Bank Term Funding Programme (BTFP): Contra Bagehot
The Economist, Leaders, “How America accidentally made a free-money machine for banks”, January 18th 2024. “[…] Today, however, the Bank Term Funding Programme (BTFP) is itself causing trouble. The interest rate that banks must pay to borrow reflects, with a small premium, the one-year interest rate set in financial markets. Leer más









