Un mundo de múltiples monedas de reserva

BERKELEY – La competencia por el estatus de moneda de reserva se describe convencionalmente como un juego donde el ganador se queda con todo. Desde este punto de vista, hay lugar sólo para una moneda internacional hecha y derecha. El único interrogante es qué moneda nacional se quedará con ese papel.

La lógica de mercado, se dice, dictamina este resultado. Para los importadores y exportadores, cotizar los precios en la misma moneda –digamos, el dólar- que otros importadores y exportadores evita que los clientes se confundan. Para los bancos centrales, tener reservas en la misma moneda que otros bancos centrales implica tener el mismo activo líquido. Si todo el mundo compra, vende y tiene dólares, rinde hacer lo mismo, ya que los mercados en activos denominados en dólares serán los más profundos.

Si bien siempre resulta posible que pueda producirse un punto de inflexión en el cual todos migran de una moneda a otra, se dice que la naturaleza de tipo red del sistema monetario internacional deja espacio para una única unidad internacional.

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