Paul Lachine

De las finanzas desconfiamos

MILÁN – En todo el mundo, el debate sobre la regulación financiera está madurando. Hay en juego una serie de argumentos y propuestas que muchas veces compiten entre sí –y que, por ende, concitan la confusión pública y política.

Una estrategia para la re-regulación financiera –respaldada por argumentos de diverso grado de  persuasión- consiste en limitar el tamaño y el alcance de las instituciones financieras. Algunos sostienen que las entidades más pequeñas pueden quebrar sin perjudicar el sistema, ahorrándoles así a los contribuyentes el costo de un rescate. Pero si surge un riesgo sistémico de alguna manera que aún no se llega a entender plenamente, los bancos más pequeños pueden quebrar o caer en una situación de emergencia simultáneamente, afectando la economía real.

Un segundo argumento que se debate acaloradamente sostiene que limitar el tamaño y el alcance de los bancos tiene costos relativamente bajos en términos de rendimiento. Este punto se utiliza para favorecer un tercer argumento: las instituciones grandes tienen una influencia política indebida y, por lo tanto, “capturan” a sus reguladores. Dicho sin rodeos, las instituciones financieras grandes y rentables encontrarán la manera de conseguir el sistema regulatorio que quieran –un sistema que sea compatible con una superestructura de operaciones altamente rentable que va más allá de los requisitos de cobertura y busca maximizar las ganancias a corto plazo.

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