Обанкротившаяся вера в финансовую дерегуляцию

ЖЕНЕВА. Сейчас, когда отступает мировой финансовый кризис, наступило время критически оценить ошибки и позаботиться о том, чтобы они больше не повторялись. Помимо улучшения законов и актов, отменяющих выплаты материального поощрения за принятие безрассудно рискованных решений и строящих китайские стены между инициаторами фондовых активов и рейтинговыми агентствами,нам нужно еще определить, почему было так трудно предсказать нынешний кризис.

Международный валютный фонд является нашим сторожевым псом, и многие полагают, что он не смог предвидеть кризис, потому что он был сбит с толку и смотрел не в том направлении. Я не согласен. Проблема в том, что фонд не мог интерпретировать факты, с которыми он столкнулся.

Я работал в правлении МВФ в июне 2006 года, когда там обсуждали годовой отчет о состоянии дел в Соединенных Штатах. Сотрудники “видели” послабление стандартов кредитования на ипотечном рынке США, но заметили, что заемщики со значительным риском увеличения выплат по ипотеке остаются в меньшинстве и представляют, в основном, семьи с высокими доходами, которые были в курсе рисков, связанных с обслуживанием займа.

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