US Dollar.

Dolarové odvádění pozornosti Fedem

CAMBRIDGE – V zářijovém prohlášení o své politice zohlednil americký Federální rezervní systém – významným způsobem – dopad globálního ekonomického vývoje na Spojené státy, a tím i na americkou měnovou politiku. Fed se rozhodl oddálit zvýšení úrokových sazeb částečně i kvůli očekávání amerických politiků, že zhodnocování dolaru sníží dovozní ceny, a tím naruší jejich schopnost splnit dvouprocentní inflační cíl.

Ve skutečnosti je to tak, že měnové pohyby v jiných zemích sice mohou mít značný dopad na jejich inflaci, avšak pohyby dolaru jen zřídkakdy významně či trvale ovlivňují ceny v USA. Rozdíl samozřejmě spočívá v dominantní roli dolaru při vypořádávání mezinárodního obchodu: ceny se stanovují v dolarech.

Stejně jako je dolar často účetní jednotkou v dluhových kontraktech, i když věřitel ani dlužník nejsou americkou entitou, činí také podíl dolaru na fakturaci mezinárodního obchodu přibližně 4,5násobek amerického podílu na světovém importu a trojnásobek jeho podílu na světovém exportu. Ceny přibližně 93% amerického importu se stanovují v dolarech.

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