Bảo hiểm tiền gửi trong cuộc chiến chống khủng hoảng tài chính toàn cầu

VAN OE HOIM NAY ( So 12(65)-2008)

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.ry < Ji

Diem qua dien bien khiing

hoang tai chinh

Thj trudng tdi ehfnh thd gidi

dang trai qua nhung ngay thang

"cue ky cdng thdng" [1], dd tai

ndng nhat hidn nay la Chfnh phii

cac nudc (chii ydu Id cae nudc

cdng nghidp phat tridn) da va se

lam gi dd cham dut hay ft nhat

cung lam giam tac ddng xau tir

cudc khiing hoang nay ed thd

gayra. • • ;

Nhin lai nguyen nhan va qua

trinh didn ra khiing hoang chiing

ta cd thd thay "Tam bao" bdt dau

tir My ma xuat phat didm tir sy cd

ng dudi tidu chuan (sub-prime)

[2]. Cd thd hieu don gian ng dudi

tidu chuan la cac khoan cho vay

nhdm ddi tugng cd mirc tfn

nhidm thap thu nhap khdng on

djnh cd muc do riii ro eao. Sau dd

cac khoan ng dudi tidu chuan

nay trong ITnh vyc bat ddng san

da dugc chirng khoan hda

(securitisation) thanh cac MBS

(Mortgage backed securities)[3]

-day la mdt loai chimg khoan

(trai phidu - chimg khoan no)

phai sinh co gde la cac hcrp ddng

cho vay bat dpng san cd thd chap

- do cac td chirc tai chi'nh pho

Wall phat hanh va duge giao

djeh trdn loan the gidi (tdt nhien

nd da dugc cac td chiic djnh miic

tfn nhidm (Credit rating

agencies) danh gia va miie lai

suat tuong ddi phii hop vdi mire

dp rui ro nen viec phat hanh va

giao djch deu dien ra sudn xe).

Theo udc tfnh con sd MBS da ldn

ddn 12.000 ty USD (theo

"International Swap and

Derivatives Association" - Hiep

hgi hoan ddi chirng khoan phai

sinh). I t i.i:-

Khdng may, trong vai nam

trd lai day thj trudng bat dpng

san lien tidp ha nhiet, nen kinh te

cung khdng con giu dugc miic

tang tu'dng eao. ty Id that nghiep

gia tang, day la liic ng dudi tieu

chuan cho thay mat trai eiia nd.

1 lau qua la nipt sd ldn hgp ddng

cho vay bat dpng san diing de

bao dam cho cac trai phieu MBS

la ngxau (khoang 4.000 ty USD

chiem khoang 30% - theo

"International Swap and

Derivatives Association"), cac

trai phidu MBS mdt gia trdn thj

trudng thir cap, tham chf "ddng

bang", khidn cho cac nha dau tu

nam giti' chiing (chii ylu la cac

ngan hang va cdng ty tai chinh,

bao hidm) bj thidt hai. Cac 'dai

gia" tai chinh ciia My. thanh

phan tfch cyc tham gia giao dich

MBS lan lugt thdng bao cac

khoan lo khdng Id lien tyc trong

nhiiu thang khiln nidm tin ciia

cdng chung bj suy giam keo theo

gia cd phieu eiia cac td chirc nay

trdn thj trudng chii'ng khoan sut

giam manh. huy dpng vdn gap

khd khan va mdt dan kha nang

thanh khoan.

Ths. Le Quang Hu'ng

Danh sach nhtrng td chirc tai

chfnh hang dau nudc My (kd ca

vd quy md ngudn vdn cung nhu

be day ljch sir) bj dd vd lien tiep.

trong thdi gian ngan ngay mot

dai them: Bear Stern, I ndy Mac,

Fannie Mae. Freddie Mac.

Lehman Brothers, Meryll

Lynch, Washington Mutual,

Vachovia. Morgan Stanley,

Goldman Sachs...gay ra mpt

eon dja chan eye manh trong

lang tai chinh thd gidi va no

nhanh chdng lan sang cyu lyc dja

nai cung cd cac tdn tudi ldn quan

he mat thidt vdi cae td chiic tai

chinh My nhu New Century

Financial. Northern Rock,

HBOS, Bradford & Bringley

(Anh quoc), Dexia (Phap-Bi￾Luxembourg). Fortis, Hypo

(Dire), Glitnir, Landsbanki

(Iceland)...

Chinh Phii cac nu'O'c vao

eugc - vai trd BHTG dugc ddy

len cao

Cudc khiing hoang bdt ddu tir

My va Chi'nh phii My ciing img

phd rat nhanh ngay khi cd trieu

chinig dau tidn, lidn tyc la cdt giam

lai suat. bam thdm tien vao luu

thdng va mdi day nhdt la dai kl

hoach 700 t>' USD viia dugc

ludng vidn thdng qua ft ngay

trirdc. Fai Chau Au, hang loat cac

cudc hop ban vd phuong phap doi

phd da didn ra vdi kdt qua thong

nhat can cd sy can thiep eua cac

v54> Tgp chf nghien cdu Tdi chfnh ke todn