El factor miedo en la reformas bancaria

WASHINGTON, D.C. – Casi cinco años después de la peor crisis financiera desde el decenio de 1930 y tres años después de la promulgación de las reformas financieras Dodd-Frank en los Estados Unidos, todo el mundo se hace una pregunta: ¿por qué hemos logrado tan pocos avances?

Se han prometido nuevas normas, pero se han aplicado muy pocas en realidad. Aún no hay una “norma de Volcker” (que limite las operaciones de los bancos por cuenta propia), las normas sobre los derivados siguen en preparación y los fondos de inversión en el mercado monetario continúan sin haber sido reformados. Peor aún: nuestros bancos más grandes se han vuelto aún mayores. No hay señal de que hayan abandonado la estructura de incentivos que fomenta la adopción de medidas excesivamente arriesgadas y las grandes distorsiones provocadas por el principio de “demasiado grande para quebrar” se ciernen sobre muchas economías.

Hay tres posibles explicaciones de lo que ha salido mal. Una es la de que la reforma financiera es inherentemente complicada, pero, aunque aún hay que precisar muchos detalles técnicos, algunas de las personas más inteligentes del mundo trabajan en los organismos reguladores pertinentes. Están más que capacitadas para formular e imponer el cumplimiento de las normas... es decir, cuando eso es lo que se les pide de verdad.

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