Yanis Varoufakis Brookings Institution/Flickr

Dvě řecké měny

ATÉNY – Představme si vkladatele v americkém státě Arizona, který si každý týden smí vybrat jen malou hotovostní částku a je omezen v tom, kolik peněz může odeslat na bankovní účet v Kalifornii. Kdyby byla taková kapitálová regulace někdy zavedena, znamenala by konec dolaru jako jednotné měny, protože taková omezení jsou s měnovou unií zcela neslučitelná.

Řecko je dnes (a Kypr už dříve) případovou studií toho, jak kapitálová regulace štěpí měnu a pokřivuje pobídky k podnikání. Jde o zcela přímočarý proces. Jakmile depozita v eurech uvíznou v národní bankovní soustavě, měna se v zásadě rozpadne vedví: bankovní eura (BE) a papírová či volná eura (VE). Znenadání se objeví neoficiální směnný kurz mezi těmito dvěma měnami.

Zamysleme se nad řeckým vkladatelem, který chce směnit velkou sumu BE na VE (třeba na úhradu léčebných výloh v zahraničí či k umoření firemního dluhu vůči neřeckému subjektu). Jestliže takoví deponenti naleznou držitele VE ochotné koupit jejich BE, vzniká podstatný směnný kurz mezi BE a VE, odvislý od velikosti transakce, relativní netrpělivosti držitele VE a očekávané doby trvání regulace kapitálu.

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