Ben Bernankes globales Vermächtnis

WASHINGTON, DC – Die Welt kämpft immer noch darum, das zwiespältige Vermächtnis von Alan Greenspan als Präsidenten der amerikanischen Notenbank zwischen 1987 und 2006 zu verarbeiten. Es ist also noch zu früh, um zu beurteilen, ob sein jetzt ebenfalls scheidender Nachfolger Ben Bernanke in den Keller oder auf den Podest der Geschichte gehört. Aber die wichtige internationale Rolle, die Bernanke und die Fed während seiner Amtszeit spielten – einer Zeit, in der die schwache amerikanische Wirtschaft zu einer Schwächung der Rolle Amerikas als Weltmacht führte – darf nicht übersehen werden.

In den vergangenen fünf krisengeschüttelten Jahren hat die amerikanische Notenbank die Weltwirtschaft auf zweierlei Weise beeinflusst: über die so genannte quantitative Lockerung und über ihre größtenteils unbeachtete Rolle bei der Bereitstellung internationaler Liquidität. Ich werde auf beide genauer eingehen.

Ungeachtet der Folgen der quantitativen Lockerung für die US-Wirtschaft, waren ihre Folgen für den Rest der Welt insgesamt vorteilhaft. Die erste Runde der quantitativen Lockerung war sogar ganz ohne Zweifel vorteilhaft, weil das Risiko einer globalen Wirtschaftskrise nach dem Zusammenbruch von Lehmann Brothers im September 2008 minimiert oder sogar ausgeschaltet werden konnte.

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