Ganando la batalla de demasiado grandes para quebrar

CAMBRIDGE – Los titulares sobre los riesgos de los bancos para el sistema financiero siguen dominando las noticias financieras. Bank of America tuvo un mal desempeño en las pruebas de resistencia financiera de la Reserva Federal de Estados Unidos, y los reguladores criticaron los planes de financiamiento de Goldman Sachs y JPMorgan Chase, lo que llevó a ambas instituciones a reducir los dividendos y recompras de acciones que habían planificado. Y el robusto desarrollo por parte de Citibank de su negocio de operaciones financieras plantea dudas sobre si está controlando el riesgo como corresponde.

Estos resultados sugieren que algunos de los bancos más grandes siguen corriendo riesgos. Y, sin embargo, los banqueros insisten en que la tarea post-crisis de fortalecer la regulación y edificar un sistema financiero más seguro prácticamente está completada -algunos incluso citan estudios recientes de seguridad bancaria para respaldar este argumento-. Cuál es la situación entonces: ¿los bancos siguen en riesgo? ¿O la reforma regulatoria post-crisis cumplió su objetivo?

La crisis financiera de 2008 resaltó dos características peligrosas del sistema financiero actual. En primer lugar, los gobiernos rescatarán a los bancos más grandes en lugar de dejar que quiebren y afecten la economía. En segundo lugar, y peor aún, ser demasiado grandes para quebrar ayuda a los bancos grandes a crecer aún más, ya que los acreedores y los socios comerciales prefieren trabajar con bancos que tienen una garantía gubernamental implícita.

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