Margaret Scott

Слишком много «слишком больших, чтобы обанкротиться»?

ЛОНДОН. Очевидно, что глобальный финансовый кризис 2008-2009 годов был отчасти кризисом специфических, системообразующих банков и других финансовых институтов, таких как AIG. Сейчас ведется интенсивное обсуждение проблем, которые возникают, когда говорят, что такие институты «слишком большие, чтобы обанкротиться».

Политически это обсуждение фокусируется на стоимости спасательных мер и налоговых схем, направленных на «возврат наших денег». У экономистов обсуждение направлено на моральный риск, который создается предполагаемыми ожиданиями спасительных мер, которые расслабляют рыночную дисциплину по несению чрезмерных рисков ‑ а также на несправедливое преимущество, которое такие неявные гарантии дают крупным игрокам над их достаточно «малыми, чтобы обанкротиться», конкурентами.

В настоящее время обсуждаются многочисленные варианты политики, чтобы справиться с этой проблемой. К ним относятся более высокие требования к уровню ликвидности для системообразующих банков, более строгий контроль, ограничения на торговую деятельность, предварительно разработанные решения и планы по восстановлению, а также налоги, направленные не на «возврат наших денег», а на интернализацию внешних последствий экономической деятельности ‑ то есть, заставляя виноватых оплачивать социальные издержки своего поведения – а также создание более эффективных стимулов.

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