Yanis Varoufakis Brookings Institution/Flickr

As duas moedas da Grécia

ATENAS – Imagine um depositante no estado americano do Arizona, a quem lhe é permitido retirar apenas pequenas quantidades de dinheiro semanalmente e a enfrentar restrições sobre quanto dinheiro, ele ou ela, poderia proteger numa conta bancária na Califórnia. Tais controlos de capital, se chegassem a existir, significariam o fim do dólar como moeda única, uma vez que tais restrições são totalmente incompatíveis com uma união monetária.

A Grécia, hoje, (e o Chipre, no passado) oferece um estudo de caso de como os controlos de capital bifurcam uma moeda e distorcem os incentivos comerciais. O processo é claro. Uma vez que os depósitos em euros estão aprisionados num sistema bancário nacional, a moeda essencialmente divide-se em duas: euros bancários (BE) e títulos, ou euros livres (FE). De repente, surge uma taxa de câmbio informal entre as duas moedas.

Considere um depositante grego que tem muita vontade de converter uma grande soma de BE em FE (digamos, para pagar as despesas médicas no estrangeiro ou para pagar uma dívida empresarial a uma entidade que não seja grega). Supondo que esse depositante encontra titulares de FE dispostos a comprar os seus BE, surge uma taxa de câmbio substancial entre BE e FE, que varia de acordo com o tamanho da transação, da impaciência relativa aos titulares dos BE e à duração prevista dos controlos de capital.

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