Indlela ii-ABCPs eziphantse zonakalise uqoqosho lwe-US
Iifampani zikhupha iphepha lezorhwebo kwimali eyi-100,000 okanye ngaphezulu. Amaphepha oshishino kunye nee-ABCP ziintlobo zemali zeemarike zemali .
Utyalomali kwi-ABCP xa uthenga iimali zemarike zemali .
Ngokungafani nephepha lokuthengisa, i-ABCP ixhaswa ngumbutho. Ukubambisa iindleko zexesha elizayo ezenziwe ngemali-mboleko yemali, amakhadi enkoleko kunye ne-invoyisi. Iinkampani zisebenzisa i-ABCP ukuboleka imali ngoku ngokubuyisela kwezi ntlawulo zexesha elizayo. Ama-Mortgages awasebenziswanga ukubuyela kwi-ABCP ngenxa yokuba ityala lexesha elide, kungekhona ixesha elifutshane.
NgoJanuwari 2017, kwakukho iiligidi ezingama-236 zeebhiliyoni kwi-ABCP e-US. Imali-mboleko ye-Auto ixhasa iipesenti ezingama-30 zayo. Oku kulandelwa ngama-25 ekhulwini kwiimali zentengiso kunye neepesenti ezi-7 zeepesenti zemali zeentengo zemali . Bonke abanye babengaphantsi kwama-5 ekhulwini. Ezi ziquka ukubolekwa kwemali-mboleko, iimboleko zemboleko zabathengi kunye nezixhobo zemali (Umthombo: " I-Primer kwiPhepha lezorhwebo elixhaswe nge-asethi ," Wells Fargo. "Iphepha lezorhwebo elixhaswayo," iStree Reserve yaseSt. Louis.)
I-ABCP isebenza njani?
I-ABCP luhlobo lobophelelo benkokhelo esithengiswayo esithengiswa kwimarike yesibini .
Amaziko emali, njengeebhanki, athengisa ii-ABCP. Ibhanki kufuneka iqoke i-Special Purpose Vehicle eneempahla. I-SPV ikhusela i-asethi xa iziko lezemali liya kuphazamiseka. Yavumela ibhanki ukuba ibambe ipropati kwi-SPV "i- balance balance ". Oko kwanika i-SPV inkululeko yokuthenga uhlobo lweempahla ukuhlangabezana neemfuno zabatyalisi.
Ibhanki ayifanele ihlangabezane neemfuno zayo ezinkulu okanye enye imigaqo kwi-SPV. (Umthombo: "I-Primer kwiPhepha loRhwebo elixhasayo," I-Wells yaseFargo. )
Inzuzo
I-ABCP zadalwa kuma-1980s ukubonelela ngexabiso elongezelelweyo kwezoqoqosho. Bavumela amabhanki kunye namashishini ukuba athengise ityala. Okhupha imali eyinkunzi ukutshala imali okanye mboleko. Oko kwavumela i-ABCP ukuba yandise ukukhula koqoqosho lwe-US. Ngo-2007 kwakukho i-$ 1.2 trillion ekhutshwe e-United States kunye ne-250 billion yezigidigidi eYurophu.
I-ABCP zikhuselekileyo kunezibhondi zexesha elide ngenxa yexesha elifutshane. Kukho ixesha elincinci lokuba into ihambe kakuhle. Iinkampani ezikhupha i-ABCP ziphezulu. Oku kwenza ukuba akunakwenzeka ukuba ziza kuhlala zingekho kwiinyanga ezimbalwa nje. Uninzi olukhuselekileyo olukhuselekileyo olutyalomali kwi-ABCPs kunye namatyala angenasigxina.
Iingxaki
I-downcard ye-ABCP yayiyinxalenye ngenxa yesakhiwo se-SPV. Ekubeni i-bhanki kunye ne-SPV bezinkampani ezihlukeneyo, zikhuselekile kwi-default. Oko kwanika ibhanki ingqiqo yenqabiseko. Abazange baqeqeshwe ngokubambelela kwimigangatho yokuboleka.
Amabhanki awakudingi ukuqokelela kwimali-mboleko xa ihlawulwa. Kunoko, i-mboleko ephantsi yayithengiswa kwimarike yesibini.
Baba yingxaki yabanye abatyali-mali. Kwakungenye isizathu sokuba iibhanki zingahambelani nemigangatho yazo eqhelekileyo.
Indlela Echaphazela ngayo Uqoqosho
Iphepha lezorhwebo elixhaswe nge-asethi lathintele uqoqosho lwase-US ngendlela efana ne -securities-backed securities . Njenga-MBS, umlondolozo wawuyimpakethe yemboleko.
Ngethuba leengxaki zemali, abatyali-mali babevaliwe nge-MBS. Emva koko baba nexhala malunga ne-ABCPs ye-credit-worth, nangona iphepha lokuthengisa elikhuselekileyo limile emva kwe-ABCP. Babecinga ukuba ii-ABCP zinemali-mboleko embi, njengemali yokubambisa i-mortgage-backed retirement .
Ukukhathazeka kwanda kwaze kwaba yinto ekuchaphazela ngayo imali yemarike yemali etyalomali kwi-ABCP. Ngomhla ka-Septemba 17, 2008, iimali zentengo yemarike yemali zahlaselwa yi-bhanki endala.
Abatyala-mali abatyhatywayo baphonsa irekhodi ye-$ 144.5 yezigidi kwiimali zeemarike zemali . Kwangamaxesha angaphezu kwama-20 ngaphezu kweebhiliyoni ezi-7 eziqhelekileyo zihoxiswa ngeveki. Akwazanga ukuphakamisa imali eyaneleyo ukuhlangabezana nokurhoxiswa. Imarike ye-ABCP yanyamalala.
Izinto zazibi kakhulu kangangokuthi i-Primary Reserve Fund "yaphule ibhokhwe." Oko kwakuthetha ukuba ayikwazi ukugcina ixabiso lentengo kwi-dollar yemveli. Ukuba iimpahla zeemarike zemali ziye zaphazamiseka, amashishini aya kuvala ngeveki. Izitolo zokutya aziyi kuba nenkokhelo yokutya ukutya. Amaloli angeke abe nemali yokuhlawula igesi. Abalimi abayi kuba nemali yokunisela amasimi abo. Jonga i- Primary Conservation Money Market Run .
I- Federal Reserve yangena ekuqinisekiseni i-ABCP. Yayiboleka imali kwiibhanki zayo. Kwayalela ukuba bathenge ii-ABCP kwimali yemarike yemali. Oko kwanika imali leyo ngokwaneleyo imali ukuhlawula ukuhlengwa. Okwenzeka ngoSeptemba 22, 2008, ukuya kuFebhuwari 1, 2010. Kuthatha iminyaka emibini ukuba abatyali-mali bavuselelwe. (Umthombo: "I-ABCP ye-MMMF," i-Federal Reserve, ngoFebruwari 5, 2010.)