sábado, 30 de janeiro de 2010

Uma Proposta de Reforma do Sistema Financeiro

Novo artigo de Alberto Giovanni, que parte de alguns princípios fundamentais, como a importância de informação assimétrica e falta de liquidez na geração de crises financeiras:

"In this paper I highlight some fundamental characteristics of the recent financial crisis and identify ways to make the financial system stronger. The financial system has evolved technologically, with an ever wider use of securities and derivative contracts, and geographically, with the worldwide spread of the capitalist model of financial intermediation. I start with a description of the effects of these developments and show that, fundamentally, the key weak points in the business of financial intermediation have remained the same.
The recent crisis has brought to the forefront a number of pitfalls in financial markets including, prominently, weak systems to protect retail investors as well as retail borrowers. This paper does not address these issues, which are important and, in some countries, may have been a factor in the build-up of excessive risk positions. By contrast, the paper focuses exclusively on the problem of markets instabilities, and on reforms to make the system less vulnerable to crises.

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