Governments are not totally stupid. They guarantee banks because the latter provide a social utility: a safe haven for money, and a payment system. But governments also realise that they are providing incentives for banks to economise on capital and take on risk. So governments impose capital-adequacy ratios, rules on risk management and (if they are sensible) liquidity requirements, as well. Unfortunately, these institutions are not only complex, but are staffed by single-minded and talented people. They go round regulations, just as water flows round an obstruction.
Este é o artigo do Martin Wolf no Financial Times de hoje. Separei este recorte por um motivo: Gosto do tom do artigo e do jeito que ele vê as pessoas — neste caso, os banqueiros. Eles contornam os regulamentos, não porque são imorais e ladrões em potencial, roubando o dinheiro do povo ou algo assim. Eles contornam os regulamentos porque são o que são, pessoas com interesses próprios. Os governos estão aí, a cada momento, tentando trazer os incentivos corretos ao setor para direcioná-lo para as boas práticas.
Esse jeito de ver o mundo me lembra dos princípios do livro de microeconomia do Mankiw:
Because people make decisions by comparing costs and benefits, their behavior may change when the costs or benefits change. That is, people respond to incentives. When the price of an apple rises, for instance, people decide to eat more pears and fewer apples, because the cost of buying an apple is higher. At the same time, apple orchards decide to hire more workers and harvest more apples, because the benefit of selling an apple is also higher. (…)
Public policymakers should never forget about incentives, for many policies change the costs or benefits that people face and, therefore, alter behavior. A tax on gasoline, for instance, encourages people to drive smaller, more fuel-efficient cars. It also encourages people to take public transportation rather than drive and to live closer to where they work. If the tax were large enough, people would start driving electric cars.
É isso. Nada de polêmica sobre as razões de cada pessoa. Acho que é uma visão que incentiva as pessoas a pensar e resolver problemas, ao invés de só apontar dedos e falar grosserias.