How to Cite
HerreraP., & García FrontiJ. (2015). Impact of the Governmental Credit on the Financial System. Revista Finanzas Y Política Económica, 6(2), 247-268. Retrieved from


The global financial crisis that began in 2008 triggered a growing interest
in issues related to financial stability and a consequent need for change
in their regulation. This work proposes a three-agents theoretical model ?
financial intermediaries, firms and government? in which it is shown that
the government subsidies granting is more effective if they are directed through
a financial intermediary, carrying besides, to a further financial depth. The first section develops the concepts of pro-cyclicality, leverage and systemic risk. The model is presented in the second section and the macroeconomicexercise is developed.



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