Financial actors serving the common good
Posing the topic: “Financial actors serving the common good” today, is directly related to the lessons we draw from the recent financial crisis. To review the case I understand two points need to be addressed briefly: on one hand, a diagnosis of the crisis, and on the other, the proposal for an effi...
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| Formato: | Documento de conferencia |
| Lenguaje: | Inglés Inglés |
| Publicado: |
2019
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| Acceso en línea: | https://repositorio.uca.edu.ar/handle/123456789/2278 |
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| Sumario: | Posing the topic: “Financial actors serving the common good” today, is directly related to the lessons we draw from the recent financial crisis. To review the case I understand two points need to be addressed briefly: on one hand, a diagnosis of the crisis, and on the other, the proposal for an efficient and resilient financial sector that follows from that view. Concerning the diagnosis, I agree with those who affirm that the crisis was originated by an excess of savings formed in financial markets for various reasons. This excessive volume of savings caused mal-investment, and evolved in accordance to the pattern of what we can call a “speculative bubble”, which is not such an infrequent phenomenon in the functioning logic of capital markets. I think that the world economy during the 90s and 2000s has been characterized by an immoderate optimism regarding the potential self-regulation of capital markets. This situation was based on two elements: on one hand by the technological revolution that provided powerful new tools, and on the other, by a consensus in economic theory and policy which led to financial deregulation and gave excessive operating margins without adequate supervision... |
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