L’enigma del settore bancario

BARCELLONA – I banchieri centrali e gli organi di vigilanza temono che troppa concorrenza nel settore finanziario aumenti l’instabilità e il rischio di fallimento sistemico. Le autorità garanti della concorrenza sono invece favorevoli a una maggiore concorrenza. Nessuno ha ragione.

Esiste una relazione tra concorrenza e stabilità. In effetti, una maggiore pressione competitiva potrebbe far crescere la fragilità dei bilanci bancari e spingere gli investitori al panico, oltre a erodere il cosiddetto “charter value” delle istituzioni, ossia il valore dei potenziali profitti futuri.

Una banca con margini ridotti e responsabilità limitata non ha molto da perdere e tenderà a rischiare – una tendenza che è esacerbata dall’assicurazione sui depositi e dalle politiche previste per le istituzioni too big to fail, troppo grandi per fallire. Ne consegue una maggiore propensione all’assunzione dei rischi. Per le banche che sono sul punto di fallire nei sistemi liberalizzati, la prova degli iniqui incentivi all’assunzione dei rischi è palese.

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