Street signs in London

Политические последствия финансовых кризисов

ЛОНДОН – Возможно, я не единственный профессор финансов, кто, определяя темы работы для своих студентов, задавал им вопрос примерно следующего содержания: «По вашему мнению, первоочередной причиной мирового финансового кризиса стало слишком значительное вмешательство властей в работу финансовых рынков или, наоборот, слишком незначительное?». Столкнувшись с таким вопросом «или-или», студенты моего последнего класса разделились на три группы.

Примерно треть студентов, загипнотизированных внешней привлекательностью гипотезы об эффективности рынков, доказывали, что именно власти изначально нагрешили. Их непродуманное вмешательство, например, поддержка правительством США ипотечных агентств Fannie Mae и Freddie Mac, а также принятие «Закона о местных реинвестициях», исказили рыночные стимулы. А кто-то даже согласился с аргументом американского либертарианца Рона Пола, осуждавшего само существование Федеральной резервной системы (ФРС) в качестве кредитора последней инстанции.

Другая треть (на противоположном конце политического спектра) считала главным злодеем бывшего председателя ФРС Алана Гринспена. Именно знаменитое нежелание Гринспена вмешиваться в работу финансовых рынков – даже когда слишком резко стали расти объемы кредитования, а цены активов, казалось, потеряли связь с реальностью, – создало проблемы. В более широком смысле – правительства западных стран своим легковесным отношением к регулированию позволили рынками полностью выйти из-под контроля в первые годы этого столетия.

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