Economia
Para além de carecer de medidas concretas a Declaração do G7 (http://www.treas.gov/press/releases/hp1195.htm): "We agree to:
1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
3. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
4. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary. "
Sinceramente soa-me demasiado vaga e dúbia. Parece-me longe daquilo que o mercado exigia.
Na dedclaração do Secretário do Tesouro Paulson (http://www.treas.gov/press/releases/hp1194.htm) "we finalized an aggressive action plan to address the turmoil in global financial markets and the stresses on our financial institutions" mas depois refere "This action plan provides a coherent framework that will direct our individual and collective policy steps to provide liquidity to markets, strengthen financial institutions, protect savers, and enforce investor protections." ou seja parece que se está a referir a uma estratégia enão a medidas concretas.
A outra parte importante é quando ele refere: "We are developing strategies to use the authority to purchase and insure mortgage assets and to purchase equity in financial institutions, as deemed necessary to promote financial market stability. As we develop plans to purchase equity, as in the approach we are taking to broad mortgage asset purchases, we are working to develop a standardized program that is open to a broad array of financial institutions. Such a program would be designed to encourage the raising of new private capital to complement public capital. Consistent with the legislation, any equity the government purchases through a broadly available equity program would be on a non-voting basis, except with respect to the market standard terms to protect our rights as investors." A parte positiva consiste no reconhecimento da necessidade de recapitalização, a parte julgo que menos positiva é que os montantes disponíveis vão ser repartidos com a compra de activos hipotecários e subsiste a esperança de encontrar fundos privados significativos disponíveis o que não me parece particularmente realista e sobretudo, parece afastar a hipótese de uma nacionalização temporária que me parece que seria a solução mais lógica e efectiva.
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Economia
Declaração do G7 e do Secretário de Estado Paulson
Para além de carecer de medidas concretas a Declaração do G7 (http://www.treas.gov/press/releases/hp1195.htm): "We agree to:
1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
3. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
4. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary. "
Sinceramente soa-me demasiado vaga e dúbia. Parece-me longe daquilo que o mercado exigia.
Na dedclaração do Secretário do Tesouro Paulson (http://www.treas.gov/press/releases/hp1194.htm) "we finalized an aggressive action plan to address the turmoil in global financial markets and the stresses on our financial institutions" mas depois refere "This action plan provides a coherent framework that will direct our individual and collective policy steps to provide liquidity to markets, strengthen financial institutions, protect savers, and enforce investor protections." ou seja parece que se está a referir a uma estratégia enão a medidas concretas.
A outra parte importante é quando ele refere: "We are developing strategies to use the authority to purchase and insure mortgage assets and to purchase equity in financial institutions, as deemed necessary to promote financial market stability. As we develop plans to purchase equity, as in the approach we are taking to broad mortgage asset purchases, we are working to develop a standardized program that is open to a broad array of financial institutions. Such a program would be designed to encourage the raising of new private capital to complement public capital. Consistent with the legislation, any equity the government purchases through a broadly available equity program would be on a non-voting basis, except with respect to the market standard terms to protect our rights as investors." A parte positiva consiste no reconhecimento da necessidade de recapitalização, a parte julgo que menos positiva é que os montantes disponíveis vão ser repartidos com a compra de activos hipotecários e subsiste a esperança de encontrar fundos privados significativos disponíveis o que não me parece particularmente realista e sobretudo, parece afastar a hipótese de uma nacionalização temporária que me parece que seria a solução mais lógica e efectiva.
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- Declaração Da Cimeira Zona Euro
Os parágrafos fundamentais parecem ser: 1. "Governments would make available for an interim period and on appropriate commercial terms, directly or indirectly, a Government guarantee, insurance, or other similar arrangements of new medium term (up to...
- E Se "salvar" Os Bancos Não For Suficiente ?
(Re)lendo o relatório do FMI (Global Financial Stability Report) notei (pag. 24) que do 1,4 milhões de milhões de dólares de estimativas de perdas "apenas" 725-820 mil milhões (ou seja cerca de 55%) afectam os balanços dos bancos. Do restante, 150-250...
- Mankiw’s Favorite Proposal And The Futility Of Cute Ideas
In an op-ed for the New York Times, Harvard professor N. Gregory Mankiw wrote:“My favorite proposal is to require banks, and perhaps a broad class of financial institutions, to sell contingent debt that can be converted to equity when a regulator deems...
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SECURITIZATION Gary Gorton Andrew Metrick ABSTRACT We survey the literature on securitization and lay out a research program for its open questions. Securitization is the process by which loans, previously held to maturity on the balance sheets of...
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Why did the Federal Reserve lend to banks and other financial institutions during the financial crisis?Intense strains in financial markets during the financial crisis severely disrupted the flow of credit to U.S. households and businesses and led...