Paul Lachine

Un complemento para la agenda del G-20

NUEVA YORK – El colapso casi total de los sistemas financieros a nivel mundial ha puesto al descubierto las debilidades fundamentales de su arquitectura y de su reglamentación. Al hacer un llamado a adoptar medidas “de protección contra los riesgos sistémicos”, la cumbre del G-20 ha iniciado el proceso de reconstrucción reconociendo que se debe regular todo el sistema, no sólo algunas instituciones individualmente. 

Desafortunadamente, el comunicado del G-20 ofrece únicamente las mismas recetas para administrar el riesgo sistémico que ya han propuesto el Foro sobre la Estabilidad Financiera, la Reserva Federal de Estados Unidos y otros. Estas propuestas se han centrado en los problemas causados por la escasa transparencia, el exceso de apalancamiento, las instituciones financieras demasiado grandes, los paraísos fiscales, los malos incentivos para los directores financieros y los conflictos de interés de las agencias calificadoras del crédito. Todos son importantes pero no toman en cuenta un punto fundamental.

Nadie niega que la abrupta caída de los precios de los bienes raíces y las acciones, luego de prolongados periodos de expansión –muy por encima de los niveles de referencia históricos—, ayudó a desencadenar y alimentar la crisis. Mientras la fase de contracción continúe, existe el peligro de que también se haga excesiva y arrastre al sistema financiero y la economía a una crisis aun más profunda.

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