<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672023000300021</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2023.325.86135</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The banking crisis of credit suisse: origins, consequences, and reform proposals]]></article-title>
<article-title xml:lang="es"><![CDATA[La crisis bancaria del credit suisse: orígenes, consecuencias y propuestas de reforma]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rossi]]></surname>
<given-names><![CDATA[Sergio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Fribourg  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Switzerland</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>82</volume>
<numero>325</numero>
<fpage>21</fpage>
<lpage>36</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672023000300021&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672023000300021&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672023000300021&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This paper focuses on the major factors originating the banking crisis of Credit Suisse -a systemically relevant bank not just for Switzerland (where it is domiciled) but also for the global economy as a whole. The second section explains the origins of such a crisis, which are to be found in the possibility for banks to provide any credit line they consider profitable, in particular as regards speculation, independently of the amount of pre-existent savings. The third section points out the consequences of this crisis for both financial institutions and the whole economic system. The fourth section puts to the fore a monetary-structural reform disposing of the possibility for banks to open credit lines for &#8220;non-gdp-based transactions&#8221; without having enough funds to finance them. The last section concludes with some further considerations about the existing financial market regulations, in particular as regards those minimum capital requirements that banks must respect, once they grant any credit line that is considered profitable for them.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN En el presente artículo analizo los principales factores que originaron la crisis del Credit Suisse Bank -un banco sistemáticamente relevante no sólo para Suiza (donde está domiciliado), sino también para la economía global. La segunda sección explica los orígenes de esa crisis, que se encuentran en la posibilidad de que los bancos provean una línea de crédito que consideren rentable, en particular en lo que concierne a la especulación, independientemente de la cantidad de ahorro pre-existente; la tercera destaca las consecuencias de esta crisis para las instituciones financieras y para todo el sistema económico. La cuarta sección propone una reforma monetaria estructural que evite la posibilidad de que los bancos abran líneas de crédito para &#8220;transacciones no basadas en el pib&#8221; sin que tengan fondos suficientes para financiarlas, y la última concluye con algunas consideraciones acerca de las regulaciones existentes de los mercados financieros, en particular las concernientes a los requerimientos mínimos de capital que los bancos deben respetar una vez han concedido un crédito que consideran rentable.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Financial crises]]></kwd>
<kwd lng="en"><![CDATA[financial stability]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[payment systems]]></kwd>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[estabilidad financiera]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[sistemas de pago]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Goodhart]]></surname>
<given-names><![CDATA[C.A.E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Money, Information and Uncertainty]]></source>
<year>1989</year>
<edition>2nd edition</edition>
<publisher-loc><![CDATA[Basingstoke and London ]]></publisher-loc>
<publisher-name><![CDATA[Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J.M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Treatise on Probability]]></source>
<year>1921</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J.M.]]></given-names>
</name>
</person-group>
<source><![CDATA[A Treatise on Money, vol. 2: The Applied Theory of Money]]></source>
<year>1930</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J.M.]]></given-names>
</name>
</person-group>
<source><![CDATA[The General Theory of Employment, Interest and Money]]></source>
<year>1936</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ricardo]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Plan for the establishment of a National Bank]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Sraffa]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Dobb]]></surname>
<given-names><![CDATA[M.H.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Works and Correspondence of David Ricardo, vol. IV: Pamphlets and Papers 1815-1823]]></source>
<year>1951</year>
<page-range>276-300</page-range><publisher-loc><![CDATA[Cambridge ]]></publisher-loc>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rossi]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Money and Payments in Theory and Practice]]></source>
<year>2007</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rossi]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Central banks&#8217; contribution to financial instability]]></article-title>
<source><![CDATA[Bulletin of Political Economy]]></source>
<year>2020</year>
<volume>14</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>203-17</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schumpeter]]></surname>
<given-names><![CDATA[J.A.]]></given-names>
</name>
</person-group>
<source><![CDATA[History of Economic Analysis]]></source>
<year>1954</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[George Allen &amp; Unwin]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tobin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Commercial banks as creators of &#8216;money&#8217;]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Carson]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Banking and Monetary Studies]]></source>
<year>1963</year>
<page-range>408-19</page-range><publisher-loc><![CDATA[Homewood, IL ]]></publisher-loc>
<publisher-name><![CDATA[Richard D. Irving]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Werner]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economics as if banks mattered: A contribution based on the inductive methodology]]></article-title>
<source><![CDATA[The Manchester School]]></source>
<year>2011</year>
<volume>79</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>25-35</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
