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CAPITULO 19. CREACION DEL DINERO.-
La banca de reserva fraccional o reserva fraccionaria de los depósitos a la vista, es un elemento clave en el sistema económico actual. Fue responsable del rápido crecimiento en la época de bonanza y es uno de los señalados como generador de esta crisis.
Para comprender por qué es tan importante este sistema bancario conviene definirlo. Por tanto, la banca de reserva fraccional consiste en que la entidad bancaria reserva parte de los activos que el inversor deposita y utiliza el resto para realizar diversas operaciones financieras. Esto genera un efecto multiplicador del dinero. La relación entre el requerimiento de reserva y la multiplicación del dinero mediante la actividad financiera es inversamente proporcional.
Se puede decir que la banca fraccional es un juego de confianza inversor/banco. Pero éste sólo funciona cuando el sistema está saneado. A fin de cuentas el efecto multiplicador del dinero no es más que un balance entre dinero real y dinero potencial. Y por ello, la institución bancaria es potencialmente insolvente, no garantiza la devolución del dinero invertido. Para asegurar el reembolso se crea la figura de un prestamista de última instancia, el Estado, que inyectará activos a los bancos comerciales mediante el Banco Central. Y es que, llegados a este punto, se pasa de un riesgo a nivel institucional, de banca privada, a un riesgo sistémico.
La explicación de cómo se ha llegado a esto es más sencilla de lo que parece. No es difícil deducir que si las entidades bancarias rebajan los requerimientos de reserva, aumenta la liquidez y con ello la actividad económica. La mayor liquidez y fluidez operacional desemboca en una subida de los activos en el mercado financiero, generando lo que se conoce como “burbuja financiera”. Esta burbuja será sostenible mientras los activos continúen al alza pero pinchará cuando estos bajen.
Por otro lado, el sistema de banca fraccional, a diferencia de la banca de reserva 100%, permite el descalce de plazos. Es decir, los plazos de préstamo pueden ser menores que la capacidad de devolver el montante, prorrogando el periodo, ampliando los intereses y por ende, alimentando aún más la burbuja. Además, no hay que olvidar que la subida de valor de los activos repercute en la devaluación de la moneda, produciéndose una inflación.
Existe un gran debate creado en torno a la figura de la banca fraccional. Economistas de uno y otro bando discuten la legitimidad y legalidad de este sistema bancario. Destaca la Escuela Austríaca como su máximo valedor. L.V. Mises daba una de las claves para que este modelo funcione en la práctica: “La única forma de evitar con certeza el riesgo de insolvencia es sencilla. Las obligaciones de pago de los bancos no deben nunca vencer antes que sus derechos de cobro correspondientes”. Por otro lado críticos como Hoppe, Block y Hülsmann, afirmaron: “Cualquier acuerdo contractual que implique presentar a dos personas diferentes como propietarios simultáneos de la misma cosa es objetivamente falso y por tanto fraudulento”.

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