Globální odkaz Bena Bernankeho

WASHINGTON, DC – Pro svět je stále těžké strávit smíšený odkaz Alana Greenspana coby předsedy Rady Federálního rezervního systému USA v letech 1987 až 2006. Je tedy zatím příliš brzy na hodnocení, zda jeho odcházející nástupce Ben Bernanke směřuje na popravčí špalek dějin nebo na piedestal. Neměli bychom však přehlížet zásadní mezinárodní úlohu, již Bernanke a Fed sehráli během jeho funkčního období – v časech, kdy domácí hospodářská ochablost znamenala relativně mdlou vůdčí roli Ameriky.

V posledních pěti krizových letech ovlivňoval Fed světové hospodářství dvěma způsoby: hyperaktivní politikou nákupů dlouhodobých aktiv – takzvaným kvantitativním uvolňováním (QE) – a zhusta přehlíženou rolí při zajišťování mezinárodní likvidity. Zamysleme se nad každým z nich.

Ať už byl vliv QE na americkou ekonomiku jakýkoli, jeho důsledky pro zbytek světa byly, při zvážení všech pro a proti, příznivé. První kolo QE bylo jednoznačně prospěšné, protože minimalizovalo, ba možná dokonce eliminovalo mezní riziko globální deprese po krachu Lehman Brothers v září 2008.

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