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O artigo procura decodificar as mudanças institucionais no sistema financeiro americano, a partir dos anos 80. A estrutura fragmentada dos grupos de interesses refletidos no Congresso e a competição entre autoridades regulatórias ainda não permitiram um conjunto articulado de reforma do sistema financeiro dos Estados Unidos, a despeito de várias propostas, tais como Litan (1987), D’Arista (1991) e Treasury Reform Plan (1991). As transformações ocorridas foram ad hoc, tornando de jure uma situação de facto. Não obstante, essa ausência de uma estratégia clara sobre a reorganização institucional do seu sistema financeiro, observamos que há uma tendência no sentido de consolidar os full-service banks, mantendo separadas suas jurisdições (fire walls).
Abstract
This paper is an attempt to decode institutional changes occurring in the US financial system as from 1980. Both the fragmented framework of special interest groups reflecting on the Congress and the competition among regulatory authorities have not yet enabled the appearance of an articulate set of reforms in the US financial system despite a wide range of proposals which have been put forward by Litan (1987), D’Arista (1991), Treasury Reform Plan (1991). These institutional changes were intended to legitimise different situations that had become a reality. Notwithstanding this lack of an apparent strategy on how to carry out the institutional reorganization of its financial system, a trend to consolidate full-service banks by keeping their fire walls separate can be observed.
Key-words: United States – Financial system – 1980/95. Monetary policy. Financial policy
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