Margaret Scott

Se exagera al decir que son instituciones “demasiado grandes para quebrar”

LONDRES – Obviamente, la crisis financiera mundial de 2008-2009 fue en parte una crisis de bancos y otras instituciones financieras específicas de importancia sistémica como la AIG. En respuesta, existe un intenso debate sobre los problemas que surgen cuando se dice que estas instituciones son “demasiados grandes como para quebrar.”

A nivel político, ese debate se centra en los costos de los rescates y los esquemas fiscales diseñados para “recuperar nuestro dinero.” Para los economistas, el debate se focaliza en el peligro moral creado por las expectativas ex ante de rescate, que reduce la disciplina del mercado en cuanto a las tomas excesivas de riesgo –así como de la ventaja injusta que dichas garantías implícitas ofrecen a los actores grandes sobre sus competidores cuyo tamaño pequeño es suficiente para llevarlos a la quiebra.

Actualmente se debaten varias opciones de política para abordar este problema. Entre ellas, se incluyen coeficientes de capital más altos para los bancos de importancia sistémica, una supervisión más estricta, límites a las actividades bursátiles, planes de solución y recuperación diseñados con anticipación e impuestos que no estén orientados a “recuperar nuestro dinero” sino a internalizar las externalidades – es decir, a hacer que quienes cometan faltas paguen los costos sociales de su conducta –y crear mejores incentivos.

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