china stock market plunge Zhengyi Xie/ZumaPress

La manipulación de los mercados ha pasado a ser mundial

NEW HAVEN – La manipulación de los mercados ha pasado a ser un procedimiento operativo normal en los círculos normativos de todo el mundo. Ahora todo el mundo tiene fijada la atención en los intentos de China de afrontar el desplome de una importante burbuja de acciones, pero las medidas adoptadas por las autoridades chinas en modo alguno son excepcionales. Las economías principales de Occidente están haciendo lo mismo en gran medida: aplicando simplemente otro disfraz a su manipulación.

Tomemos la relajación cuantitativa, a la que el primero en recurrir fue el Japón a comienzos del decenio de 2000, seguido por los Estados Unidos a partir de 2008, después el Japón de nuevo en 2013 y ahora Europa. En todos esos casos, la RC ha sido esencialmente una medida enérgica para manipular los precios de los activos. Funciona primordialmente mediante compras directas por parte de los bancos centrales de valores soberanos a largo plazo, con lo que se reducen los tipos de interés a largo plazo, lo que, a su vez, hace que las acciones resulten más atractivas.

Resulta discutible que la manipulación de los mercados mediante la RC haya conseguido su objetivo: el de brindar un estímulo a las economías devastadas por la crisis y dependientes de los activos; al fin y al cabo, las recuperaciones actuales en el mundo desarrollado han sido por lo general inhabitualmente anémicas, pero no por ello han dejado de intentarlo las autoridades.

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