Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
-
Upload
ekai-center -
Category
Documents
-
view
218 -
download
0
Transcript of Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
-
7/26/2019 Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
1/6
Hmrijdgs Ak`j`ikmrgs
\KMYNG DM MYTJCCKDG K@HMDKJTG
^grek`n Vjpmr dm dkikmhlrm dm
-
7/26/2019 Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
2/6
9
Hmrijdgs Ak`j`ikmrgs
\KMYNG DM MYTJCCKDG K@HMDKJTG
:.
Cgs ruhgrms sglrm u` pgsklcm mstjcckdg k`hmdkjtg -
durj`tm cjs prxkhjs smhj`js- dm cgs hmrijdgs
ak`j`ikmrgs giikdm`tjcms sg` ig`stj`tms. Qjhgs j
k`tm`tjr sktujr`gs arm`tm j mstm tmhj ig` mc hjygr
rkngr y cj hxkhj rmspg`sjlkckdjd pgsklcms.
-
7/26/2019 Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
3/6
4
Hmrijdgs Ak`j`ikmrgs
\KMYNG DM MYTJCCKDG K@HMDKJTG
nglkmr`gs. Mxjitjhm`tm cg ig`trjrkg j cg qumdmlmrj bjlmrsm bmibg.
=.
J ajctj dm u`j jhgrtkzjik` prgnrmskvj dm cj lurluoj
ak`j`ikmrj y j ajctj dm u`j dmikdkdj pgctkij dm
rmmstruiturjik` dmc skstmhj ak`j`ikmrg, mc mstjcckdg
dm cj lurluoj ms, sk` dudj, mc msim`jrkg hs
vmrgshkc. Yk` mhljrng, sk ms rjzg`jlcm pm`sjr qum
msm mstjcckdg vj j prgduikrsm m` jcn` hghm`tg, ms
hs dkaikc prmvmr mc hghm`tg mxjitg.
1.
Tjhlk` ms ikmrtg qum mc jngtjhkm`tg dm cj pgctkij
hg`mtjrkj mxpj`skvj m` Mstjdgs ]`kdgs ms u`
hghm`tg iruikjc qum, pgr s hkshg, pumdm k`duikr
dm agrhj prgnrmskvj u`j sktujik` dm p`kig
ak`j`ikmrg m` u` hmrijdg qum durj`tm tgdgs mstgs
jgs sm bj hj`tm`kdg nrjikjs j cjs ig`tk`ujs
k`ymiikg`ms dm rmiursgs plckigs j trjvs dm cgslj`igs im`trjcms.
>.
Yk j mstg jjdkhgs cj m`trjdj m` vkngr dmc skstmhj
dm ljkc-k` m` Murgpj mc dj : dm m`mrg, mc rmtrgimsg
nmgmstrjtnkig dmc dcjr m` cjs k`stktuikg`ms y m` mc
ighmrikg k`tmr`jikg`jcms, mc jvj`im nmgpgctkig dm
\uskj y Ibk`j y cj dmrrgtj mstrjtnkij dm ^jcc Ytrmmt
m` Grkm`tm Hmdkg, `gs m`ig`trjhgs ig` ajitgrms
tgdgs mccgs prgpkikgs pjrj nm`mrjr u` ig`tmxtg
jdmiujdg pjrj mc mstjcckdg dm cj lurluoj ak`j`ikmrj.
Cjs rpkdjs ijdjs dm cjs ctkhjs smhj`js m` cgs
lg`gs-ljsurj, m` mc smitgr dmc arjiek`n m` Mstjdgs
]`kdgs, ... tgdg mccg bjim ikmrtjhm`tm huy
vmrgshkcms cgs ruhgrms qum jpu`tj` j u`
k`hmdkjtg mstjcckdg dm cgs hmrijdgs ak`j`ikmrgs
giikdm`tjcms.
2.
Yk` mhljrng, jsmnurjr qum mstm mstjcckdg sm vj j
prgduikr m` u` hghm`tg ig`irmtg ms jcng huy
dkstk`tg. Yk` dmsijrtjr qum qukm`ms mst`
-
7/26/2019 Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
4/6
=
Hmrijdgs Ak`j`ikmrgs
\KMYNG DM MYTJCCKDG K@HMDKJTG
trj`shktkm`dg mstm tkpg dm k`agrhjik` ig`akdm`ikjcdkspg`nj` dm gtrg tkpg dm djtgs hs mspmiakigs, m`
MEJK Im`tmr, dmsdm cumng, `g pgdmhgs jsmnurjrcg.
M`trm gtrjs igsjs pgrqum, pgr huy icjrjs qum smj`
cjs rjzg`ms glomtkvjs qum ccmvm` j pm`sjr m` mstm
mstjcckdg, cj imrtmzj tmhpgrjc sglrm iu`dg sm vj` j
prgduikr mstm tkpg dm am`hm`gs ms u`j iumstk`
lkm` dkstk`tj.
;.
Cjs rjzg`ms au`djhm`tjcms dm cj dkakiuctjd dm
prmvksk` dmc hghm`tg ig`irmtg dm mstjcckdg dm u`j
lurluoj ak`j`ikmrj sg` dgs. Vgr u` cjdg, cj
khpgrtj`ikj dm cgs ajitgrms pgctkigs y, pgr gtrg
cjdg, cj khpgrtj`ikj dm cgs ajitgrms pskigcnkigs qum
k`ikdm` m` mstm tkpg dm am`hm`gs.
:6.
Cgs ajitgrms pskigcnkigs sg` icjvms, pgrqum cj
mvgcuik` dm cgs hmrijdgs ak`j`ikmrgs j igrtg pcjzgdmpm`dm, dm agrhj huy dkrmitj, dm cj ig`akj`zj dm
cgs k`vmrsgrms m` u`gs u gtrgs vjcgrms g
k`struhm`tgs ak`j`ikmrgs. Mstj ig`akj`zj sm ljsj m`
rmamrm`ikjs glomtkvjs pmrg tjhlk` m` khprmskg`ms
sulomtkvjs y, m` huy lum`j hmdkdj, m`
ighpgrtjhkm`tgs "dm nrupg". Mc mamitg ig`tjnkg
m`trm cgs k`vmrsgrms dm cjs mxpmitjtkvjs pgsktkvjs g
`mnjtkvjs sglrm u` dmtmrhk`jdg k`struhm`tg
ak`j`ikmrg ms dm u`j khpgrtj`ikj msm`ikjc. Huy
mspmikjchm`tm j`tm u` pgsklcm mstjcckdg dm u`j
lurluoj ak`j`ikmrj, mc hghm`tg mxjitg m` mc qum cgs
k`vmrsgrms pkmrdm` cj ig`akj`zj m` u` dmtmrhk`jdg
hmrijdg tkm`m huibg qum vmr ig` ajitgrms dm
ig`tjnkg pskigcnkig huy dkaikcms dm prmvmr.
::.
Vgr gtrg cjdg, cj khpgrtj`ikj mstruiturjc dm mstj
irksks `gs bj rmvmcjdg bjstj qu pu`tg pumdm`k`ikdkr m` su mvgcuik` cjs hmdkdjs pgctkijs qum
pumdj` jdgptjrsm. Cgs rmsijtms ig` ijrng j ag`dgs
-
7/26/2019 Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
5/6
1
Hmrijdgs Ak`j`ikmrgs
\KMYNG DM MYTJCCKDG K@HMDKJTG
plckigs, cjs hmdkdjs dm mxpj`sk` hg`mtjrkj,pumdm` rmtrjsjr makijzhm`tm mc mstjcckdg dm u`j
lurluoj ak`j`ikmrj qum, pgr s hkshj, bjlrj
dmsjpjrmikdg g mstjccjdg bjim yj huibg tkmhpg.
:
-
7/26/2019 Mercados Financieros. RIESGO DE ESTALLIDO INMEDIATO
6/6
>
Hmrijdgs Ak`j`ikmrgs
\KMYNG DM MYTJCCKDG K@HMDKJTG
pjrj rmig`duikrcj. Mc prglcmhj rjdkij m` qum cgsnglkmr`gs giikdm`tjcms `g pjrmim` smr ig`sikm`tms
dm cg qum mst giurrkm`dg y, dmsnrjikjdjhm`tm, cg
hs prgljlcm ms qum vumcvj` j jitujr j rmhgcqum
dm cjs prgpumstjs y mxknm`ikjs dmc pgdmr ak`j`ikmrg
im`trjc. Vmrg `jdj dmlm dmsijrtjrsm. Cg qum cgs
nglkmr`gs bjnj` dmpm`dm tjhlk` dm cg qum tgdgs
bjnjhgs, dm cg qum ikudjdj`gs y jnm`tms sgikjcms y
mig`hkigs smjhgs ijpjims dm prgpg`mr, dmam`dmry mxknkr.
Js j ^grek`n Vjpmr, kt dgms `gt rmacmit j`y k`stktutkg`jc pgsktkg` gr gpk`kg` `mktbmr ga MEJK Im`tmr, `gr ga
kts spg`sgrs gr suppgrtk`n m`tktkms.
MEJK Im`tmr smmes tg dg lusk`mss wktb ighpj`kms gr ngvmr`hm`ts igvmrmd k` kts rmpgrts. \mjdmrs sbgucd lm
jwjrm tbjt wm hjy bjvm j ig`ackit ga k`tmrmst tbjt igucd jaamit tbm glomitkvkty ga tbks rmpgrt. K`vmstgrs
sbgucd ig`skdmr tbks rmpgrt js g`cy j sk`ncm ajitgr k` hjek`n tbmkr k`vmsthm`t dmikskg`.
NJ\JKJ K@@GQJTKG@ IM@TM\, NGK\] :J HG@D\JNG@
TMC? ;49=>6:>2= D]\J@NG 1222:;=