{"id":40337,"date":"2023-03-14T12:58:18","date_gmt":"2023-03-14T12:58:18","guid":{"rendered":"https:\/\/rdnews.al\/?p=40337"},"modified":"2023-03-14T12:58:48","modified_gmt":"2023-03-14T12:58:48","slug":"pse-falimentoi-banka-amerikane-me-212-miliarde-dollare-aktive","status":"publish","type":"post","link":"https:\/\/rdnews.al\/index.php\/2023\/03\/14\/pse-falimentoi-banka-amerikane-me-212-miliarde-dollare-aktive\/","title":{"rendered":"Pse falimentoi banka amerikane aktive me 212 miliard\u00eb dollar\u00eb"},"content":{"rendered":"

The Economist<\/strong><\/p>\n

Amerika duhet t\u00eb p\u00ebrgatis\u00eb plane m\u00eb t\u00eb mira n\u00eb rastet e d\u00ebshtimit t\u00eb bankave t\u00eb m\u00ebdha.<\/p>\n

M\u00eb 10 mars, banka Silicon Valley (Silicon Valley Bank, SVB), e cila kishte 212 miliard\u00eb dollar\u00eb n\u00eb aktiv, d\u00ebshtoi me shpejt\u00ebsi spektakolare, duke e b\u00ebr\u00eb at\u00eb huadh\u00ebn\u00ebsin m\u00eb t\u00eb madh n\u00eb kolaps, q\u00eb nga kriza financiare globale e 2007-09.<\/p>\n

Shumica e depozituesve t\u00eb SVB ishin startupe teknologjike n\u00eb Bay Area, me llogari q\u00eb i kalonin 250,000 dollar\u00ebt, q\u00eb jan\u00eb t\u00eb siguruara nga qeveria federale. Duke u ngarkuar me obligacione afatgjata, SVB kishte marr\u00eb nj\u00eb hap t\u00eb madh, t\u00eb pambrojtur, p\u00ebr t\u00eb mbajtur norma interesi t\u00eb ul\u00ebta. Ky bast shkoi keq, duke e l\u00ebn\u00eb bank\u00ebn t\u00eb falimentuar. Fakti q\u00eb aksioner\u00ebt jan\u00eb zhdukur dhe zot\u00ebruesit e obligacioneve do t\u00eb ken\u00eb humbje t\u00eb m\u00ebdha, nuk \u00ebsht\u00eb nj\u00eb d\u00ebshtim i sistemit financiar. Nj\u00eb biznes i b\u00ebr\u00eb keq, do t\u00eb d\u00ebshtoj\u00eb.<\/p>\n

\u00cbsht\u00eb ajo q\u00eb ndodhi m\u00eb pas, q\u00eb zbulon t\u00eb metat n\u00eb arkitektur\u00ebn bankare t\u00eb Amerik\u00ebs. SVB ndoshta kishte mjaftuesh\u00ebm asete, q\u00eb depozituesve t\u2019u ishin kthyer t\u00eb gjitha ose pothuajse t\u00eb gjitha, parat\u00eb e tyre, por vet\u00ebm pas nj\u00eb pritjeje t\u00eb gjat\u00eb. Kjo b\u00ebri q\u00eb shum\u00eb firma teknologjike, t\u00eb p\u00ebrballen me jet\u00ebn n\u00eb nj\u00eb ngrirje t\u00eb thell\u00eb financiare.<\/p>\n

Roku, nj\u00eb gjigant transmetimi, kishte gati 500 milion\u00eb dollar\u00eb t\u00eb depozituara n\u00eb SVB. N\u00eb t\u00eb gjith\u00eb sektorin e teknologjis\u00eb, filluan pushimet nga puna dhe falimentimet. Dhe rregullator\u00ebt dhe qeveria e Amerik\u00ebs, dukej se kishin frik\u00eb se depozituesit po humbnin besimin edhe te bankat e tjera.<\/p>\n

M\u00eb 12 mars ata e gjykuan SVB-n\u00eb shum\u00eb t\u00eb madhe p\u00ebr t\u00eb d\u00ebshtuar dhe garantuan t\u00eb gjitha depozitat e bank\u00ebs. N\u00ebse shitja e aseteve t\u00eb saj nuk mbulon kostot e ndihm\u00ebs s\u00eb depozituesit, nj\u00eb fond q\u00eb financohet nga t\u00eb gjitha bankat, do t\u00eb duhet t\u00eb p\u00ebrdoret, duke penalizuar t\u00eb gjith\u00eb industrin\u00eb p\u00ebr pamaturin\u00eb e nj\u00eb institucioni t\u00eb vet\u00ebm.<\/p>\n

N\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb, rregullator\u00ebve u \u00ebsht\u00eb dashur t\u00eb p\u00ebrballen me k\u00ebrc\u00ebnimin, se bankat e tjera mund t\u00eb p\u00ebrballen gjithashtu me arrati. N\u00eb fund t\u00eb vitit 2022, kishte 620 miliard\u00eb dollar\u00eb humbje t\u00eb parealizuara t\u00eb letrave me vler\u00eb n\u00eb librat e bankave.<\/p>\n

M\u00eb 12 mars, rregullator\u00ebt mbyll\u00ebn gjithashtu Signature Bank, nj\u00eb tjet\u00ebr huadh\u00ebn\u00ebs i mes\u00ebm, banka e tret\u00eb q\u00eb d\u00ebshtoi brenda nj\u00eb jave, duke pasur parasysh q\u00eb Silvergate, nj\u00eb institucion shum\u00eb i ekspozuar ndaj kriptomonedhave, falimentoi m\u00eb 8 mars. Dhe pasojat n\u00eb tregje vazhdojn\u00eb. Stoqet e bankave po vazhdojn\u00eb t\u00eb bien. Ato t\u00eb First Republic, nj\u00eb bank\u00eb me madh\u00ebsi t\u00eb krahasueshme me SVB, ran\u00eb me m\u00eb shum\u00eb se 60% gjat\u00eb dit\u00ebs.<\/p>\n

P\u00ebr t\u00eb mb\u00ebshtetur bankat e tjera, Fed po u ofron atyre mb\u00ebshtetje me kushte jasht\u00ebzakonisht bujare. Nj\u00eb program i ri \u00ebsht\u00eb gati p\u00ebr t\u00eb dh\u00ebn\u00eb hua t\u00eb siguruara, kundrejt thesareve afatgjata dhe letrave me vler\u00eb t\u00eb mb\u00ebshtetura nga hipoteka, si ato n\u00eb t\u00eb cilat SVB-ja kishte falur. Fed do t\u00eb ofroj\u00eb kredi deri n\u00eb vler\u00ebn nominale t\u00eb letrave me vler\u00eb, e cila, p\u00ebr obligacionet afatgjata, mund t\u00eb jet\u00eb m\u00eb shum\u00eb se 50% mbi vler\u00ebn e tregut.<\/p>\n

Ky \u00ebsht\u00eb nj\u00eb veprim jo i zakonsh\u00ebm p\u00ebr nj\u00eb bank\u00eb qendrore, e cila do t\u00eb ofronte nj\u00eb vler\u00eb t\u00eb reduktuar p\u00ebr letrat me vler\u00eb t\u00eb dh\u00ebna si kolateral. Por, ky veprim i Fed, garanton q\u00eb nj\u00eb bank\u00eb tjet\u00ebr me nj\u00eb portofol obligacionesh si t\u00eb SVB, do t\u00eb kishte akses t\u00eb mjaftuesh\u00ebm n\u00eb para p\u00ebr t\u00eb paguar depozituesit.<\/p>\n

Garancia e depozit\u00ebs ishte e pashmangshme, duke pasur parasysh madh\u00ebsin\u00eb e SVB-s\u00eb (dhe n\u00eb \u00e7do rast mund t\u00eb mbulohet plot\u00ebsisht nga aktivet e SVB). Nuk mund t\u00eb thuhet e nj\u00ebjta gj\u00eb p\u00ebr bujarin\u00eb e mb\u00ebshtetjes s\u00eb likuiditetit n\u00eb t\u00eb gjith\u00eb sistemin, e cila \u00ebsht\u00eb nj\u00eb zgjerim dramatik i mjeteve t\u00eb Fed.<\/p>\n

R\u00ebnia e \u00e7mimeve t\u00eb aksioneve t\u00eb bankave, pjes\u00ebrisht reflekton zgjimin e investitor\u00ebve ndaj rreziqeve, q\u00eb zot\u00ebrimet e obligacioneve afatgjata paraqesin p\u00ebr p\u00ebrfitimin. Por, nd\u00ebrkoh\u00eb q\u00eb humbjet e parealizuara t\u00eb SVB-s\u00eb ishin t\u00eb mjaftueshme, p\u00ebr t\u00eb fshir\u00eb p\u00ebraf\u00ebrsisht kapitalin e saj, bankat e tjera kan\u00eb mjaftuesh\u00ebm likuiditet.<\/p>\n

\u00cbsht\u00eb e drejt\u00eb q\u00eb Fed t\u00eb jap\u00eb hua kundrejt nj\u00eb kolaterali t\u00eb mir\u00eb, p\u00ebr t\u00eb ndaluar vrapin. Por ta b\u00ebsh k\u00ebt\u00eb, me kushte t\u00eb tilla dashamir\u00ebse, \u00ebsht\u00eb e panevojshme dhe subvencionon aksioner\u00ebt e bankave. Dhe megjith\u00ebse mb\u00ebshtetja e sistemit nga Fed, ndoshta do t\u00eb shmang\u00eb nj\u00eb shkrirje bankare, politik\u00ebb\u00ebr\u00ebsit nuk duhet t\u00eb kishin arritur kurr\u00eb n\u00eb nj\u00eb pike, ku t\u00eb nevojiteshin nd\u00ebrhyrje t\u00eb tilla t\u00eb jasht\u00ebzakonshme.<\/p>\n

D\u00ebshtimi i SVB ishte kaq kaotik, pjes\u00ebrisht sepse ishte i p\u00ebrjashtuar nga shum\u00eb rregulla t\u00eb krijuara, p\u00ebr t\u00eb shmangur shp\u00ebtimet e improvizuara t\u00eb bankave t\u00eb llojit q\u00eb Fed sapo ka krijuar. Pas kriz\u00ebs financiare, Akti Dodd-Frank i Amerik\u00ebs u k\u00ebrkonte bankave me m\u00eb shum\u00eb se 50 miliard\u00eb dollar\u00eb active, t\u00eb ndiqnin nj\u00eb s\u00ebr\u00eb rregullash t\u00eb reja, duke p\u00ebrfshir\u00eb krijimin e nj\u00eb plani p\u00ebr zgjidhjen e tyre t\u00eb rregullt, n\u00ebse ato falimentonin.<\/p>\n

Shpresa ishte, q\u00eb nj\u00eb kombinim i rezervave t\u00eb m\u00ebdha t\u00eb kapitalit p\u00ebr bankat dhe planifikimi i kujdessh\u00ebm, do t\u00eb mbronte depozitat dhe sistemet e pagesave, nd\u00ebrkoh\u00eb q\u00eb humbjet do t\u2019u kalonin investitor\u00ebve n\u00eb m\u00ebnyr\u00eb t\u00eb rregullt. Rregullator\u00ebt planifikonin nj\u00eb rikapitalizim t\u00eb shpejt\u00eb t\u00eb bankave m\u00eb t\u00eb m\u00ebdha, n\u00ebp\u00ebrmjet konvertimit t\u00eb nj\u00eb pjese t\u00eb borxhit t\u00eb tyre n\u00eb capital, nj\u00eb \u201cbail-in\u201d.<\/p>\n

Sidoqoft\u00eb, n\u00eb 2018 dhe 2019, Kongresi dhe rregullator\u00ebt e bankave, hoq\u00ebn rregullat e planifikimit dhe likuiditetit t\u00eb zgjidhjes, ve\u00e7an\u00ebrisht p\u00ebr bankat me 100-250 miliard\u00eb dollar\u00eb aktive, shum\u00eb prej t\u00eb cilave kishin lobuar p\u00ebr rregullim m\u00eb t\u00eb leht\u00eb. Nuk ka pasur asnj\u00ebher\u00eb plane t\u00eb garancis\u00eb p\u00ebr bankat e madh\u00ebsis\u00eb s\u00eb SVB.<\/p>\n

N\u00eb vend t\u00eb k\u00ebsaj, banka k\u00ebrkoi shkurtimisht jav\u00ebn e kaluar, p\u00ebr t\u00eb rikapitalizuar veten n\u00ebp\u00ebrmjet nj\u00eb emetimi t\u00eb aksioneve t\u00eb reja, veprim i cili u gjykua jo mir\u00eb.<\/p>\n

Nga aft\u00ebsia e depozituesve p\u00ebr t\u00eb ikur dhe gatishm\u00ebria e rregullator\u00ebve p\u00ebr t\u2019i frenuar ata, do t\u00eb ishte m\u00eb mir\u00eb t\u00eb hiqeshin plot\u00ebsisht kufizimet n\u00eb sigurimin e depozitave, dhe t\u00eb ngarkoheshin bankat paraprakisht p\u00ebr mbrojtje t\u00eb plot\u00eb. Por, me rezerva t\u00eb p\u00ebrshtatshme t\u00eb kapitalit dhe planifikimin e zgjidhjes, depozituesit nuk do t\u00eb ishin kapur aq keq nga kriza. D\u00ebshtimi i SVB do t\u00eb kishte paraqitur nj\u00eb k\u00ebrc\u00ebnim m\u00eb t\u00eb vog\u00ebl p\u00ebr ekonomin\u00eb dhe sistemin financiar.<\/p>\n

Sigurimi i plot\u00eb i depozitave p\u00ebr sistemin banker, mund t\u00eb \u00e7oj\u00eb n\u00eb pakujdesi t\u00eb m\u00ebtejshme. Do t\u00eb inkurajonte bankat, t\u00eb nd\u00ebrmarrin rreziqe m\u00eb t\u00eb m\u00ebdha p\u00ebr t\u00eb rritur shp\u00ebrblimet, q\u00eb mund t\u2019u ofronin depozituesve, t\u00eb cil\u00ebt mund t\u00eb t\u00ebrhiqeshin nga kthime m\u00eb t\u00eb larta, por nuk do t\u00eb kishin kurr\u00eb arsye t\u00eb largoheshin nga nj\u00eb bank\u00eb p\u00ebr shkak t\u00eb pakujdesis\u00eb s\u00eb saj.<\/p>\n

Ky risk moral nuk \u00ebsht\u00eb i vetmi rrezik. Tjetra \u00ebsht\u00eb se Fed, pasi ka par\u00eb se si SVB ra, nd\u00ebrsa normat e interesit u rrit\u00ebn, tani zgjedh t\u00eb leht\u00ebsoj\u00eb trajtimin e inflacionit, nga frika se shtr\u00ebngimi monetar do t\u00eb shkaktoj\u00eb m\u00eb shum\u00eb falimentime.<\/p>\n

Pas pritshm\u00ebrive se normat do t\u00eb arrinin 5.5% k\u00ebt\u00eb vit, investitor\u00ebt tani presin mezi shtr\u00ebngim m\u00eb t\u00eb madh, dhe uljet e normave t\u00eb interesit t\u00eb fillojn\u00eb brenda gjasht\u00eb muajve.<\/p>\n

Fed nuk duhet t\u00eb heq\u00eb syt\u00eb nga inflacioni, megjith\u00ebse \u00e7mimet m\u00eb t\u00eb larta t\u00eb bonove do t\u00eb leht\u00ebsojn\u00eb bilancet e bankave. Tani q\u00eb depozitat jan\u00eb t\u00eb sigurta dhe sistemi bankar ka mb\u00ebshtetje massive likuiditeti n\u00eb ofert\u00eb, kriza nuk ka gjasa t\u00eb ngadal\u00ebsoj\u00eb shum\u00eb ekonomin\u00eb amerikane. P\u00ebr m\u00eb tep\u00ebr, nuk \u00ebsht\u00eb detyra e politik\u00ebs monetare, t\u00eb mbroj\u00eb fitimet e huadh\u00ebn\u00ebsve.<\/p>\n

Konkluzioni i duhur p\u00ebr t\u00eb nxjerr\u00eb nga d\u00ebshtimi i SVB-s\u00eb, \u00ebsht\u00eb se rregullimi i bankave t\u00eb m\u00ebdha, por jo nd\u00ebr m\u00eb t\u00eb m\u00ebdhat\u00eb, ka qen\u00eb i pamjaftuesh\u00ebm, duke pasur parasysh k\u00ebrc\u00ebnimin q\u00eb ato paraqesin p\u00ebr ekonomin\u00eb. Detyra e politik\u00ebb\u00ebr\u00ebsve tani, \u00ebsht\u00eb t\u00eb korrigjojn\u00eb k\u00ebt\u00eb mbik\u00ebqyrje.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Economist Amerika duhet t\u00eb p\u00ebrgatis\u00eb plane m\u00eb t\u00eb mira n\u00eb rastet e d\u00ebshtimit t\u00eb bankave t\u00eb m\u00ebdha. M\u00eb 10 mars, banka Silicon Valley (Silicon Valley Bank, SVB), e cila kishte 212 miliard\u00eb dollar\u00eb n\u00eb aktiv, d\u00ebshtoi me shpejt\u00ebsi spektakolare, duke e b\u00ebr\u00eb at\u00eb huadh\u00ebn\u00ebsin m\u00eb t\u00eb madh n\u00eb kolaps, q\u00eb nga kriza financiare globale …<\/p>\n","protected":false},"author":4,"featured_media":40338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-40337","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-ekonomi"],"_links":{"self":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts\/40337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/comments?post=40337"}],"version-history":[{"count":0,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts\/40337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/media\/40338"}],"wp:attachment":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/media?parent=40337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/categories?post=40337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/tags?post=40337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}