Глобализация ФРС

ОКСФОРД –Нужно ли США беспокоиться о том, привнесет ли их денежно-кредитная политика хаос в формирующиеся рынки и рынки развивающихся стран (EMDC)? С этим вопросом столкнулась ФРС в разгар своей программы количественного смягчения, когда их ежемесячные закупки долгосрочных активов подтолкнули ищущих прибыль инвесторов в эти страны, вызывая рост курсов их валют и цен на активы. И этот вопрос остается актуальным на сегодняшний день, когда ФРС сворачивает свои закупки активов, в результате чего потоки капитала меняют свое направление, а многие страны EMDC остаются выброшенными на берег.

Вопреки тому, во что, как кажется, верит большинство наблюдателей, ответ кроется не в контроле над мандатом Федеральной резервной системы или в обсуждении отчетов политиков развивающихся стран. Вопрос скорее заключается в том, хотят ли Соединенные Штаты лидировать в мировой экономике, и если хотят, то как? Если США хотят сохранить открытый, стабильный глобальный финансовый порядок, они не могут себе позволить игнорировать текущие потрясения на развивающихся рынках.

С тех пор как в прошлом году начались разговоры о «сворачивании», все большее число EMDC оказывалось под давлением: их валюты обесцениваются, капитал уходит, а их центральные банки остаются лицом к лицу с незавидной задачей борьбы с внутренним замедлением роста при сохранении внешней стабильности. Начавшееся восстановление в странах с развитой экономикой, по-видимому, вызвало обширную нестабильность, от Аргентины до Турции и до Индии.

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