Unbeteiligte Zuschauer

SANTIAGO DE CHILE: Wenn Sie heute in São Paulo in ein Taxi steigen, erleben Sie den unerträglichen Verkehr und die schmutzigen Straßen einer Schwellenland-Metropole. Aber wenn dann der Moment gekommen ist, für die Fahrt zu bezahlen, kann es sein, dass Sie sich nach Boston, Luxemburg oder Zürich versetzt fühlen: Der Wert des brasilianischen Real ist, wie der der Währungen vieler Schwellenmärkte, hoch und könnte noch weiter steigen.

Starke Währungen sorgen für starke Länder, formulierte einst ein führender US-Politiker. Viele Exporteure in den Schwellenländern, die sich abmühen, ihre Kunden in den wackeligen Märkten der USA und Europas zu halten, sehen das anders.

Jahrzehnte lang haben die Entwicklungsländer von einem Nirwana explodierender Rohstoffpreise und ultraniedriger internationaler Zinsen geträumt. Doch vielleicht hätten die Finanzminister in Lima, Bogota, Pretoria oder Jakarta mit ihren Wünschen vorsichtiger sein sollen. Warum? Wegen des kurzfristigen Kapitals, das aus den hoch entwickelten Ländern mit ihrem langsamen Wachstum und niedrigen Zinsen abgezogen wird und nun in ihre Länder strömt.

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