هل تتسبب أسعار الفائدة المتصاعدة في انهيار أسعار الأسهم والمساكن؟

تتجه أسعار الفائدة في كل أرجاء العالم إلى الارتفاع على نحو ثابت. وكانت أسعار الفائدة على الودائع قصيرة الأجل قد انخفضت إلى حد كبير منذ الركود الاقتصادي الذي اجتاح العالم في عام 2001 ـ حيث انحدرت لتصل في الولايات المتحدة إلى 1%، وفي منطقة اليورو إلى 2%، وإلى ما يقرب من الصفر% في اليابان ـ وعلى هذا فإن الاقتصاد الذي يمر الآن بطور التعافي سوف يجبر البنوك المركزية على تشديد القيود النقدية.

ولقد بدأ بنك استراليا المركزي بالفعل في رفع أسعار الفائدة منذ شهر مايو 2002، كما حذا البنك المركزي في بريطانيا العظمى حذو بنك استراليا في شهر نوفمبر 2003.

ومن المرجح أن يشهد اجتماع اللجنة الفيدرالية للسوق المفتوحة ، والمقرر انعقاده في يومي التاسع والعشرين والثلاثين من شهر يونيو، نقطة تحول كبرى، حيث سينعكس اتجاه الانحدار المستمر للسعر القياسي للفائدة على الاعتمادات المالية الفيدرالية منذ شرع ألان جرينسبان في تلـيين السياسة النقدية في عام 2001. ومن المتوقع أن يعقب هذا ارتفاعات في أسعار الفائدة في الصين ومنطقة اليورو ومناطق أخرى.

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