Paul Lachine

Unavený titán

PAŘÍŽ – Rozpoutávající se „měnová válka“, která bude pravděpodobně dominovat diskusím na nadcházejícím summitu skupiny G-20 v Soulu, musí být hodnocena na pozadí nové mocenské krajiny – krajiny, kterou za pouhé dva roky proměnila první krize globalizované ekonomiky.

Ekonomické důsledky krize zanechaly řadu rozvinutých zemí v silném propadu, z něhož se usilovně snaží vybřednout směrem ke zdravému zotavení. Naproti tomu zemím s rozvíjejícími se trhy se po krátkém poklesu podařilo opětovně zažehnout růstové motory a dnes již opět uhánějí plnou parou vpřed a zaznamenávají impozantní tempa růstu.

Existují i důsledky finanční a měnové. Ačkoliv se dosud žádná měna nepropracovala k tomu, aby mohla nahradit dolar ve funkci světové rezervní a transakční měny, stala se tato „přehnaná výsada“, jak ji nazval Charles de Gaulle, terčem nepozorovaného útoku. Uskupení „ASEAN + 3“, které zahrnuje i Čínu, Japonsko a Jižní Koreu, založilo v březnu 2010 v rámci takzvané „Chiangmaiské iniciativy“ rezervní fond v objemu 120 miliard dolarů. Na rozdíl od roku 1997 se Spojené státy tentokrát ani nepokusily tento zárodečný „asijský měnový fond“ torpédovat.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/r79XSaA/cs;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now