THE RISE OF COLLATERAL BASED FINANCE FROM THE PERSPECTIVE OF AUSTRIAN BUSINESS CYCLE THEORY
DOI:
https://doi.org/10.52195/pm.v23i2.1951Palabras clave
Derechos sobre valores (Securities Entitlement); Derechos de propiedad; Reutilización de colateral; Rehipotecación; Depositarios centrales de valores; Depository Trust & Clearing Corporation (DTCC); Teoría Austríaca del Ciclo Económico (ABCT); Riesgo sistémico.
Resumen
Este estudio examina la historia jurídica y las implicaciones sistémicas de la práctica del sector financiero de rehipotecar los valores de los clientes —activos pignorados repetidamente en los mercados de derivados y de cré- dito— y aborda una laguna importante en la literatura económica y regulatoria mediante el desarrollo de un marco teórico para explicar sus efectos macrofi- nancieros. Basado en la teoría austriaca del ciclo económico, el análisis sitúa la rehipotecación como análoga a la expansión crediticia dentro de la crítica de la teoría austriaca del ciclo económico a la banca de reserva fraccionaria, lo que constituye una expansión crediticia desvinculada del ahorro real. Las reformas legales, como la revisión del artículo 8 del Código Comercial Uni- forme (UCC) de 1994 y su armonización con la legislación de la UE en materia de valores entre 2004 y 2014, redefinieron los derechos de propiedad sobre los valores financieros como derechos contractuales denominados «derechos sobre valores», lo que constituyó el marco jurídico internacional que autorizó una práctica industrial anteriormente ilegal. Al vincular estas transformaciones legales y estructurales con la concepción austriaca de la inestabilidad cíclica, el documento demuestra que las burbujas de activos alimentadas por la reutili- zación generalizada de garantías amplifican la vulnerabilidad sistémica: durante las caídas del mercado, la caída del valor de los activos desencadena ajustes de márgenes que agotan rápidamente las garantías pignoradas para el margen inicial, lo que obliga a liquidaciones generalizadas de activos y a défi- cits de financiación. este efecto en cascada, tal y como se describe en la docu- mentación oficial, puede provocar una espiral de muerte que se refuerza a sí misma, con ventas urgentes, tensiones de liquidez e impagos de las contrapar- tes, que propagan la inestabilidad por todo el sistema financiero, en paralelo al ciclo crediticio de la teoría austriaca del ciclo económico.
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