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

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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@

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