Jon Krause

Confessioni di un deregulator finanziario

BERKELEY – Facciamo un passo indietro: nell’America degli anni 90, due scuole di pensiero facevano pressioni per una maggiore deregolamentazione finanziaria, ossia intendevano abrogare la separazione giuridica tra banche d’investimento e banche commerciali, allentare i requisiti patrimoniali delle banche e incoraggiare la creazione e l’uso più intensivo dei derivati. Se oggi la deregulation sembra una cattiva idea, perché non lo fu allora?

La prima scuola di pensiero, per lo più associabile al Partito repubblicano americano, considera la regolamentazione finanziaria negativa perché lo erano tutte le regolamentazioni. La seconda, per lo più riconducibile al Partito democratico, era un po’ più complicata e si fondava su quattro principi:

·        Nel cuore industriale dell’economia mondiale, non accadeva da oltre 60 anni che la distorsione finanziaria esercitasse un forte impatto sui generali livelli di produzione e occupazione. Anche se le moderne banche centrali avevano difficoltà a gestire gli shock inflazionistici, era da generazioni che non si assisteva ad uno shock deflazionistico che non si riusciva ad affrontare.

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