Publication: Banca de inversión en EEUU: del auge al apogeo y a la crisis sistémica
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2018-01-29
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Universidad Complutense de Madrid
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Abstract
La tesis se sustenta en la propuesta analítica que proporciona un enfoque institucionalista de las finanzas y se propone explicar los cambios radicales que han caracterizado a la actividad de banca de inversión y a los bancos de inversión en Estados Unidos durante las últimas décadas. La investigación de esos cambios ha identificado la existencia de dos mutaciones o transformaciones sustanciales: la primera sucedió en el intervalo comprendido entre los primeros años ochenta y finales de los años noventa; la segunda se produjo entre finales de los noventa y el estallido de la crisis financiera en 2008. Cada una de esas dos mutaciones afectó de manera simultánea y articulada a los ámbitos institucionales y macroeconómicos con los que se relaciona la actividad de banca de inversión, así como a los mercados y agentes implicados en dicha actividad. Es decir, de un lado, se produjeron sendas transformaciones del vínculo existente entre la banca de inversión, el marco institucional y la dinámica económica; y de otro lado, sendas transformaciones de las funciones de los mercados de capital (a través de sus instrumentos y operativas) y de las entidades que actuaban y dominaban esos mercados (primero los grandes bancos de inversión y después también los grandes bancos comerciales). De ese modo, la aplicación del enfoque institucionalista de las finanzas proporciona una estructura analítica coherente que explica las características de cada uno de los dos períodos de mutación y de la secuencia que los vincula, a través de las transformaciones tanto de los ámbitos asociados a la banca de inversión como de sus componentes (mercados y agentes). Así mismo, dicho enfoque explica cómo durante la segunda mutación interactuaron dos mecanismos simultáneos, uno que impulsó el apogeo de la banca de inversión y otro que gestó las condiciones de una crisis sistémica. Consecuentemente, el análisis proporciona resultados específicos de cada una de esas transformaciones y aporta unas conclusiones finales que permiten explicar de manera consistente el encadenamiento de cambios radicales que experimentó la banca de inversión entre 1981 y 2008. Previamente a los años ochenta, sus dimensiones eran reducidas y su perímetro de actividad estaba restringido por un marco institucional estrictamente regulado y por una dinámica económica que acotaba las formas de financiación de las empresas y las posibilidades de inversión financiera para los poseedores de la mayor parte del ahorro. Tras dos décadas de cambios, sus dimensiones eran espectaculares, el marco institucional carecía de regulaciones relevantes y la dinámica económica reflejaba el dominio de los grandes inversores financieros.
The present PhD Thesis is based on an analytical proposal which provides an institutionalist approach of finance and aims to explain the radical changes that have characterized the investment banking activity and investment banks in the United States during the last decades. The investigation of these changes has identified the existence of two mutations or profound transformations: the first one took place between the early 1980s and the late 1990s, whereas the second one occurred between the end of the nineties and the outbreak of the financial crisis in 2008. Each of these transformations affected simultaneously and in an articulated manner the macroeconomic and institutional frameworks to which the investment banking activity is related, impacting as well the markets and agents involved. On the one hand, the link between the investment banking, the institutional framework and the economic dynamics has suffered profound transformations whereas, on the other hand, deep changes took place with respect to the functions of the capital markets (through their instruments and operations) and to the entities that were involved and dominated those markets (the major investment banks at first and then the large commercial banks as well). Thus, the application of the institutionalist approach of finance provides a coherent analytical structure that explains the characteristics of each of the two periods of transformation and the sequence that links them, through the changes associated with the investment banking as well as to its components (markets and agents). Likewise, this approach explains the way in which two simultaneous mechanisms interacted during the second transformation period, one that stimulated the heyday of investment banking and another one that bred the conditions of a systemic crisis. Consequently, the analysis provides specific results for each of these transformations and provides several final conclusions that allow us to explain in a consistent manner the succession of radical changes that the investment banking experienced between 1981 and 2008. Prior to the 1980s, its dimensions were reduced and its perimeter of activity was restricted by a tightly regulated institutional framework and the economic dynamic that was limiting the sources of financing available to companies and the possibilities of financial investment for the holders of the most part of the savings. After two decades of changes, its dimensions grew to become spectacular, the institutional framework lacked relevant regulations and the economic dynamic reflected the dominance of the largest financial investors.
The present PhD Thesis is based on an analytical proposal which provides an institutionalist approach of finance and aims to explain the radical changes that have characterized the investment banking activity and investment banks in the United States during the last decades. The investigation of these changes has identified the existence of two mutations or profound transformations: the first one took place between the early 1980s and the late 1990s, whereas the second one occurred between the end of the nineties and the outbreak of the financial crisis in 2008. Each of these transformations affected simultaneously and in an articulated manner the macroeconomic and institutional frameworks to which the investment banking activity is related, impacting as well the markets and agents involved. On the one hand, the link between the investment banking, the institutional framework and the economic dynamics has suffered profound transformations whereas, on the other hand, deep changes took place with respect to the functions of the capital markets (through their instruments and operations) and to the entities that were involved and dominated those markets (the major investment banks at first and then the large commercial banks as well). Thus, the application of the institutionalist approach of finance provides a coherent analytical structure that explains the characteristics of each of the two periods of transformation and the sequence that links them, through the changes associated with the investment banking as well as to its components (markets and agents). Likewise, this approach explains the way in which two simultaneous mechanisms interacted during the second transformation period, one that stimulated the heyday of investment banking and another one that bred the conditions of a systemic crisis. Consequently, the analysis provides specific results for each of these transformations and provides several final conclusions that allow us to explain in a consistent manner the succession of radical changes that the investment banking experienced between 1981 and 2008. Prior to the 1980s, its dimensions were reduced and its perimeter of activity was restricted by a tightly regulated institutional framework and the economic dynamic that was limiting the sources of financing available to companies and the possibilities of financial investment for the holders of the most part of the savings. After two decades of changes, its dimensions grew to become spectacular, the institutional framework lacked relevant regulations and the economic dynamic reflected the dominance of the largest financial investors.
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, leída el 23-02-2017