IMF Bloomberg/Getty Images

Фонд, который кричал «волки, волки»?

ЛОНДОН – Если вы попробуете найти в Google текст «Доклада о глобальной финансовой стабильности», опубликованный Международным валютным фондом в апреле 2006 года, вас заботливо спросят, а не ищите ли вы на самом деле версию, опубликованную в апреле 2016 года. Я уверен, что МВФ никогда бы не стал пытаться манипулировать поисковым механизмом, но могу себе представить, что специалисты по связям общественностью в этом фонде будут очень рады, если доступ к версии 2006 года получит как можно меньше людей. Это была не самая дальновидная публикация МВФ.

Вышедший в тот момент, когда уже стали появляться первые сомнения по поводу рынка ипотечных облигаций в США, этот доклад представлял в розовом свете как настоящее, так и будущее. Его авторы не уклонялись от анализа возможных угроз для финансовой стабильности, исходящих от глобальных дисбалансов, рынка деривативов и субстандартных ипотечных облигаций. Но они были довольны тем, что видели вокруг.

На ипотечном рынке фонду виделись перспективы мягкого приземления. Глобальные дисбалансы, по мнению МВФ, должны были постепенно ослабнуть. Кроме того, фонд хвалил способность американских рынков и финансовых компаний создавать инновационные инструменты для «привлечения и удержания притока капитала на высоком уровне». Более того, американские рынки характеризовались как «глубокие, гибкие, передовые и в целом хорошо регулируемые».

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