¿Se ha desacreditado la innovación financiera?

MOSCU – Los escépticos de la liberalización y la innovación financiera se han envalentonado con la crisis en los mercados crediticios del mundo que surgió a mediados de 2007, cuando aparecieron por primera vez los problemas con las hipotecas “subprime” o de alto riesgo en Estados Unidos. ¿Estos escépticos tienen razón? ¿Deberíamos frenar la liberalización y la innovación financiera para impedir que vuelvan a producirse crisis como el desastre de hipotecas de alto riesgo?

Todo el mercado de hipotecas de alto riesgo es, en gran medida, una innovación que data de una década –el término “subprime” no existía en ningún idioma antes de 1994-, construida en base a cosas como hipotecas de tasa ajustable (opción ARM), nuevos tipos de obligaciones de deuda colateralizada y vehículos de inversión estructurada. Anteriormente, los inversores privados en Estados Unidos simplemente no les prestaban a solicitantes de hipotecas con una historia crediticia insolvente.

Sin embargo, si bien a veces parece que la crisis actual se debe, al menos en parte, a la innovación financiera, la liberalización del mercado financiero ha demostrado ser, en términos generales, algo bueno.

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