%0 Journal Article %T EL PRESTAMISTA DE ULTIMA INSTANCIA EN LA NUEVA INDUSTRIA BANCARIA %A EDGARDO BARANDIAR芍N %J Cuadernos de Econom赤a %D 2003 %I %X La transformaci車n de la industria bancaria en las 迆ltimas tres d谷cadas ha sido demasiado r芍pida y el an芍lisis te車rico y emp赤rico de su regulaci車n se ha quedado rezagado. Dejando de lado el debate est谷ril sobre la inestabilidad intr赤nseca de la industria, hoy la regulaci車n tiene como objetivo inmediato la prevenci車n del riesgo sist谷mico. Poco se ha avanzado, sin embargo, en lograr un consenso sobre su significado. Lentamente se ha progresado en separar los riesgos ex車genos asociados a hechos extremos -en particular, a los shocks macroecon車micos- del concepto de riesgo sist谷mico. Ahora se propone la idea de riesgo end車geno, que en situaciones excepcionales de interacci車n no-coordinada podr赤a implicar graves p谷rdidas patrimoniales para los bancos y los depositantes. Se argumenta que esta idea no apoya la pretensi車n de compromisos basados en reglas _aun los compromisos diluidos de la ambig邦edad constructiva- pero justifica la intervenci車n discrecional de un prestamista de 迆ltima instancia, sujeta a la aprobaci車n del poder pol赤tico Since the mid-1970s, the banking industry has been changing rapidly, but our analysis of its regulation has been lagging. Leaving aside the sterile discussion about the intrinsic instability of the industry, today its regulation aims at preventing systemic risk. Little progress has been made, however, to agree on a definition of this risk. Exogenous risks associated with extreme events -such as macroeconomic shocks- have been separated from systemic risk, and now the idea of endogenous risk has been advanced. In some exceptional situations of no-coordinated interaction, endogenous risk may imply large losses to both banks and depositors. Although this idea does not support the assumption of rule-based commitments-even the loose commitments of constructive ambiguity- it supports the discretional intervention of a lender of last resort with government's approval %K Lender of Last Resor %K Central Banks %K Commercial Banks %K Financial Crises %K International Monetary Fund %U http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212003012000008