china stock market plunge Zhengyi Xie/ZumaPress

التلاعب في السوق يتحول إلى العالمية

نيوهافين ــ لقد أصبح التلاعب في السوق من الإجراءات التشغيلية القياسية في الدوائر السياسية في مختلف أنحاء العالم. والآن تتجه كل الأعين صوب المحاولات التي تبذلها الصين للتعامل مع انهيار فقاعة الأسهم الكبرى. ولكن الجهود التي تبذلها السلطات الصينية ليست فريدة من نوعها. فالاقتصادات الرائدة في الغرب تفعل نفس الشيء تقريبا ــ ولكنها تُلبِس التلاعب ملابس مختلفة.

ولنتأمل هنا التيسير الكمي، الذي استُخدِم لأول مرة في اليابان في العقد الأول من القرن الحالي، ثم في الولايات المتحدة بعد عام 2008، ثم في اليابان مرة أخرى بداية من عام 2013، والآن في أوروبا. وفي كل هذه الحالات، كان التيسير الكمي في الأساس محاولة عدوانية للتلاعب في أسعار الأصول. ويعمل التيسير الكمي في المقام الأول من خلال مشتريات البنوك المركزية المباشرة من السندات المالية السيادية الطويلة الأجل، وبالتالي خفض أسعار الفائدة الطويلة الأجل، وهذا بدوره يجعل الأسهم أكثر جاذبية.

وسواء كان التيسير الكمي كشكل من أشكال التلاعب في السوق قد حقق هدفه ــ توفير الحوافز للاقتصادات التي مزقتها الأزمة والتي تعتمد على الأصول ــ أو لم يحققه فهو أمر مطروح للمناقشة: فقد كان التعافي الحالي في العالم المتقدم هزيلاً على نحو غير عادي على أية حال. ولكن هذا لم يمنع السلطات من المحاولة.

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