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Назревающее решение Америки по госдолгу

БОГОТА – Должно ли правительство США зафиксировать сегодняшнюю сверхнизкую стоимость заимствований, выпустив долгосрочные долговые обязательства? Это трудное решение, но поскольку общий уровень госдолга уже высок (не говоря уже о необеспеченных обязательствах по пенсиям и медицинскому страхованию, которые, видимо, будут только расти), не исключено, что его время пришло.

Казначейство США и совет управляющих ФРС, действуя согласованно, до сих пор занимались сокращением объёмов долгосрочных обязательств правительства ради снижения процентных ставок для частного сектора. В связи с этим средний срок долговых обязательств США (включая те, что находятся на балансе ФРС) сейчас не достигает и трёх лет. Это намного ниже, чем в большинстве стран Европы, даже с учётом масштабных программ количественного смягчения, реализуемых центральными банками этих стран.

Крен в сторону краткосрочных заимствований ради попыток стимулировать рост экономики до сих пор имел смысл. Кроме того, процентные ставки по 30-летним облигациям США примерно на 200 базисных пунктов выше, чем по однолетним облигациям, поэтому краткосрочные заимствования помогали правительству экономить деньги.

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