Janet Yellen Bao Dandan/ZumaPress

Доллар присоединяется к Валютным Войнам

НЬЮ-ЙОРК – В мире слабого внутреннего спроса, во многих странах с развитой экономикой и развивающимся рынками, политики были склонны стимулировать экономический рост и занятость населения, поставив экспорт во главу роста. Это требует слабой валюты, и традиционных и нетрадиционных денежно-кредитных политик, чтобы добиться необходимого снижения.

С начала года, более 20 центральных банков по всему миру, ослабили денежно-кредитную политику, следуя примеру Европейского Центрального Банка и Банка Японии. В еврозоне, страны на периферии нуждались в ослаблении валюты, чтобы снизить свои внешние дефициты и подтолкнуть рост. Но слабость евро, вызванная количественным смягчением, еще сильнее дала новый толчок профициту текущего счета Германии, который уже составлял колоссальные 8% ВВП, в прошлом году. С ростом внешних избытков в других центральных странах еврозоны, общий дисбаланс валютного союза, является большим и продолжает расти.

В Японии, количественное смягчение было первой “стрелой” “абэномики”, реформной программы Премьер-Министра Синдзо Абэ. Ее запуск резко ослабил иену и теперь привел к росту положительного сальдо торгового баланса.

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