Zdiskreditovaly se finanční inovace?

MOSKVA – Krize na světových úvěrových trzích, která propukla v půli roku 2007, kdy se prvně ve Spojených státech projevily problémy s druhořadými (sub-prime) hypotékami, povzbudila skeptiky zpochybňující finanční liberalizaci a novátorství. Mají tito skeptici pravdu? Měli bychom finanční liberalizaci a inovace zastavit, abychom předešli opakování krizí podobajících se současné hypoteční katastrofě?

Celý trh s druhořadými hypotékami je do velké míry deset let stará inovace – slovo „sub-prime“, jímž se tyto hypotéky označují, existuje až od roku 1994 – a zakládá se na prostředcích, jako jsou hypotéky s pohyblivou sazbou a možností volit typ splátek (option ARM), nové druhy kolateralizovaných dluhových obligací a strukturované investiční nástroje. Dříve soukromí investoři v USA jednoduše nepůjčovali zájemcům o hypotéku, jejichž úvěrová historie nedostačovala na prvořadou bonitu.

Avšak třebaže se skutečně občas zdá, že současná krize je přinejmenším zčásti zapříčiněna finančním novátorstvím, liberalizace finančního trhu se prokázala jako celkově správná věc.

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