jean Tirole and Bengt Holmström have published Inside and Outside Liquidity (mit Press, 2011). With their proposal, the conceptual foundations for liquidity management and its associated economic policy are described, with applications in financial markets. The precautionary hoarding of liquidity takes place under restrictions to pledge the cash flow of the firm to investors. When liquidity shocks appear, firms can use their own assets, inside liquidity, to obtain cash; when they are not enough, government intervenes through bonds and measures such as the discount window, deposit insurance, unemployment benefits and other forms of outside liquidity, that are not originated in the balance sheet of the private sector. International financial markets are another source of liquidity, with recourse to the pledgeable inflows from international trade. The authors dedicate an epilogue to the subprime crisis, adding the perspective of the bad quality of the collateral as a cause of evaporation of liquidity. Liquidity Shock Inside and Outside Liquidity liquidity hoarding shadow banking adverse selection Journal article lapm To understand the macro-management of liquidity: A comment About InsIde and OutsIde Liquidity by Holmström and Tirole contingent bonds according to aggregate liquidity 2346-2140 2017-05-18 1794-1113 2017-05-18T00:00:00Z 10.18601/17941113.n11.02 https://doi.org/10.18601/17941113.n11.02 https://revistas.uexternado.edu.co/index.php/odeon/article/download/4878/5928 https://revistas.uexternado.edu.co/index.php/odeon/article/download/4878/5805 7 26 2017-05-18T00:00:00Z |
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UNIVERSIDAD EXTERNADO DE COLOMBIA |
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Colombia |
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Revista ODEON |
| title |
Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole |
| spellingShingle |
Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole Guedez Calderin, Orlando crisis subprime shadow banking lapm selección adversa bonos contingentes según estado de liquidez agregada liquidity hoarding Inside y Outside Liquidity shock de liquidez subprime crisis Liquidity Shock Inside and Outside Liquidity liquidity hoarding shadow banking adverse selection lapm contingent bonds according to aggregate liquidity |
| title_short |
Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole |
| title_full |
Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole |
| title_fullStr |
Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole |
| title_full_unstemmed |
Para entender la macrogestión de liquidez: comentario sobre Inside and Outside Liquidity de Holmström y Tirole |
| title_sort |
para entender la macrogestión de liquidez: comentario sobre inside and outside liquidity de holmström y tirole |
| title_eng |
To understand the macro-management of liquidity: A comment About InsIde and OutsIde Liquidity by Holmström and Tirole |
| description |
Jean Tirole y Bengt Holmström publicaron Inside and Outside Liquidity (mit Press, 2011). Con sus planteamientos se caracterizan los fundamentos conceptuales y de política económica en la gestión de liquidez, con aplicación en los mercados financieros. La acumulación preventiva de liquidez surge ante restricciones para pignorar los flujos de ingreso empresariales a favor de inversionistas. Ante tensiones de liquidez, las empresas emplean sus propios activos, inside liquidity, para conseguir efectivo; al ser estos insuficientes, el Gobierno actúa mediante bonos y medidas como ventana de redescuento del Banco Central, seguro de depósitos, ayudas de desempleo y otras formas de outside liquidity, que no provienen de la hoja de balance del sector privado. Los mercados financieros internacionales son otra fuente de liquidez, contra flujos pignoraticios del sector transable. Los autores dedican un epílogo a la crisis subprime, añadiendo la perspectiva de mala calidad de colateral en la evaporación de liquidez del mercado.
|
| description_eng |
Jean Tirole and Bengt Holmström have published Inside and Outside Liquidity (mit Press, 2011). With their proposal, the conceptual foundations for liquidity management and its associated economic policy are described, with applications in financial markets. The precautionary hoarding of liquidity takes place under restrictions to pledge the cash flow of the firm to investors. When liquidity shocks appear, firms can use their own assets, inside liquidity, to obtain cash; when they are not enough, government intervenes through bonds and measures such as the discount window, deposit insurance, unemployment benefits and other forms of outside liquidity, that are not originated in the balance sheet of the private sector. International financial markets are another source of liquidity, with recourse to the pledgeable inflows from international trade. The authors dedicate an epilogue to the subprime crisis, adding the perspective of the bad quality of the collateral as a cause of evaporation of liquidity.
|
| author |
Guedez Calderin, Orlando |
| author_facet |
Guedez Calderin, Orlando |
| topicspa_str_mv |
crisis subprime shadow banking lapm selección adversa bonos contingentes según estado de liquidez agregada liquidity hoarding Inside y Outside Liquidity shock de liquidez |
| topic |
crisis subprime shadow banking lapm selección adversa bonos contingentes según estado de liquidez agregada liquidity hoarding Inside y Outside Liquidity shock de liquidez subprime crisis Liquidity Shock Inside and Outside Liquidity liquidity hoarding shadow banking adverse selection lapm contingent bonds according to aggregate liquidity |
| topic_facet |
crisis subprime shadow banking lapm selección adversa bonos contingentes según estado de liquidez agregada liquidity hoarding Inside y Outside Liquidity shock de liquidez subprime crisis Liquidity Shock Inside and Outside Liquidity liquidity hoarding shadow banking adverse selection lapm contingent bonds according to aggregate liquidity |
| citationissue |
11 |
| citationedition |
Núm. 11 , Año 2016 : Julio-Diciembre |
| publisher |
Universidad Externado de Colombia |
| ispartofjournal |
ODEON |
| source |
https://revistas.uexternado.edu.co/index.php/odeon/article/view/4878 |
| language |
Español |
| format |
Article |
| rights |
https://creativecommons.org/licenses/by-nc-sa/4.0/ info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 |
| references |
Holmström, B. y Tirole, J. (agosto 2000). Liquidity and Risk Management. En Journal of Money, Credit and Banking, 32 (3), 295-319. Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84 (3), 488-500. Arrow, K. y Debreu, G. (1954). Existence of an equilibrium for a competitive economy. Econometrica, 22 (3), 265-290. Bryant, J. (1980). A model of Reserves, Bank Runs, and Deposit Insurance. Journal of Banking and Finance, 4, 335-344. Diamond, D. W. y Dybvig, P. H. (1983). Bank Runs, Deposit Insurance, and Liquidity. The Journal of Political Economy, 91 (3), 401-419. Holmström, B. y Tirole, J. (2011). Inside and Outside Liquidity. Cambridge: mit Press. Holmström, B. y Tirole, J. (febrero 1998). Private and Public Supply of Liquidity. Journal of Political Economy, 106 (1), 1-40. Perold, A. F. (2004). The Capital Asset Pricing Model. Journal of Economic Perspectives, 18 (3), 3-24. Tirole, J. (2015). Country Solidarity in Sovereign Crises. American Economic Review, 105 (8), 2.333-2.363. |
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2017-05-18 |
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2017-05-18T00:00:00Z |
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2017-05-18T00:00:00Z |
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https://revistas.uexternado.edu.co/index.php/odeon/article/view/4878 |
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https://doi.org/10.18601/17941113.n11.02 |
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2346-2140 |
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10.18601/17941113.n11.02 |
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7 |
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26 |
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