Housing crisis denver Chris Hondros/Getty Images

Déjà vu realitní bubliny

CAMBRIDGE – Finanční krize z let 2008-2009 odhalila závažnou slabinu v architektuře globální finanční soustavy: jednodenní trh cenných papírů krytých hypotékami, který si nedokáže poradit s kolapsem realitní bubliny. Uplynulo zhruba devět let a tato slabina stále nebyla odpovídajícím způsobem vyřešena.

Když krize vypukla, firmy a investoři ve Spojených státech půjčovali přebytečnou hotovost přes noc bankám a dalším finančním společnostem, které je do rána musely vrátit i s úrokem. Protože bylo pojištění bankovních vkladů limitováno horní hranicí 100 000 dolarů, preferovali ti, kdo měli k dispozici miliony, často právě jednodenní trh („overnight market“), přičemž jako zástavu využívali ultrabezpečné dlouhodobé dluhopisy amerického ministerstva financí.

Ti, kdo půjčovali přes noc, si však mohli účtovat ještě vyšší úroky, pokud jako zástavu použili méně bezpečné hypoteční portfolio, a mnozí to opravdu dělali. Netrvalo dlouho a doruda rozpálený americký realitní trh fungoval jako peněžní trh o objemu mnoha bilionů dolarů.

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