Paul Lachine

¿Quién debe salvaguardar la estabilidad financiera?

NEW HAVEN – Los banqueros centrales de todo el mundo no vieron que se acercaba la actual crisis financiera antes de que comenzara en 2007. Martin Čihák, del Fondo Monetario Internacional, informó en julio de 2007 de que, de los 47 bancos centrales de los que se sabe que publicaron informes sobre la estabilidad financiera, “prácticamente todos” ofrecieron en los más recientes una “evaluación en conjunto positiva de su sistema financiero nacional”.

Y, sin embargo, aunque esos bancos centrales nos fallaron antes de la crisis, deben seguir desempeñando el papel principal en la prevención de la próxima crisis. Ésa es la conclusión, tal vez ilógica, a la que el Squam Lake Group [http://squamlakegroup.0rg/], centro de estudio compuesto por quince economistas financieros del mundo académico al que pertenezco, llegamos en nuestro informe recientemente publicado: Fixing the Financial System (“Para recomponer el sistema financiero”).

Se necesitan urgentemente reguladores macroprudenciales (funcionarios gubernamentales que no se centren en la solvencia de las entidades financieras particulares, sino en la estabilidad de todo el sistema financiero) y los banqueros centrales son quienes, lógicamente, deben desempeñar ese papel. Otros reguladores no fueron mejores a la hora de predecir esta crisis, por lo que son menos aptos para prevenir la siguiente.

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