Barrie Maguire

La destitulización

BRUSELAS – No faltan los análisis de lo que salió mal en los mercados de capital del mundo en los últimos 18 meses. Lo que resulta claro es que hay que culpar a una serie compleja de relaciones, interacciones, sucesos y omisiones de muchos actores distintos y no a un solo factor.

Por ejemplo, estoy convencido de que a lo largo de los años ha habido demasiada “captura del regulador” por parte del lado de la oferta del mercado de los servicios financieros, con sus poderosos y bien organizados grupos de presión. En contraste, del lado de la demanda ha habido muy poca participación. Este es un desequilibrio del que los legisladores deben estar mucho más conscientes.

Un segundo problema para los reguladores, supervisores e incluso las agencias calificadoras del crédito fue la escasez de recursos. Cuando los mercados de banca de inversión estaban en pleno auge –y el sector privado reclutaba fácilmente a las personas más talentosas– los reguladores y supervisores tuvieron dificultades para mantener el ritmo de las innovaciones y vigilar los mercados. En el futuro, los gobiernos tendrán que dedicar los recursos necesarios para asegurar una vigilancia más estricta de la gestión de riesgos en las instituciones financieras.

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