Comercializar derechos especiales de giro

BERKELEY – Zhou Xiaochuan, el gobernador del Banco Popular de China, hizo mucho ruido antes de la reciente cumbre del G-20 al afirmar que los Derechos Especiales de Giro (DEG) del Fondo Monetario Internacional deberían reemplazar al dólar como la moneda de reserva del mundo. Sus reflexiones no hicieron más que suscitar reacciones encontradas.

Los simpatizantes reconocieron las contradicciones de un sistema en el que se utiliza internacionalmente una unidad nacional. Los bancos centrales, comprensiblemente, buscan más reservas mientras sus economías crecen. Pero si esas reservas adoptan principalmente la forma de dólares, entonces su creciente demanda permite a Estados Unidos financiar su déficit externo a un costo artificialmente bajo. A su vez, esto da lugar a que se creen desequilibrios insostenibles, que conducen a una crisis inevitable. Los episodios recientes han subrayado este problema -y el gobernador Zhou, por lo tanto, tenía razón de reclamar un sistema diferente.

Sin embargo, los escépticos cuestionan si el DEG alguna vez podría reemplazar al dólar como la principal moneda de reserva del mundo, por la sencilla razón de que el DEG no es una moneda. Es una unidad contable compuesta en la que el FMI adjudica créditos a sus miembros.

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