quinta-feira, 17 de março de 2011

Mercados Eficientes

Os mercados financeiros funcionam com um conjunto de taxas de referência estruturadoras de toda a sua acção. A taxa de referência mais “popular” entre os portugueses é EURIBOR, taxa média a que 57 bancos europeus emprestam uns aos outros, indexante da maior parte dos empréstimos à habitação. Este valor é calculado através da informação fornecida pelos bancos. Outra importante taxa de referência, a LIBOR, com 350 mil milhões de dólares de produtos financeiros a ela indexados, diz respeito à taxa média praticada entre os bancos sedeados na maior praça financeira do mundo, Londres. Como a taxa média influencia (e muito) os destinos financeiros dos bancos, existe um incentivo para que se tente aldrabar a taxa real praticada por cada banco de forma a conseguir manipular a média para seu benefício. Ora, segundo o Financial Times, foi isso que aconteceu, pelo menos, entre 2006 e 2008, com um conjunto de importantes bancos a serem agora intimados pela justiça norte-americana e britânica por terem fornecido informação falsa. Mais uma vez se demonstra que não é defeito, é feitio. Só com uma refundação profunda e transparente do sistema financeiro podemos ter uma esfera financeira que sirva efectivamente o seu propósito: uma afectação de capital ao serviço do progresso social, económico e ambiental.

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