Il dilemma del risparmiatore

BRUXELLES – I tassi di interesse sono sempre più vicini allo zero nel cosiddetto mondo sviluppato (Stati Uniti, Europa, Giappone). L’economia globale sta rallentando e i mercati finanziari sono andati in tilt durante l’estate. Questo scenario lascia intendere che il problema va oltre la semplice carenza di stimoli monetari.

Il cuore di qualsiasi economia è il meccanismo con il quale i fondi vengono incanalati dai risparmiatori verso gli investitori. In tempi normali, i mercati di capitale adempiono a tale funzione  senza difficoltà, ma talvolta collassano perché aumenta repentinamente la percezione dei rischi rispetto ad alcune importanti asset class.

Negli Usa questa situazione si è materializzata nel momento in cui gli investitori hanno scoperto che, in realtà, erano rischiosi anche i titoli asset-backed (garantiti da prestiti ipotecari) con rating AAA. La Cina ha vissuto una simile situazione quando il governo americano ha perso il rating di tripla A. Ma da nessuna parte il problema è più acuto che in Europa, o meglio nell’Eurozona, dove i risparmiatori tedeschi stanno improvvisamente scoprendo i rischi legati alla periferia europea.

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