Финансовая уязвимость Европы

ВЕНА. Наиболее заметные инновации последних двух десятилетий произошли в финансовой сфере. Наподобие технологических инноваций, финансовые инновации направлены на беспрерывный поиск большей эффективности – в данном случае речь идет об уменьшении стоимости перемещения фондов от держателей сбережений к инвесторам. Уменьшение стоимости, которое представляет собой чистую прибыль для общества, должно рассматриваться как положительный результат. Однако, как показывает текущий финансовый кризис, в случаях, когда финансовые инновации касаются поиска ухода от регулирования или налогообложения, нам следует быть более осторожными.

К сожалению, финансовая революция в основном была направлена на получение ренты, а не укрепление благосостояния. Она была основана на устранении или, по крайней мере, уменьшении двух ключевых составляющих банковских затрат, близко связанных с экономическими нормативами.

Одна из составляющих заключается в необходимости для банков и других финансовых институтов иметь ликвидные резервы. Чем меньшей ликвидностью обладают банковские активы, тем больше необходимости в таких резервах. Однако прибыль от таких резервов очень маленькая, таких образом экономия на них становиться прибыльной. Фиаско в прошлом году «Northern Rock» в Великобритании надолго останется примером того, как не следует относиться к подобному риску.

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