Paul Lachine

Gesunder Menschenverstand bei Kapitalkontrollen

SANTIAGO DE CHILE: Wenige politische Debatten sind seltsamer als die über Kapitalkontrollen. Wenn Sie das Thema gegenüber einem Banker oder Mainstream-Ökonomen anschneiden, kriegen Sie vermutlich eine vehemente Antwort: Kapitalkontrollen funktionieren nicht, weil Spekulanten sie völlig oder nahezu kostenlos umgehen können, aber Länder sollten derartige Kontrollen nie einführen, weil sie das sehr teuer kommt. Bin ich der Einzige, dem sich diese Logik nicht ganz erschließt?

Die nächste Phase des Gesprächs läuft gewöhnlich genauso seltsam ab. Wenn man es mit Flutwellen potenziell destabilisierender Kapitalzuströme zu tun hat, sind Kapitalkontrollen tabu, aber so etwas wie eine prudentielle Regulierung ist OK. Kapitalkontrollen, so wird man Ihnen vermutlich erzählen, unterscheiden zwischen Transaktionen je nach Wohnsitzland der beteiligten Parteien, und das sei schlecht. Prudentielle Regulierung unterscheide auf Basis der Währung oder Laufzeit der Transaktion, und das sei gut.

Falls das Gespräch bei einer Cocktailparty stattfindet, ist dies der Punkt, wo Sie gut beraten wären, um einen weiteren Drink zu bitten.

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