Глобальное наследство Бена Бернанке

ВАШИНГТОН – Мир все еще старается переварить разнородное «наследие» оставленное в области экономики после того, как Алан Гринспен исполнял должность председателя Федеральной резервной системы США с 1987 по 2006 год. Получается, что еще слишком рано, чтобы оценить, если его уходящий продолжатель Бен Бернанке направлен на промах или победу в истории. Но ту решающую международную роль, которую исполняли Бернанке и ФРС за это время, когда внутренняя экономическая слабость повлияла на порождение относительно неэффективного американского глобального лидерства, не следует упускать из виду.

В эти последние пять кризисных лет, ФРС повлияла на мировую экономику двумя способами: с помощью ее гиперактивной политики приобретения долгосрочных активов - так называемого количественного смягчения (Quantitative Easing - QE), и ее роли в обеспечении международной ликвидности, которая в значительной степени игнорируется широкой публикой. Рассмотрим оба способа.

Какое либо воздействие не имело количественное смягчение на экономику США, его влияние на остальной мир было, в конечном счете, доброкачественным. Первый раунд количественного смягчения было однозначно выгодным, потому что он свел к минимуму, или даже устранил, те малые имеющиеся риски глобальной депрессии после распада Lehman Brothers в сентябре 2008 года.

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