Margaret Scott

Troppo concentrati sulle istituzioni “too big to fail”?

LONDRA – È ovvio, che la crisi finanziaria globale del 2008-2009 è stata in parte una crisi delle banche e di altre istituzioni finanziarie rilevanti a livello sistemico come AIG. Di conseguenza, è nato un intenso dibattito sui problemi provocati dalle banche “too big to fail”, ovvero troppo grandi per essere lasciate fallire.

Dal punto di vista politico, questo dibattito si focalizza sui costi delle misure di salvataggio e sui piani fiscali progettati per “recuperare il nostro denaro”. Per gli economisti, il dibattito si concentra sull’azzardo morale generato dalle aspettative ex ante dei salvataggi, che sacrificano la disciplina di mercato a favore di un’eccessiva assunzione del rischio – e sull’ingiusto vantaggio implicitamente garantito ai grandi giocatori rispetto ai competitori “small enough to fail”, ovvero abbastanza piccoli per essere lasciati fallire.

Attualmente si discute delle numerose opzioni a disposizione della politica per risolvere questo problema, come ad esempio maggiori capital ratio per le banche rilevanti a livello sistemico, una supervisione più severa, limiti all’attività di trading, piani prestabiliti di risoluzione/risanamento e tasse che non hanno l’obiettivo di “recuperare il nostro denaro”, ma sono finalizzate all’internalizzazione delle esternalità (ovvero obbligano coloro che sono in difetto a pagare i costi sociali del proprio comportamento) e alla creazione di migliori incentivi.

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