Jon Krause

Zpověď finančního deregulátora

BERKELEY – Dva myšlenkové proudy koncem 90. let, přinejmenším v Americe, naléhaly na další finanční deregulaci – tj. zrušení zákonné separace bankovnictví investičního a komerčního, uvolnění kapitálových požadavků na banky a povzbuzení agresivnější tvorby a využití derivátů. Jestliže se dnes deregulace jeví jako velmi špatný nápad, proč tomu tak nebylo už tehdy?

První myšlenkový proud, obecně náležející k Republikánské straně Spojených států, měl za to, že finanční regulace je špatná, protože špatná je veškerá regulace. Druhý proud, obecně náležející k Demokratické straně, byl poněkud komplikovanější a stavěl na čtyřech postřezích:

·        Od doby, kdy porucha finančnictví měla větší než malý dopad na celkové hladiny produkce a zaměstnanosti, uplynulo přinejmenším v průmyslovém jádře globálního hospodářství už přes 60 let. Moderní centrální banky měly sice těžkosti s urovnáváním inflačních šoků, ale deflační šok, s nímž by si neporadily, nezažilo už několik generací.

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