Создайте облигации с привязкой к экономическому росту

Год назад, на встрече американских государств на высшем уровне, 34 главы государств западного полушария согласились содействовать созданию ростозависимых правительственных облигаций, выплаты по которым привязаны к валовому внутреннему продукту (ВВП). Но в основном дело не движется вперед. Только одно крупное предложение по таким облигациям, поступившее из Аргентины, находится в процессе обсуждения. Уникальная возможность на долгие годы вперед укрепить финансовую инфраструктуру мира и увеличить экономическую эффективность может оказаться утрачена.

Я выступал за ростозависимые облигации с момента выхода моей книги Macro Markets (Макро рынки) в 1993 году. ВВП – наиболее общее мерило успеха экономики, которое у нас есть. Простейшей формой ростозависимых облигаций могла бы стать выпускаемая государством долгосрочная ценная бумага, по которой выплачивается регулярный дивиденд пропорционально ВВП выпустившей ее страны.

Допустим, правительство Аргентины выпустило бессрочные облигации, по которым выплачивается ежегодный дивиденд в песо, равный одной десятимиллиардной от ВВП Аргентины. Поскольку годовой ВВП Аргентины сегодня составляет около 500 миллиардов песо, одна из этих облигаций на данный момент приносила бы дивиденд в 50 песо (около 17 долларов США или 13 евро) в год. Этот дивиденд с течением времени увеличивался бы или уменьшался, в зависимости от успехов аргентинской экономики.

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