De eso se trato el discurso que dio Narayana Kocherlakota, Presidente de la Fed de Minneapolis, en el Club Económico de Minesota.
To wrap up: Bailouts will inevitably happen during financial crises to prevent runs and systemic collapse. We need to structure financial regulation so as to limit the size and occurrence of these bailouts. How should we best design such regulations? The social distortion we face is that debt guarantees create a risk externality, because financial institutions do not bear the full costs of their investment choices. Financial regulation should be designed so as to best control that externality. As is true with any externality, the risk externality can be eliminated with a well-designed tax system. Figuring out the right tax may be complicated, but the task can be eased using appropriate information from financial markets.
Link al Discurso.