O dólar e os prejuízos causados

BERKELEY – A Reserva Federal dos EUA está a ser largamente responsabilizada pelo recente surto de volatilidade nos mercados emergentes. Mas será a Reserva Federal apenas um bode expiatório conveniente?

É mais fácil culpar a Reserva Federal pelos actuais problemas económicos globais do que culpar o abrandamento secular do crescimento da China, facto que reflecte os louváveis esforços envidados pelos dirigentes chineses para reequilibrar a sua economia. De igual modo, embora a “Abenomia” do Japão, através da depreciação do iene, dificulte a definição de políticas aos países vizinhos, constitui igualmente um esforço louvável para pôr termo à deflação, algo que é mais do que urgente. Logo, mais uma vez, é mais fácil responsabilizar a Reserva Federal.

E, no que diz respeito às economias emergentes afectadas, a redução gradual, por parte da Reserva Federal, das suas substanciais compras mensais de activos a longo prazo - a denominada flexibilização quantitativa (quatitative easing, QE) - é certamente mais fácil de responsabilizar do que o facto de estas economias não terem avançado com maior celeridade na reforma económica.

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