Paul Lachine

¿Por qué hay que centrarse en los bancos grandes?

LONDRES – Parecía que en la efervescencia de la crisis financiera se había forjado un nuevo modelo de gobernanza global. Sin embargo, ahora que las cosas se están enfriando están surgiendo perspectivas diferentes sobre la regulación bancaria en ambos lados del Atlántico.

En Europa se ha hecho hincapié en la regulación de los mercados financieros a fin de moderar crisis futuras. Según lo que se argumenta, los errores de crédito se cometen durante la expansión, no durante el colapso. Por consiguiente, un mejor diseño de la política monetaria y del marco regulatorio durante los años de expansión podría limitar la magnitud de cualquier crisis.

En contraste, en los Estados Unidos el énfasis se ha puesto en encontrar formas favorables a los mercados para contener las repercusiones de las quiebras bancarias. Los debates sobre política en ese país muestran una mayor inquietud por asegurarse de que nunca habrá bancos “demasiado grandes como para quebrar”; que los inversionistas privados, y no los contribuyentes, mantengan “el capital contingente” que pueda convertirse en capital líquido si ocurre un colapso; y que mejore el funcionamiento de los mercados extrabursátiles recurriendo más a las operaciones, liquidaciones y compensaciones centralizadas.

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