Zbraně, léky a finanční trhy

CAMBRIDGE – Krize kolem špatných hypoték znovu ukázala, jak těžko se krotí finance – obor, který je životodárnou tepnou moderních ekonomik a současně jejich nejvážnější hrozbou. Pro rozvíjející se trhy, které v posledním čtvrtstoletí zakusily řadu finančních krizí, to sice není nic nového, avšak rozvinuté ekonomiky se po půlstoletí finanční stability nechaly ukolébat a podlehly uspokojení.

Tato stabilita odrážela jednoduchý princip „něco za něco“: regulaci výměnou za svobodnou činnost. Vlády podrobily komerční banky uvážlivé regulaci výměnou za veřejné pojištění vkladů a funkce věřitele poslední instance. Akciové trhy podléhaly požadavkům na zveřejňování informací a průhlednost.

Finanční deregulace z 80. let nás však zavedla na nezmapované území. Deregulace slibovala rozšíření finančních inovací, které zvýší dostupnost úvěrů, umožní větší diverzifikaci portfolia a alokují rizika směrem k těm, kdo jsou je nejvíce schopni nést. Dohled a regulace by tomu stály v cestě, tvrdili liberalizátoři, a vlády nemohou dost dobře držet s těmito změnami krok.

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