Ekonomiko, pojisti se

NEW HAVEN – Základním principem řízení finančního rizika je sdílení. Čím šířeji jsou naše finanční portfolia diverzifikovaná, tím více lidí se dělí o nevyhnutelná rizika – a tím méně je jednotlivec kterýmkoliv konkrétním rizikem postižen. Teoretický ideál nastává ve chvíli, kdy finanční kontrakty rozloží rizika po celém světě, takže miliardy ochotných investorů vlastní malinký díl a nikdo není rizikům přehnaně vystaven.

Případ Japonska ukazuje, že navzdory velké rafinovanosti některých našich finančních trhů máme k teoretickému ideálu stále hodně daleko. Vezmeme-li v úvahu obrovská rizika, která nejsou dobře řízena, pak jsou finance i v jednadvacátém století stále dosti primitivní.

Nedávná studie Světové banky odhadla, že škody způsobené březnovou trojí katastrofou (zemětřesením, cunami a jadernou krizí) mohly v konečném součtu stát Japonsko 235 miliard dolarů (nepočítáme-li hodnotu tragicky zmařených životů). To jsou zhruba 4% japonského HDP v roce 2010.

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