Zachraňte rozvíjející se trhy

CAMBRIDGE – Kdyby byl svět spravedlivý, většina rozvíjejících se trhů by zpovzdálí sledovala, jak finanční krize pohlcuje rozvinuté ekonomiky světa – pokud by rozvíjející se trhy nezůstaly zcela nezasaženy, každopádně by se jich to příliš netýkalo. Tím, co způsobilo požár finančních trhů, totiž tentokrát nebyla jejich nestřídmost, nýbrž nestřídmost Wall Streetu.

Vnější a fiskální postavení rozvíjejících se trhů bylo a je silnější než kdykoliv předtím, a to díky tvrdým ponaučením z vlastní minulosti náchylné na krize. Dokonce bychom těmto zemím byli mohli odpustit jistou míru škodolibosti z potíží Spojených států a dalších bohatých zemí, stejně jako se dá očekávat, že děti budou mít zvrácenou radost, když se rodiče dostanou do stejných problémů, před jakými své potomky tak tvrdošíjně varovali.

Místo toho trpí rozvíjející se trhy finančními křečemi možná historických proporcí. Obavy se už netýkají hrozby, že se tyto země nedokážou od krize izolovat. Jde spíše o to, že jejich ekonomiky by mohly zabřednout do mnohem hlubších krizí, než jaké budou panovat v epicentru debaklu špatných hypoték.

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