Retos Actuales Del Sistema Financiero

 

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SOFTC^YFMGM MC @SGVGWSFB DGISB]GM MC IFCOIFGY GMHFOFY]^G]FTGY IG^^C^G: GMHFOFY]^GIFÙO MC CHQ^CYGY

Fotc`rgotcs: 

Igsik Ygotfbbço Ighfbg Gbcjgomrg

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Iegvgrrk Qkoic Gstrfm Mgygog

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Yçoiecz ^kmrè`ucz Cvcbyo Gbcjgomrg

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Ygotks Vrrgzgngb ^kooy Mjgbhg

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Ycrrgok Tfbbc`gs Pfbby Jgil 

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Srrcstk Iruz Gomrcg Lgrcbys

Iursk: 4-4 Hgtcrfg: Dfogozgs ikrpkrgtfvgs GOGBFYFY MC TFMCK - ^C]KY GI]SGBCY MCB YFY]CHG DFOGOIFC^K 7. »Iuçb cs cb ]ètubk mcb Tèmck; ]comcoifgs mc ngoig co bg crg ik`oftfvg.

>. »Wufæo cs cb cxpksftkr prfoifpgb; >. »Wufæo Hgrfgog Bfsiecocr @kbmvgr`, cs mc Gr`cotfog, pcrk vfvc co Cstgmks Sofmks. Mcschpc÷g cb rkb mc cjciutfvg mc scrvfifks dfogoifcrks cxpcrfhcotgmg iko hçs mc 9> g÷ks mc cxpcrfcoifg. Ikhcotg quc sc foikrpkrù g FNH egic yg hçs mc mks g÷ks. Cs bg cxpcrtg co bg fomustrfg fomustrfg mc scrvfifks dfogoifcrks mc bg rc`fùo y hfchnrk mcb FNH Pkrbmwfmc Ngolfo` Icotcr kd Ikhpctcoic. Gotcs mc FNH, kiupù vgrfks pucstks mc gbtk ofvcb mcotrk mc Iftfngol, foibufmks bks mc Jcdc mc Hgrlctfo` pgrg Ghærfig Bgtfog, @crcotc mc Oc`kifks Ogifkogbcs mc Iftfngol pgrg vgrfks pgèscs mc Ghærfig Bgtfog y Mfrcitkrg Cjciutfvg mc IftfHkrt`g`c co bks CC. SS.

 

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9. »Cxfstco ktrks cxpksftkrcs; »Wufæocs sko;  Ok cxfstco ktrks cxpksftkrcs co cb vfmck.

=. »Wuæ fostftuifùo k cvcotk guspfifg cb vèmck; =. »Wuæ Bg Gskifgifùo Ifvfb sfo Dfocs mc Buirk GHNG 941± mc Gr`cotfog, sc coigr`g mcb Hgrlctfo` y ]ciokbk`èg co uo skbk Iko`rcsk.

3. Eg`g  Eg`g uo rcsuhco mc bgs prfoifpgbcs ikotrfnuifkocs co ikokifhfcotks rcbgifkogmks g bg 3. hgtcrfg quc gpkrtg cb cxpksftkr prfoifpgb. Hgrfgog co cb vfmck oks fomfigng ibgrghcotc co su cxpksfifùo cs quc tkmks bks quc cotfcomco bk quc cstç pgsgomk co cb huomk, huomk, sc vgo g mgr iucotg quc ok sc vg g pkmcr egnbgr skbghcotc mc  ngoig pkrquc bk quc pgsg co bg fomustrfg cstç gdcitgomk g bgs ktrgs fomustrfgs. fomustrfgs. sf ok rcgiifkoghks vghks g pcrmcr bg igrrcrg ikhk bg ego pcrmfmk huiegs ikhpg÷ègs quc gotcs cstgngo co cb tkp cstghks co bg crg mc bg ikbgnkrgifùo cstghks co bg crg mc bg dkrhgifùo mc bks ciksfstchgs cb quc ok rcgiifkoc y grhc huy nfco su pbgtgdkrhg mc oc`kifks vg g qucmgr ducrg mc cstc juc`k tkmk bk quc pgrcièg ifcoifg dfiifùo eky pgrcic rcgbfmgm y pkrquc pkr bg igpgifmgm mc  prkicsghfcotk quc tcochks eky co mèg bg igpgifmgm mc prkicsghfcotk egic quc tco`ghks bg egnfbfmgm mc bccr hfbbkocs mc rc`fstrks pkr sc`uomk quc oks pcrhftc sgigr ikoibusfkocs quc bg hcotc euhgog ok pkmrèg sgigr skbk bg cvkbuifùo cs cstç pgsgomk y cstç pgsgomk gekrg y hçs rçpfmk quc ouoig y prucng mc cstk cs bg vcbkifmgm mc gmkpifùo mc tkmgs bgs oucvgs tciokbk`ègs iko tkmk cstk trgchks gpgrcjgmk bg ocicsfmgm mc mcsgrrkbbgr oucvks slfbbs eky bgs iksgs oks pgsgo tgo rçpfmk quc sf yk ok mfsc÷k gb`k pgrg cstc hkhcotk hc pcrmè bg kpkrtuofmgm co bg ignczg mcb ibfcotc cstghks pgsgomk mcb hgrlctfo` koc ko koc gb hgrlctfo` koc tk hkhcot bgs vcbkifmgmcs mc gmkpifùo mc bgs tciokbk`ègs tkhgrko uo fhpubsk fhprcsfkogotc g pgrtfr mc bg gpgrfifùo mc fotcroct ikhk pgsghks g hfirk scrvfifks pgrg quc pkmghks tcocr bg g`fbfmgm mc p pkmcr kmcr rcspkomcr

 

9 g bg ocicsfmgm mcb hcrigmk rçpfmk sf oksktrks sc`ufhks trgngjgomk iko bgs hctkmkbk`ègs gotf`ugs  pgrg mcsgrrkbbgr skbuifkocs pgrg bks ibfcotcs, ibfcotcs, cb ibfcotc yg ighnfk mc mcscks, mcscks, ighnfk mc ocicsfmgm y ighnfk mc igogb prcdcrfmk pgrg iugomk yk tcrhfoc mc prk`rghgr .  

Bks ibfcotcs co bg bg gitugbfmgm gitugbfmgm mchgomgo cdfifcoifg c ffohcmfgtcz, ohcmfgtcz, ]rgosdkrhgr ]rgosdkrhgr cb scrvfifk quc

sc kdrcic g bks ibfcotcs sfo hgykr csducrzk.  

Fotrkmuiifùo mc scrvfifks scrvfifks mf`ftgbcs, Dgifbftgr bg gtcoifùo mc gyumg sfo sfo quc bks ibfcotcs tco`go

quc bcvgotgr cb tcbædkok k nusigr rcspucstgs co huieks bu`grcs .  

Cb g`cotc vfrtugb, Qcrhftfr ircgr oucvks prkycitks y oucvks ncocdfifks pgrg pgrg bks ibfcotcs co bks

 prùxfhks g÷ks. g÷ks.

4. Eg`g 4.  Eg`g uo rcsuhco mc bgs prfoifpgbcs ikotrfnuifkocs co ikokifhfcotks rcbgifkogmks g bg hgtcrfg quc gpkrtgo bks cxpksftkrcs sciuomgrfks. Hgrfgog rcsgbtgng ibgrghcotc co su cxpksfifùo quc bg tciokbk`èg gvgozg g pgsks `f`gotcs y bks  ngoiks gdcitgo g vgrfgs fomustrfgs pkrquc cstço fotcrikocitgmgs. Qkr csk, ok sc mcnc mcjgr mc bgmk trgngjgr co ikojuotk iko bg tciokbk`èg pkrquc sf sc mcjg mc bgmk, bg fomustrfg sgbc mcb juc`k. Cotkoics bg rcikhcomgifùo mc Hgrfgog duc quc mcnco ikosfmcrgr quc tkmk sc cstç mf`ftgbfzgomk y hkvfbfzgomk co cb hùvfb iko cb fotcroct. Qkr bk tgotk, bgs fomustrfgs mcnco gutkhgtfzgrtc iko cb gvgoic tciokbù`fik y cb fotcroct. Cb usk mc bgs rcmcs skifgbcs gyumg g quc sc eg`g vfrgb iugbqufcr  nfco k scrvfifk quc sc mcscc fhpbchcotgr pkr cjchpbk cb usk mc bg ngoig hùvfb y bgs rcspucstgs fohcmfgtgs hcmfgotc bg pbgtgdkrhg, sfo mcsiufmgr bg cxpcrfcoifg cxibusfvg cx ibusfvg mcb scrvfifk gb ibfcotc, yg quc cs uo dgitkr fhpkrtgotc bg sgtfsdgiifùo mcb ibfcotc pkrquc ikotrfnuyc g bg prcdcrcoifg y  pksfifkoghfcotk mc bg hgrig co cb hcrigmk. Mc cstg hgocrg sc mcnc pbgofdfigr tkmk co ngsc g bg cxicbcotc cxpcrfcoifg mc bks ibfcotcs.

 

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0. »Iùhk sc rcbgifkogo bk prcscotgmk co cb vèmck iko bg hgtcrfg; Cb vfmck sc rcbgifkog iko bg hgtcrfg pkrquc egnbg gicrig mc quc eky co mfg bg tciokbk`èg trgc ikosf`k cokrhcs kpkrtuofmgmcs pgrg ikostrufr sfstchg dfogoifcrk huiek hçs cdfifcotc y  prkmuitfvk mcnfmk g quc cstghks vfvfcomk co uo huomk mc ighnfks ikhk sc hcoifkoù gb  prfoifpfk mcb vfmck gotcs crg tkotk y mcsikocitgmk, gekrg cstç ikocitgmk y cs fotcbf`cotc. Cstk cxf`c uog prkduomg trgosdkrhgifùo mc bg fomustrfg dfogoifcrg y ghcogzg bg supcrvfvcoifg mc bks gitugbcs ngoiks. ]ghnfæo sc egnbg mc bg utfbfmgm mc bg mgtg co bg ngoig mkomc cstc kdrcic fodfofmgm mc  pksfnfbfmgmcs pkr igmg igotfmgm mc mgtks y pgrçhctrks quc hgocjg, pkr cjchpbk, pucmc bbc`gr g ikostftufr uo hkmcbk ùptfhk co bg `cstfùo mcb rfcs`k `cocrgb y pgrtfiubgr mc igmg ibfcotc y ikhngtfr bg buieg ikotrg cb drgumc, sfcomk igpgz mc fmcotfdfigr y rc`fstrgr hkvfhfcotks skspcieksks.

5. »Wuæ ikoicptk, prfoifpfk k tckrèg duc cb quc hçs fhpgitù gb `rupk; Wuc bks Ngoiks vgo g rcgiifkogr iko fookvgifùo gotcs quc bg Dfotcie cs mcifr chprcsgs dfogoifcrgs tciokbù`figs quc trgtgo mc gpkrtgr oucvgs ou cvgs fmcgs y quc rcdkrhubgo `rgifgs g bgs oucvgs tciokbk`ègs mc bg fodkrhgifùo, tco`go mfstrfnuifùo pgrg sf hfshk y bks mcs fotcrhcmfgo mfico quc cs gb`k quc ok vg g pgsgr pkrquc cstghks co bg crg mc bg ikbgnkrgifùo, co bg crg mc bg dkrhgifùo mc bks ciksfstchgs Qcrk cb quc ok rcgiifkoc y grhc nfco su pbgtgdkrhg mc oc`kifks vg g qucmgr ducrg mcb juc`k y tfcoc rfcs`k mc m c scr mcs fotcrhcmfgmks Cb fhpgitk quc tcomrço bgs fomustrfgs pgrg cb duturk, yg quc sc cstfhg quc cb 0>% mc bg ducrzg bgnkrgb cstgrç ikostftufmg pkr jùvcocs hfbbcoofgbs, y bg ducrzg kpcrgtfvg kpc rgtfvg mc bgs fomustrfgs vgo ighnfgomk pkr bg dkrhg mc kpcrgr mc cstks, pkrquc cbbks sko trgngjgmkrcs mfstfotks, pkr bk iugb sc tfcoc quc chpczgr g dkrhgr tgbcotks pgrg p grg ircgr oucvgs egnfbfmgmcs.

 

3 Wuc eky co mèg cxfstc uog oucvg crg mcb ibfcotc: 

Cb ibfcotc bk qufcrc gekrg

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Cb ibfcotc bk qufcrk g hf hcmfmg

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Cb ibfcotc bk qufcrk gquè

6. »Wuæ tchg mc fhpkrtgotfig rcsubtù mfdèifb mc ikhprcomcr; »Qkr quæ; 

Mfsrup Mfs rupifù ifùo o pk pkrqu rqucc pco pcosgn sgngg qu qucc egic egic rcdcrc rcdcrcoif oifgg g quc ok sc mco iucotg iucotg mc bg fhpkrt fhpkrtgoi goifg fg tciokbù`fig, sfo chngr`k, fovcstf`gomk cs uo tærhfok oucvk cs gqucbbg ‒tciokbk`èg k fookvgifùo quc ikomuic g bg gpgrfifùo mc prkmuitks y scrvfifks quc utfbfzgo prcdcrfnbchcotc uog cstrgtc`fg mfsruptfvg (mc mfsruptfvk, 'quc prkmuic rupturg nrusig') drcotc g uog cstrgtc`fg skstcofnbc g dfo mc ikhpctfr ikotrg uog tciokbk`èg mkhfogotc‘ \IF]G]FKO Bkp76 Rp 710 Rb 7>>65 X,  nusigomk uog prk`rcsfvg ikoskbfmgifùo co uo hcrigmk. Guoquc fofifgbhcotc cb tærhfok prkvfcoc mc bg cikokhèg, gitugbhcotc ikhfcozg g tcocr huieg fhpkrtgoifg g bg ekrg mc pbgotcgr cstrgtc`fgs mc mcsgrrkbbk co bks mcpgrtghcotks mc F+M mc huiegs ikhpg÷ègs. Guoquc ok ocicsgrfghcotc bk mfsruptfvk tco`g quc cstgr gskifgmk g bg tciokbk`èg, pkr cjchpbk, co uo mctcrhfogmk scitkr pucmc gpbfigrsc uo hkmcbk mc oc`kifk mc ktrk scitkr `cocrgomk uog mfsrupifùo, sfo quc ocicsgrfghcotc sc utfbfic uog oucvg tciokbk`èg.

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Cotkoics murgotc cb vèmck pumc ikhprcomcr quc egic rcdcrcoifg g bg crg tciokbù`fig cs uog mfsrupifùo guo pgrg pcrskogs mc tcricrg quc guo cstg gikstuhnrgmks g fr gb ngoik, tcocr su bfnrctg co dèsfik, bg gtcoifùo pcrskogbfzgmg, cti. y pgrg cbbks cstg pbgtgdkrhg k ngoig hùvfb sc bc ikhpbfig mchgsfgmk, pkr csk rcikhcomgng quc ifcrtgs suiursgbcs cosc÷co su usk c foibusk pucmgo gyumgrbks mcsmc su icbubgr.

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Mcsfotcrhcmfgifùo pkrquc pcosgng quc yg ok cxfstc co cb gitk ikhcrifgb, pcrk ikhprcomè hcjkr  iugomk co cb sf`ofdfigmk sc trgtgng mc bg tcomcoifg, Bùpcz Mkhèo`ucz \IF]G]FKO Bùp75 Ro Rt

 Rb 7>>65 X gdfrhg quc ‒tcomcoifg g quc bks fotcrhcmfgrfks gitúco ikhk sfhpbcs hcmfgmkrcs,  pgsgomk bks dbujks dfogoifcrks mfrcitghcotc mcsmc bks kdcrcotcs g bks mchgomgotcs mc dkomks‘ (p. 7>) hc pumc mgr iucotg quc su df`urg mcjg mc scr fhpkrtgotc co uo pgitk k trgtgmk dfogoifcrk, pkr  cjchpbk, co cstc igsk cb ngoik mcjgrèg mc scr fhpkrtgotc pgrg bks gekrrks.

 

4

71. »Iuçbcs sko bgs ikoibusfkocs prfoifpgbcs rcspcitk mc tkmk cb vèmck; Co ikoibusfùo, mc giucrmk iko Hgrfgog Bfsieocr (Cxpcrtg co Ycrvfifks Dfogoifcrks pgrg bg fomustrfg co BG]GH c FNH Pkrbmwfmc Ngolfo` Icotcr kd Ikhpctcoic). Bg Fomustrfg Ngoigrfg tfcoc quc cstgr prcpgrgmg pgrg bg Crg Ik`oftfvg. Fomustrfgs ikhk bg hcmfifog pucmco Bk`rgr bg mctciifùo tchprgog k iurg mc uog codcrhcmgm k fmcotfdfigr pgomchfgs gotcs mc quc suicmgo, sko gb`uoks mc bks csicogrfks quc bg tciokbk`èg ik`oftfvg pkmrèg kdrcicr g bks sfstchgs mc sgbum, ekspftgbcs k fostftuifkocs cspcifgbfzgmgs. Cstc tfpk mc gikotcifhfcotks quc cstço pgsgomk co ktrgs fomustrfgs ircgo uog hgykr cxpcitgtfvg co bks ibfcotcs mc bk quc pucmg kdrcicr bg fomustrfg  ngoigrfg. Bks ibfcotcs co bg gitugbfmgm mchgomgo hgykr cdfifcoifg c fohcmfgtcz, pgrg cbbk sc mcnc trgosdkrhgr cb scrvfifk quc sc kdrcic g bks ibfcotcs sfo hgykr csducrzk, Fotrkmuifcomk scrvfifks mf`ftgbcs bk iugb dgifbftg bg gtcoifùo mc gyumg gyum g sfo quc bks ibfcotcs tco`go qu qucc bcvgotgr cb tcbædkok k  nusigr rcspucstgs co huieks bu`grcs. Bgs fomustrfgs quc ok rcgiifkoco y grhco huy nfco sus pbgtgdkrhgs mc oc`kifks gutkhgtfzgmgs vgo g qucmgr ducrg mc ikhpctcoifg, ikhk bg ego pcrmfmk huiegs ikhpg÷ègs quc gotcs cstgngo co cb tkp. ]kmk bk quc gotcs pgrcièg ifcoifg dfiifùo, eky cs uog rcgbfmgm, pkrquc pkr bg igpgifmgm mc  prkicsghfcotk quc sc tfcoc eky co mèg cs huy supcrfkr. Bg igpgifmgm mc prkicsghfcotk egic quc sc kntco`g bg egnfbfmgm mc bccr hfbbkocs mc rc`fstrks pkr sc`uomk, quc oks pcrhftc sgigr ikoibusfkocs quc bg hcotc euhgog ok pkmrèg rcskbvcr. Bg cvkbuifùo cstç pgsgomk igmg vcz hçs rçpfmk, y prucng mc cstk cs bg vcbkifmgm mc gmkpifùo mc tkmgs bgs oucvgs tciokbk`ègs, y sc ircg bg ocicsfmgm mc m mcsgrrkbbgr csgrrkbbgr oucvgs egnfbfmgmcs. Bgs

 

0 vcbkifmgmcs mc gmkpifùo mc bgs tciokbk`ègs tkhgrko uo fhpubsk fhprcsfkogotc g pgrtfr mc bg gpgrfifùo mc fotcroct. Yc mcnco ircgr hfirk scrvfifks pgrg quc sc pucmg tcocr bg g`fbfmgm mc pkmcr rcspkomcr g bg ocicsfmgm mcb hcrigmk hçs rçpfmk. Egy quc dkrhgr bks ciksfstchgs pgrg quc sc pucmg mgr tkmg cstg cxpcrfcoifg mc ibfcotc. Bks Ngoiks sc tfcoco quc gbfgr iko ktrgs ikhpg÷ègs quc bk`rgrko mcsgrrkbbgr scrvfifks quc, guoquc ok scgo bks hcjkrcs, sc pucmgo ikhpbchcotgr g hcjkr y csk sè sc grhg mcotrk mc bg grquftciturg mc bg tciokbk`èg mcb Ngoik co hfirk scrvfifks. Cstgs oucvgs tciokbk`ègs `cocrgo uo hkotùo mc pucrtgs mc rfcs`k gmfifkogbcs y uo hkotùo mc oucvgs rc`ubgifkocs pgrg prktc`cr gb ibfcotc. Cs rcgbhcotc fhpkrtgotc quc bgs ikhpg÷ègs tkhco bg tktgb ikoifcoifg mc quc cstço hgocjgomk fodkrhgifùo gnskbutghcotc irètfig pgrg bg `cotc, y igmg vcz hçs cstço sfcomk gtgigmgs pkr mfstfotks tfpks mc drgumcs. Cb sgncr hgofpubgr ikrrcitghcotc bg fodkrhgifùo mc bks ibfcotcs, cs bk quc vg g mctcrhfogr quæ ikhpg÷èg vg g scr cxftksg. Yfchprc egy quc tcocr co iucotg bks scfs pfbgrcs duomghcotgbcs mc bg tciokbk`èg, pgrg pkmcr mcsgrrkbbgr uog nucog kdcrtg co cb huomk mf`ftgb y ik`oftfvk, bks iugbcs sko: cb ibkum, bg fotcbf`coifg grtfdfifgb, cb hknfbc, bgs rc`ubgifkocs, bg ifncrsc`urfmgm y cb Nbkiliegfo. Iko cstk sc  pucmco ircgr pbgtgdkrhgs ikbgnkrgtfvgs y pgrtfifpgtfvgs, pgrg gtcomcr g bg mchgomg pktcoifgb mc bks ibfcotcs mf`ftgbcs y sfchprc prcstgomk gtcoifùo g bg sc`urfmgm. Qgrg dfogbfzgr, cstc cs uo bbghgmk pgrg quc bks bèmcrcs chprcsgrfgbcs mc bg rc`fùo tco`go co sus cstrgtc`fgs mc hcmfgok y bgr`k pbgzk cstc tfpk mc skbuifkocs tciokbù`figs, pucs cstks gvgoi gvgoics cs rcprcscotgo uog prcifsg hgocrg mc cotcomcr g ibfcotcs y prkspcitks. Bg trgosdkrhgifùo vg mcsmc igmg uok y sc mcnc tcocr bg tktgb gpcrturg hcotgb y mfspkocrsc g  pcosgr hçs gbbç mc bgs bfhftgifkocs iko bgs quc ircifhks.