Paul Lachine

Hledá se: čínské vedení v měnové oblasti

WASHINGTON, DC – Sdílím celosvětově sílící znepokojení nad nevyvážeností měn. Brazilský ministr financí hovoří o latentní měnové válce a není daleko od pravdy: právě na měnových trzích vstupují do vzájemných vazeb a střetají se různé ekonomické politiky a různé ekonomické a politické systémy.

Převládající systém směnných kurzů je nevyvážený. Čína v podstatě zavěsila svou měnu k dolaru, zatímco většina ostatních měn více či méně volně plave. Čína má dvouvrstvý systém, v němž je kapitálový účet pod přísnou kontrolou; většina ostatních měn mezi běžným a kapitálovým účtem nerozlišuje. To způsobuje chronické podhodnocení žen-min-pi a zaručuje Číně neustálý obrovský přebytek obchodu.

Nejpodstatnější je, že toto uspořádání umožňuje čínské vládě slíznout značný podíl hodnoty čínských exportů, aniž by narušila pobídky, jež motivují lidi k tak pilné práci a zajišťují takovou produktivitu jejich práce. Účinek má tentýž jako zdanění, ale funguje mnohem lépe.

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