¿La vía negativa al crecimiento?

NUEVA YORK – En los seis últimos años, la política monetaria se ha vuelto cada vez más heterodoxa, pues los bancos centrales han aplicado políticas de tipo de interés cero, relajación cuantitativa, relajación crediticia, orientación sobre las políticas monetarias e intervención ilimitada en los tipos de cambio, pero ahora ha aparecido la más heterodoxa de todas ellas: los tipos de interés nominales negativos.

Semejantes tipos predominan actualmente en la zona del euro, Suiza, Dinamarca y Suecia y no son sólo los tipos de interés principales los que son negativos en términos normales: unos tres billones de dólares en activos en Europa y el Japón, con vencimientos a diez años nada menos (en el caso de los bonos estatales suizos), tienen ahora tipos de interés negativos.

 A primera vista, parece absurdo: ¿por qué habría de querer alguien prestar dinero con un rédito nominal negativo cuando podría sencillamente conservarlo en metálico y al menos no perder en términos nominales?

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