Selbstfinanzierte Entwicklung

NEW YORK – Ein bemerkenswertes Charakteristikum des internationalen Finanzsystems der letzten zehn Jahre war die rasche und gewaltige Kumulation von Devisenreserven in den Entwicklungsländern. Laut Angaben des IWF verdreifachten sich die weltweiten Devisenreserven von 2,1 Billionen Dollar im Dezember 2001 auf  beispiellose 6,5 Billionen Dollar Anfang 2008.

In diesem Zeitraum häuften die Entwicklungsländer insgesamt über 80 Prozent der weltweiten Reserven an, wobei sich der aktuelle Bestand der Marke von 5 Billionen Dollar annähert. Die Hälfte dieser Reserven sind in den Entwicklungsländern Asiens konzentriert, aber auch Lateinamerika und Afrika haben bemerkenswert rasch internationale Vermögenswerte angesammelt. Dieser Bestand an Reserven übertrifft den unmittelbaren Liquiditätsbedarf der Entwicklungsländer und führt zunehmend zur Schaffung und Ausweitung von Staatsfonds, die über zusätzliche Vermögenswerte im Umfang von 3 Billionen Dollar verfügen.

Dieser beispiellose Zuwachs bei den Devisenreserven der Entwicklungsländer ist sowohl auf deren Leistungsbilanzüberschüsse als auch auf umfangreiche Nettokapitalzuflüsse zurückzuführen. Diese Reserven der Entwicklungsländer werden praktisch zur Gänze in entwickelten Ländern investiert, wodurch es zu einem wachsenden Nettotransfer von Ressourcen aus den Entwicklungsländern in die Industriestaaten kommt, der laut Angaben der UNDESA allein im Jahr 2007 einen Umfang von 720 Milliarden Dollar erreichte.

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