Reenv: Reservas Internacionales Netas se incrementaron en US$ 452 millones desde fines de marzo

Yes

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Fecha:30/04/2015 23:54 (GMT-05:00)

Asunto: Reservas Internacionales Netas se incrementaron en US$ 452 millones desde fines de marzo

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**Nota Semanal N° 16-2015 (descargar documento)
<http://www.bcrp.gob.pe/docs/Publicaciones/Nota-Semanal/2015/ns-16-2015.pdf>
**

Reservas Internacionales Netas se incrementaron en US$ 452 millones
desde fines de marzo


<http://www.bcrp.gob.pe/docs/Publicaciones/Nota-Semanal/2015/ns-16-2015.pdf>

Precio del del zinc subió 5,2 por ciento a US$/lb. 1,04 del 21 al
28 de abril


<http://www.bcrp.gob.pe/docs/Publicaciones/Nota-Semanal/2015/ns-16-2015.pdf>

Tasa de interés preferencial corporativa en soles en 4,4 por ciento
Tipo de cambio en S/. 3,13 por dólar

**Nota Semanal: N° 16-2015 (descargar documento)
<http://www.bcrp.gob.pe/docs/Publicaciones/Nota-Semanal/2015/ns-16-2015.pdf>
**

Resumen informativo N° 16-2015
<http://www.bcrp.gob.pe/docs/Publicaciones/Nota-Semanal/2015/resumen-informativo-16-2015.pdf>
(formato PDF)
Cuadros estadísticos
<http://www.bcrp.gob.pe/estadisticas/cuadros-de-la-nota-semanal.html>
(formato XLS)
Cuadros estadísticos
<http://www.bcrp.gob.pe/docs/Estadisticas/Cuadros-Estadisticos/2015/cuadros-estadisticos-16-2015.pdf>
(formato PDF)

**Novedades en la página web <http://www.bcrp.gob.pe/>
**

Revista Moneda 161: Importancia de los pagos minoristas
<http://www.bcrp.gob.pe/publicaciones/revista-moneda/revista-moneda-161.html>

Circular 018-2015-BCRP: Disposiciones de encaje en moneda extranjera
<http://www.bcrp.gob.pe/docs/Transparencia/Normas-Legales/Circulares/2015/circular-018-2015-bcrp.pdf>

Circular 017-2015-BCRP: Disposiciones de encaje en moneda nacional
<http://www.bcrp.gob.pe/docs/Transparencia/Normas-Legales/Circulares/2015/circular-017-2015-bcrp.pdf>

BCRP reduce encaje en moneda nacional a 7% desde mayo
<http://www.bcrp.gob.pe/docs/Transparencia/Notas-Informativas/2015/nota-informativa-2015-04-27.pdf>

XXXIII Encuentro de Economistas - Convocatoria
<http://www.bcrp.gob.pe/proyeccion-institucional/encuentro-de-economistas.html>

Resultados del Concurso de Investigación para Jóvenes Economistas
2014-2015
<http://www.bcrp.gob.pe/docs/Transparencia/Notas-Informativas/2015/nota-informativa-2015-04-24-2.pdf>

"Los dorados años veinte" de Wilfredo Ardito Vega es la ganadora
del Concurso de Novela Corta del BCRP, 2015
<http://www.bcrp.gob.pe/docs/Transparencia/Notas-Informativas/2015/nota-informativa-2015-04-24.pdf>

Atte,

Departamento de Publicaciones Económicas.

Envíe sus comentarios mediante el formulario de consultas
<http://www.bcrp.gob.pe/contactenos.html>



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bis: paper sobre crisis

http://www.bis.org/publ/othp05.pdf

BIS: ADHESION A SISTEMA PAGO, Gestion

Nueve bancos centrales se unen al sistema de pago del BIS
11:39Para el Banco de Pagos Internacionales, esta adhesión fortalecerá al organismo.
Nueve bancos centrales -entre ellos los de México, Brasil y China- se han unido al Comité de Sistema de Pagos y Convenios, informó el Banco de Pagos Internacionales (BIS por sus siglas en inglés).
El comité, un foro de bancos centrales para dar seguimiento al desarrollo de pagos y sistemas de convenios y esquemas de convenios transfronterizos y de divisas, tiene ahora 23 miembros. Su secretariado está bajo la órbita del BIS.
“La expansión fortalecerá la capacidad del comité para contribuir a la estabilidad financiera mediante mejoras a los pagos globales y convenios de infraestructura”, dijo el BIS.
Los nuevos miembros son Australia, Brasil, China, India, México, Rusia, Arabia Saudita, Sudáfrica y Corea del Sur, precisa la agencia Reuters.
Los bancos centrales de esos países se unirán a Bélgica, Canadá, el Banco Central Europeo, Francia, Alemania, Hong Kong, Italia, Japón, Holanda, Singapur, Suecia, Suiza, Gran Bretaña y Estados Unidos.
El presidente del comité es William Dudley, presidente del Banco de la Reserva Federal de Nueva York.

SPIEGEL ONLINE - The Man Nobody Wanted to Hear: Global Banking Economist Warned of Coming Crisis

This article has been sent to you by ggarcianunez@gmail.com with
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SPIEGEL ONLINE, 07/08/2009
---------------------------------------------------------------------
The Man Nobody Wanted to Hear: Global Banking Economist Warned of
Coming Crisis
---------------------------------------------------------------------

William White predicted the approaching financial crisis years before
2007's subprime meltdown. But central bankers preferred to listen to
his great rival Alan Greenspan instead, with devastating consequences
for the global economy.

By Beat Balzli and Michaela Schiessl

You can download the complete article over the Internet at the
following URL:
http://www.spiegel.de/international/business/0,1518,635051,00.html

More about this issue
---------------------------

Photo Gallery: The Cassandra of the Financial Crisis
http://www.spiegel.de/fotostrecke/fotostrecke-44149.html

'A Real Free Lunch': How German Banks Are Cashing In on the Financial
Crisis
http://www.spiegel.de/international/business/0,1518,633690,00.html

EU Split over Lessons of Crisis: UK, Ireland Resist Push for More
Financial Regulation
http://www.spiegel.de/international/europe/0,1518,628123,00.html

SPIEGEL 360: Our Full Coverage of the Global Economic Downturn
http://www.spiegel.de/international/business/0,1518,k-7312,00.html

ROUBIN: ALTAMENTE RECOMENDADO

Ver video de una excelente conferencia de Nouriel Roubini
http://mail01.mail.com/scripts/common/login_home.cgi?a=8f98139853a8036ef956fca17b54dbfb56e42d612112ea06c7dfad3702e853d61b13ebad4d7bbc7c209dc05fe7ef1385c16fac0c7d00ed3623c470b9fa6b2b777a83f0536b117663e1988ddfa2a171e3561b3ddfc6ad773feae9

Fwd: Macroperu Muy grandes para un rescate

Too big to rescue

Posted by Edward Harrison on Sunday, 15 February 2009

After Iceland collapsed and went into Depression, there were a number of analyses in the press regarding countries with outsized financial sectors. The worry was that the collapse of Iceland was not an isolated incident, but rather a harbinger of things to come for smaller countries with large financial sectors. I wrote a post in November called "Iceland: a cautionary tale for small nations" which pointed to a number of countries that I considered vulnerable including Austria, Denmark, Ireland, Sweden and Switzerland. Even the United Kingdom has been a concern.

Those worries are still with us three months later. And with good reason as many countries in Eastern Europe are in or headed for Depression, Latvia being the most obvious example. (Many of the aforementioned economies have banks with large exposure to Eastern Europe).

Here is the crux of the matter: there are a number of banks, which are very large in relation to the size of their domestic economy. In the past, that has meant that they are too big to fail. Citigroup is a prime example of banks that fall into this category.

But, there are also a number of banks with an asset base that is disproportionately large mainly due to many overseas assets. I have pointed to Royal Bank of Scotland as a prime example. What this means is that the governments where these banks are domiciled cannot make credible guarantees regarding the institutions in question.

If we suffer a crisis of confidence and these banks come under attack, they become literally too big to rescue.

To give you a few numbers, I will give you some examples in no particular order.

• Denmark - GDP: $312 billion; Danske Bank - Assets: $615 billion (197% of GDP)
• United Kingdom - GDP: $2.8 trillion; RBS - Assets: $3.8 trillion or 136% of GDP (with HSBC and Barclays this rises to $8.6 trillion or 226% of GDP)
• Switzerland - GDP: $313 492 billion; UBS and Credit Suisse - Assets: $3 trillion (958658% of GDP)
• France - GDP: $2.6 trillion; BNP Paribas, Agricole, SocGen, and Dexia - Assets ($6.7 trillion or 259% of GDP)
• Netherlands - GDP: $777 billion; ING - Assets: $1.8 trillion or 231% of GDP (with Fortis this rises to $2.9 trillion or 385% of GDP)
• Germany - GDP: $3.3 trillion; Deutsche Bank - Assets: $2.7 trillion (83% of GDP)

This list is far from comprehensive — it does not include Sweden, Ireland or Austria and it does not include other non-bank financial companies like Hypo Real Estate or Allianz. Germany is the best of the bunch, largely due to the size of its economy. But if you add in Commerzbank (incl. Dresdner), Postbank, WestLB, and the Landesbanks of Baden Wuerttemburg and Bavaria, you have a problem there too. And many of these German institutions are already having problems.

The data all comes from Data Monitor and Wikipedia.

The long and short of it is: many countries in Western Europe have weak financial sectors with high systemic risk. The concern here deals mostly with the theory of reflexivity, popularized in finance by George Soros. Wikipedia has a decent definition:

In sociology, reflexivity is an act of self-reference where examination or action `bends back on', refers to, and affects the entity instigating the action or examination. In brief, reflexivity refers to circular relationships between cause and effect. A reflexive relationship is bidirectional; with both the cause and the effect affecting one another in a situation that renders both functions causes and effects. Reflexivity is related to the concept of feedback and positive feedback in particular.

An example is the interaction between beliefs and observations in a marketplace: if traders believe that prices will fall, they will sell - thus driving down prices, whereas if they believe prices will rise, they will buy - thereby driving prices up.

Whilst we have beaten back the panic which surfaced after Lehman Brothers collapsed, there are still nagging doubts about the health of the global financial system. And in a world of reflexivity, it does not take much for these doubts to manifest themselves in self-reinforcing panic and collapse. Paul Krugman says this is the key lesson from the Asian Crisis of 1997-1998 in his book "The Return of Depression Economics."

Looking at today's crisis, the datapoints I have just provided demand an aggressive policy response in order to eliminate worst-case outcomes. This is, in the main, the problem I have with the policy response to date in Europe and the United States. Hypothetically speaking, if we were to face a crisis where GM credit default swaps are triggered by bankruptcy or where Bank of America collapses, where the Austrian banking system required EU support or UBS faced bankruptcy — in these scenarios, is the present policy response sufficient to deal with the volatility that would result?

My answer is no.

__

Germany - GDP: $3.3 trillion; Deutsche Bank - Assets: $2.7 trillion (83% of GDP)"Netherlands - GDP: $777 billion; ING - Assets: $1.8 trillion or 231% of GDP (with Fortis this rises to $2.9 trillion or 385% of GDP) France - GDP: $2.6 trillion; BNP Paribas, Agricole, SocGen, and Dexia - Assets ($6.7 trillion or 259% of GDP)Switzerland - GDP: $313 492 billion; UBS and Credit Suisse - Assets: $3 trillion (958658% of GDP) United Kingdom - GDP: $2.8 trillion; RBS - Assets: $3.8 trillion or 136% of GDP (with HSBC and Barclays this rises to $8.6 trillion or 226% of GDP) Denmark - GDP: $312 billion; Danske Bank - Assets: $615 billion (197% of GDP)"To give you a few numbers, I will give you some examples in no particular order.resultaría imposible.
para los paises desarrollados. En casos extremos el rescate
Quedan claras las razones del rescate al sector financiero. Impresionante el riesgo que implican los gigantes financieros

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