Nevinní přihlížející

SANTIAGO – Svezte se dnes v São Paulu taxíkem a zakusíte provoz dohánějící k šílenství a neuklizené ulice metropole rozvíjející se země. Když ale dojde na placení, budete se možná cítit jako v Bostonu, Lucemburku nebo Curychu: hodnota brazilského realu, stejně jako mnoha dalších měn rozvíjejících se zemí, je vysoká – a mohla by ještě dál růst.

Silná měna posiluje zemi, říkával jistý vysoce postavený představitel Spojených států. Řada vývozců v rozvíjejících se zemích, kteří se s vypětím všech sil snaží udržet si zákazníky na rozviklaných trzích USA a Evropy, má úplně jiný pocit.

Rozvojové země celá desetiletí snily o nirváně závratně vysokých cen komodit a mimořádně nízkých mezinárodních úrokových sazeb. Ministři financí v Limě, Bogotě, Pretorii či Jakartě asi ale ve svých přáních měli mít být opatrnější. Kde je problém? V invazi krátkodobých kapitálových toků prchajících z vyspělých zemí, kde je trápí pomalý růst a nízké úrokové sazby.

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