Un mondo con molteplici valute di riserva

BERKELEY – La competizione per ottenere lo status di valuta di riserva è normalmente dipinta come un gioco in cui si vince tutto o niente. In quest’ottica, c’è spazio solo per una valuta internazionale vera e propria. L’unica incognita è quale sarà la valuta nazionale ad impossessarsi del titolo.

Si sostiene che sia la disciplina di mercato a imporre questo risultato. Per gli importatori e gli esportatori, esprimere i prezzi nella stessa valuta (per esempio, il dollaro) degli altri importatori ed esportatori evita di confondere i clienti. Per le banche centrali, detenere riserve nella stessa valuta delle altre banche centrali significa poter disporre dell’asset più liquido. Per chiunque altro compri, venda o detenga dollari, è conveniente fare lo stesso, dato che i mercati di titoli denominati in dollari saranno i più dinamici.

Mentre è sempre possibile che ci sia un punto critico oltre il quale tutti migrano da una valuta a un’altra, la natura interconnessa del sistema finanziario internazionale, si dice, fa sì che ci sia spazio per una sola vera valuta internazionale.

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