I problemi delle bolle finanziarie

LONDRA – Poco tempo dopo che la crisi finanziaria del 2008 manifestò tutta la sua portata, molti si sono domandati se le banche centrali e le autorità di regolamentazione avrebbero potuto – e dovuto – fare di più per contrastarla. Il punto di vista tradizionale, condiviso soprattutto dall’ex Presidente della Federal Reserve Alan Greenspan, è che qualunque tentativo di far scoppiare le bolle finanziarie in anticipo è destinato a fallire. Quello che la maggior parte delle banche centrali può fare è mettere ordine al caos.

Lo scoppio delle bolle finanziarie potrebbe in realtà soffocare la crescita inutilmente – e a un costo sociale elevato. Tuttavia c’è una controargomentazione. Gli economisti della Banca dei regolamenti internazionali (BIS) sostengono che i costi della crisi erano così elevati, e la ripresa così lunga, che ora dovremmo sicuramente cercare dei modi per agire preventivamente quando assistiamo di nuovo a un pericoloso aumento di liquidità e credito.

Da qui l’accanita disputa tra le due parti durante l’ultimo meeting del Fondo Monetario Internazionale a Lima, in Peru. Per gli appassionati di letteratura, l’incontro ricorda i Viaggi di Gulliver di Jonathan Swift. Gulliver si trova coinvolto in una guerra tra due tribù, una delle quali crede che un uovo bollito debba sempre essere aperto dall’estremità più piccola, mentre l’altra ritiene che un cucchiaio si adatta meglio all’estremità più grande e rotonda.

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