Paul Lachine

Зачем большие банки делать мишенью?

ЛОНДОН. Казалось, что в самый разгар мирового кризиса была создана новая модель мирового управления. Но сейчас, когда пепел остывает, по разным сторонам Атлантического океана возникают различные виды на будущее банковского регулирования.

Акцент в Европе был сделан на регулирование финансовых рынков с расчетом на то, что кризисов в будущем будет меньше. Ошибки по кредитам были сделаны во время подъема экономики, а не во время краха, так говорится в аргументах. Таким образом, лучшее регулирование и денежная политика во время экономического бума могли бы ограничить масштабы любого бедствия.

И наоборот, акцент в США был сделан на поиске рыночных способов, чтобы ограничить влияние внешних эффектов от банкротства банков. Политические дебаты в США в основном сводились к вопросу гарантии того, что банки никогда не будут “слишком большими, чтобы им можно было позволить обанкротиться”; что скорее частные инвесторы, а не налогоплательщики держат “условный капитал”, который в период краха можно было бы конвертировать в собственный капитал; и что функционирование внебиржевого рынка ценных бумаг можно было бы улучшить, полагаясь на централизованную торговлю, клиринг и расчеты.

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