Paul Lachine

Инфляция – теперь меньшее зло

КЕМБРИДЖ – Для главных центробанков в мире пришло время признать, что внезапный взрыв умеренной инфляции был бы чрезвычайно полезным в распутывании сегодняшней эпопеи долговой трясины.

Да, инфляция – это несправедливый способ эффективного списания всех неиндексированных долгов в экономике. Ценовая инфляция вынуждает кредиторов принимать погашение долга в обесценившейся валюте. Да, в принципе, должен быть способ наладить проблемы финансовой системы, не прибегая к инфляции. К сожалению, чем внимательнее изучаются альтернативы, в том числе вложения капитала для банков и прямая помощь для ипотекодержателей, тем яснее становится, что инфляция будет подмогой, а не помехой.

Современные финансы добились создания динамики дефолта такой ошеломляющей сложности, что она устанавливает стандартные подходы к выплате долга. Секьюритизация, структурированное финансирование и другие новшества так связали разных игроков финансовой системы, что по сути невозможно реструктурировать одно финансовое учреждение независимо от другого. Необходимы решения, затрагивающие всю систему.

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