Causalidade e moral hazard

«During one meeting in Manila early in the Asian crisis, when some of Europe’s financial bureaucrats were invoking Mexico and moral hazard to argue against a generous financial response, Stan Fischer, the excellent American economist who was the IMF’s deputy director (…) passed me a note pointing out that condoms don’t cause sex. Stan’s point was that the IMF loan program didn’t cause financial crises. It’s hard to believe that the existence of firehouses causes fires.»

Stress test, Timothy Geithner