Resumen

HERRERA, PABLO  y  GARCIA FRONTI, JAVIER. IMPACT OF THE GOVERNMENTAL CREDIT ON THE FINANCIAL SYSTEM. Finanz. polit. econ. [online]. 2014, vol.6, n.2, pp.247-268. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.2014.6.2.2.

The global financial crisis that began in 2008 triggered a growing interest in issues related to financial stability and a consequent need for change in their regulation. This work proposes a three-agents theoretical model - financial intermediaries, firms and government- in which it is shown that the government subsidies granting is more effective if they are directed through a financial intermediary, carrying besides, to a further financial depth. The first section develops the concepts of pro-cyclicality, leverage and systemic risk. The model is presented in the second section and the macroeconomic exercise is developed.

Palabras clave : inancial system; procyclicality; leverage; systemic risk; governmental credits.

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