La debilidad del dólar fuerte

Siempre es riesgoso escribir sobre los tipos de cambio. Si una divisa está cayendo, puede muy bien estarse recuperando para cuando aparece publicado el artículo. No obstante el tema de cómo pensamos sobre los tipos de cambio y su manejo apropiado es perenne.

Así, lo que está a discusión ahora no es el debilitamiento del dólar sino lo que los funcionarios de EU piensan hacer al respecto. Paul O'Neill, el extrovertido Secretario del Tesoro de EU, insinúa que es poco lo que EU podría o querría hacer para apuntalar al dólar. Sus comentarios han sido criticados por algunos como un abandono de la política de dólar fuerte que fue el sello característico de la administración Clinton.

Una de las responsabilidades de los líderes de la economía es disipar los mitos económicos (ciertamente, no crearlos). La política de "dólar fuerte" representa un ejemplo atroz de mito económico. Parecía dar a entender que el Tesoro de los EU podría (y lo haría) mantener el dólar fuerte, y que un dólar fuerte es bueno para el país. Cuando yo era presidente del Consejo de Asesores Económicos del Presidente, me preguntaban con frecuencia si yo apoyaba la política de dólar fuerte. Yo contestaba que creía en un "dólar equilibrado".

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