Le dollar et ses dégâts

BERKELEY – Beaucoup reprochent actuellement à la Réserve fédérale américaine sa responsabilité dans l’apparition d’une volatilité sur les marchés émergents. Que faut-il en penser, coupable véritable ou simple bouc émissaire ?

Il apparaît plus acceptable d’accuser la Fed d’être à l’origine des difficultés économiques mondiales actuelles que de critiquer le ralentissement séculaire de la Chine, qui s’explique par de louables efforts de la part des dirigeants chinois en direction d’un rééquilibrage de l’économie du pays. De même, bien qu’en ayant déprécié le yen, les « Abenomics » japonaises aient compliqué la mise en œuvre de certaines politiques pour les pays voisins, ces mesures s’inscrivent dans le cadre d’une remarquable démarche destinée à mettre un terme à une déflation persistante. Une raison de plus de prendre davantage pour cible la Fed.   

En outre, du point de vue des économies émergentes affectées, il est clairement plus facile de critiquer l’atténuation par la Fed de sa politique d’achat mensuel massif d’actifs à long terme – le fameux assouplissement quantitatif (QE) – que de reconnaître leur propre défaillance dans la mise en œuvre de réformes économiques rapides.

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