Finanční záchranné sítě pro Asii

SOUL – Rozvíjející se ekonomiky čelí značné nejistotě a závažným rizikům ztrát. Jedním z hlavních zdrojů nestability je přitom rýsující se obrat v expanzivní měnové politice amerického Federálního rezervního systému, jehož vyhlídka vytváří volatilitu na globálních finančních trzích a hrozí, že naruší růst rozvíjejících se ekonomik.

Fed dal najevo, že jeho sazba federal funds rate zůstane blízká nule přinejmenším tak dlouho, dokud bude nezaměstnanost převyšovat 6,5% a inflační očekávání zůstanou dobře ukotvená. Stále však není zřejmé, kdy a jak začne Fed měnovou politiku zpřísňovat. Jisté je jen to, že při svém rozhodování nebude brát ohled na možné dopady své politiky na zbytek světa, takže politici a centrální bankéři postižených zemí se budou muset vyrovnat s důsledky sami.

Přísnější americká měnová politika by mohla zintenzivnit globální nedostatek úvěrů, což by zvýšilo tlak na asijské ekonomické a finanční systémy. Přehnaná reakce a stádní chování účastníků trhu by pak mohly vyvolat náhlý obrat kapitálových toků, přičemž těžký nedostatek dolarů – který nastal už v letech 1997 a 2008 – by silně zatížil asijské banky a korporace.

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