Cómo rescatar a los bancos buenos y dejar que quiebren los malos

LOS ÁNGELES – ¿Cómo deberían abordarse los fallos sistémicos a gran escala del sistema financiero de un país? Nadie quiere rescatar a los bancos que tomaron malas decisiones. Pero salvar a un sistema financiero del colapso exige impedir que todos los bancos quiebren al mismo tiempo. Necesitamos una manera de rescatar a los bancos buenos pero dejar que quiebren los malos. Ahora bien, ¿cómo podemos distinguir los bancos buenos de los malos?

Cuando los mercados entran en pánico, como sucedió en 1929 y nuevamente en 2008, respaldar al sistema financiero se torna esencial. La alternativa sería una depresión al estilo de los años 1930. Pero eso no implica que debamos rescatar a los bancos individuales.

La reciente historia económica está plagada de ejemplos de crisis financieras: Estados Unidos a fines de los años 1980; Suecia, Finlandia y Noruega en 1992; Japón en 1998; y gran parte de la economía mundial en 2008. Las distintas maneras en que se manejaron esas crisis ofrecen lecciones importantes.

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