¿Qué Define las Decisiones de Intervención de los Bancos Centrales?

Los observadores de los bancos centrales de todas partes del mundo tienen un nuevo pasatiempo: comparar el comportamiento de la Reserva Federal de Estados Unidos (Fed) con el del Banco Central Europeo (BCE). Aunque la forma en la que cada banco central administra las tasas de interés es lo que ha acaparado más atención, los diferentes estilos de sus intervenciones en los mercados monetarios globales son dignos de observación debido al impacto que tienen en el crecimiento.

El valor del euro cayó marcadamente frente a otras monedas principales, sobre todo el dólar estadounidense y el yen japonés, después de su introducción en enero de 1999. Puesto que la tasa de cambio tiene influencia sobre la competitividad de una economía, la depreciación del euro benefició a las exportaciones y a los exportadores de la Unión Europea (UE), a expensas de sus contrapartes estadounidenses.

Así que uno podría pensar que las industrias estadounidenses expuestas a una severa competencia internacional de precios harían que la fuerza del dólar fuese poco apetecible. Los políticos de Estados Unidos (EEUU) que critican el creciente déficit de la cuenta corriente de su país también deberían haber mostrado cierta preocupación. Aún así, exceptuando a algunos sectores como el del acero, la mayoría de los políticos y jefes de empresas estadounidenses se mordieron la lengua ante la fortaleza del dólar y fueron pocos, si no ninguno, los que brincaron de júbilo ante su reciente caída.

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