Regulação Financeira

Um texto de Avinash Persaud (The inappropriateness of financial regulation) comenta sobre a regulação financeira. Um trecho, em especial, chamou minha atenção: a abordagem da Espanha para a questão do capital.

The alternative model rests on three pillars. The first recognises that the biggest source of market and systemic failure is the economic cycle and so regulation cannot be blind and deaf to the cycle – it must put it close to the centre. Charles Goodhart and I have proposed contra-cyclical charges – capital charges that rise as the market price of risk falls as measured by financial market prices – and a good starting point for implementation of such charges is the Spanish system of dynamic provisioning (Goodhart and Persaud 2008).

Lembrei de trabalho que fiz no passado com o mestre Antônio Freire (o primeiro mestre do programa multiinstitucional) sobre esse assunto. Há algum tempo.