John Overmyer

ضوابط رأس المال وإغراءاتها الخطيرة

إيتاكا، نيويورك ـ يبدو أن موضة ضوابط رأس المال عادت إلى الرواج من جديد. ففي مواجهة الارتفاع الحاد في قيمة العملات، وخوفاً من موجات ازدهار أسعار الأصول التي تتغذى على سرعة تنقل رؤوس الأموال، بادرت بعض الدول مثل إندونيسيا وكوريا وتايوان مؤخراً إلى اتخاذ خطوات للحد من التدفقات الواردة من رؤوس الأموال.

والآن يواجه محافظو البنوك المركزية المتوترون في العديد من الأسواق الناشئة الأخرى، بما في ذلك الهند، ضغوطاً شديدة من جانب المصدرين الذين تضرروا بسبب ارتفاع أسعار الصرف، الأمر الذي دفع القائمين على هذه البنوك إلى التفكير في فرض ضوابط أوسع نطاقاً على التدفقات الواردة من رؤوس الأموال أيضاً. وفي وقت سابق من هذا العام أعرب صندوق النقد الدولي عن تأييده لفرض الضوابط على رأس المال.

ولكن هل يصمد هذا الافتتان الجديد بضوابط رأس المال في مواجهة التدقيق والتمحيص؟

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