Arcand, Berkes e Panizza autores do paper: Has finance gone too far?mostraram que sistemas financeiros excessivamente protegidos se tornam grandes demais para falir, mas acabam falindo de qualquer maneira. O que implica que, a proteção do sistema financeiro em excesso é ruim.
Segue alguns trechos:
We build a simple model finding that, even in the presence of credit rationing, the expectation of a bailout may lead to a financial sector that is too large with respect to the social optimum...
Our results show that the marginal effect of financial development on output growth becomes negative when credit to the private sector surpasses 110% of GDP. This result is surprisingly consistent across different types of estimators...
All the advanced economies that are now facing serious problems are located above our “too much” finance threshold.
Nenhum comentário:
Postar um comentário