Hong Kong Marco Wong/Getty Images

توظيف مدخرات آسيا في آسيا

هونج كونج ــ على مدار أكثر من ثلاثة عقود من الزمن، شهدت آسيا نموا اقتصاديا أسرع من أي منطقة أخرى. ومع تطورها، كانت آسيا تُصَدِّر مدخراتها، من خلال الفائض التجاري مع الولايات المتحدة، ثم تعيد استيرادها في هيئة استثمارات مباشرة ومحافظ استثمارية عبر نيويورك ولندن ــ وهي العملية التي خلقت توترات مالية شديدة، ولكنها كانت موضع تجاهل إلى حد كبير.

في نهاية عام 2015، كان مجموع صافي موقف الأصول لدى الصين وهونج كونج واليابان وكوريا وسنغافورة وتايوان نحو 7.3 تريليون دولار أميركي ــ وهو ما يكاد يعادل بالضبط صافي ديون الاستثمار الدولية المستحقة على الولايات المتحدة. ومن غير المرجح أن يختفي هذا الاختلال في التوازن في أي وقت قريب. الواقع أن صافي ديون الولايات المتحدة ارتفع مؤخرا ــ إلى 7.8 تريليون دولار في نهاية سبتمبر/أيلول 2016 ــ وهو ما يرجع إلى حد كبير إلى استمرار عجز الحساب الجاري والتأثيرات المترتبة على سعر الصرف الأقوى.

ولكن لماذا لا تستثمر الدول الآسيوية مدخراتها داخل منطقتها؟ من بين الأسباب الواضحة أن الولايات المتحدة تهيمن على التمويل العالمي، وخاصة في أسواق رأس المال والعملة. وفي دراسة أجريت في عام 2005، زعم بيير أوليفييه جورينشاس وهيلين راي أن الولايات المتحدة، التي كانت ذات يوم تلعب دور مصرفي العالم، أصبحت تلعب دور رأسمالي المشروعات العالمي الذي يستثمر على المستوى الدولي، وخاصة في آسيا، بدلا من الاكتفاء بالاقتراض والإقراض.

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