quarta-feira, 24 de dezembro de 2008

Leituras na crise: estatização do crédito (24/12)

Cresce a convicção de que a iliquidez do mercado creditício só pode ser enfrentada com algum grau de estatização. E há propostas criativas para tal. Leia How To Give Banks Confidence To Lend To Businesses, de Lucian Bebchuk and Itay Goldstein, do rgemonitor.com. Mas estatização não é apenas socializar prejuízos, é também socializar lucros. Um exemplo (do artigo):
    Suppose that the government wishes to get at least $200bn (€140bn, £133bn) of additional lending to companies. Under one possible mechanism, the government would facilitate banks’ putting together a diversified portfolio of newly originated loans by agreeing to bear part of any losses to the portfolio in return for a share of the upside. In the example considered above, to induce banks to put together a portfolio of new loans it would be sufficient for the government to agree to bear any losses to the portfolio of up to 10 per cent of the value of the extended loans. The share of the upside received by the government could be determined through a competitive process. Banks would submit bids indicating the share they would be willing to offer and the government would accept the highest offers that would collectively produce additional lending of $200bn.
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