公共支出概论.ppt

2005-3-1 Tue 第五章 公共支出概论 第五章 公共支出概论北大中国经济研究中心李玲 教授 美国处置“有毒资产”细化方案出台　美股大幅飙升 美国财政部２３号宣布，将利用政府和私人部门资金，购买金融机构“有毒资产”，以促进信贷恢复流动。 政府将为该项目出资７５０亿美元至１０００亿美元，这些资金将与私人投资一起，用于购买５０００亿美元的“有毒资产”，今后“有毒资产”购买额可能进一步扩大到一万亿美元。（另有猫腻） 受到方案出台影响，２３号纽约股市一开盘即在银行股的带动下全盘大幅攀升，收盘时三大股指涨幅均超过６．８％。国际油价也逼近每桶５４美元，纽约和伦敦两地油价创近四个月来新高。　 Some Details of Geithner Plan (For toxic loan) Some Details of Geithner Plan (For toxic loan) Banks Identify the Assets They Wish to Sell: To start the process, banks will decide which assets – usually a pool of loans – they would like to sell. The FDIC will conduct an analysis to determine the amount of funding it is willing to guarantee. Leverage will not exceed a 6-to-1 debt-to-equity ratio. Assets eligible for purchase will be determined by the participating banks, their primary regulators, the FDIC and Treasury. Financial institutions of all sizes will be eligible to sell assets. Pools Are Auctioned Off to the Highest Bidder: The FDIC will conduct an auction for these pools of loans. The highest bidder will have access to the Public-Private Investment Program to fund 50 percent of the equity requirement of their purchase. Some Details of Geithner Plan (For toxic loan) Financing Is Provided Through FDIC Guarantee: If the seller accepts the purchase price, the buyer would receive financing by issuing debt guaranteed by the FDIC. The FDIC-guaranteed debt would be collateralized by the purchased assets and the FDIC would receive a fee in return for its guarantee. Private Sector Partners Manage the Assets:Once the assets have been sold, private fund managers will control and manage the assets until final liquidation, subject to strict FDIC oversight. Some Details of Geithner Plan (For toxic security) The Legacy Securities Program consists of two related parts designed to draw private capital into these markets by providing debt financing from the Federal Reserve under the Term Asset-Backed Securities Loan Facility (TALF) and through matching private capit