Archivo etiqueta «Moneda»
Por Pablo Triana, profesor de ESADE (EL MUNDO, 09/02/12):
No sería ilógico concluir que la crisis financiera nos ha hecho más cínicos. Instituciones y dictados en cuya palabra confiábamos de forma ilimitada se aparecen ahora como mucho menos fiables. No se nos podría culpar en exceso por mostrar cierta reticencia a volver a creer y confiar. Las antes sacrosantas agencias de rating que otorgaron las más elevadas calificaciones a activos que acabaron hundiéndose, los antes gloriosos modelos de riesgo que no detectaron ningún tipo de peligro justo antes del desastre, y las antes respetadas reglas de capital bancario que permitieron … Seguir leyendo
By Yu Yongding, President of the China Society of World Economics, former member of the monetary policy committee of the Peoples’ Bank of China and former Director of the Chinese Academy of Sciences Institute of World Economics and Politics (Project Syndicate, 30/01/12):
From July 2005 until this past December, China’s renminbi (RMB) appreciated steadily. But then the RMB fell unexpectedly, hitting the bottom of the daily trading band set by the Peoples’ Bank of China (PBoC) for 11 sessions in a row. Though the RMB has since returned to its previous trajectory of slow appreciation, the episode may have … Seguir leyendo
Por Xavier Vidal-Folch (EL PAÍS, 12/01/12):
¿Tiene el euro la culpa de los precios?
Una ruidosa y heteróclita coalición de euroescépticos, cabreados, populistas, bondadosos e ignorantes aprovecha el décimo aniversario de la circulación física del euro, que acaba de cumplirse al inicio de este año, para desacreditar a la moneda única, a Europa y al mundo mundial.
Para algunos, el caso es presentarse como muy crítico, aunque sea sin base estadística alguna, o falsa. Su principal argumento es que el euro sería el causante de un enorme aumento de los precios. El culpable de la inflación. Falso de toda falsedad. … Seguir leyendo
By Andrés Velasco, a former finance minister of Chile and a visiting professor at Columbia University for 2011-2012 (Project Syndicate, 30/12/11):
On matters of sex, the citizens of mostly Roman Catholic Latin America often proclaim one thing and practice something very different. On matters of monetary policy, Latin central banks often also fail to live up to what they preach.
In theory, monetary authorities in Brazil, Chile, Colombia, Mexico, Peru, and Uruguay adhere to the modern orthodoxy of inflation targeting, which holds that price stability is the main (perhaps the only) goal of monetary policy, the short-term interest rate … Seguir leyendo
Par Gabriel Colletis, Alain Cotta, Jean-Pierre Gérard, Jean-Luc Gréau, Roland Hureaux, Gérard Lafay, Philippe Murer, Laurent Pinsolle, Claude Rochet, Jacques Sapir, Philippe Villin, Jean-Claude Werrebrouck, économistes (LE MONDE, 23/12/11):
La véritable cause de la crise de l’euro, c’est la montée inexorable de la dette extérieure dans la moitié des pays de la zone. La nécessité de faire appel à des capitaux étrangers indique que la question cruciale est que leurs ressources propres n’ont pas été utilisées suffisamment pour développer les capacités productives des pays concernés et les rendre compétitives. Si l’on retranche les créances que possède chacun des pays, une … Seguir leyendo
By Katinka Barysch, deputy director of the Centre for European Reform (THE GUARDIAN, 05/12/11):
A new “fiscal union” to underpin the euro is the main topic that Angela Merkel and Nicolas Sarkozy will discuss at their Paris meeting. Merkel insists on amending the EU treaties to make sure that euro countries live within their means in the future. The process of treaty change will be long and arduous and, if past experience is anything to go by, may succeed only at a second or third attempt.
So are Merkel’s fiscal union plans beside the point at a … Seguir leyendo
By Harold James, professor of History and International Affairs at Princeton University and Professor of History at the European University Institute, Florence. He is the author of The Creation and Destruction of Value: The Globalization Cycle (Project Syndicate, 05/12/11):
The purpose of creating a common currency has been largely and surprisingly forgotten in crisis-torn Europe. Instead, there seem to be more pressing concerns: gloomy speculation about the eurozone’s impending collapse and desperate attempts to find institutional fixes to its extensive governance problems.
But the euro was not just the outcome of an idiosyncratic quest to reduce the wear on … Seguir leyendo
By Vicky Pryce, senior managing director (economics) at FTI Consulting, and a former director general, economics, at the Department for Business, Innovation and Skills (THE GUARDIAN, 02/12/11):
Despite the rhetoric, Angela Merkel’s speech to the Bundestag on Friday did not announce a fiscal union. What it did reveal was an understanding that the euro was created without two elements that are required if it is to survive.
The first is an institutional framework that would produce “convergence” between its members’ economies – in other words, an effective means of bringing closer together the economic performances of countries with wildly … Seguir leyendo
By Sanjeev Sanyal, Deutsche Bank’s Global Strategist (Project Syndicate, 28/11/11):
The ongoing economic crisis and the persistent deficits of the United States have increasingly called into question the dollar’s role as the world’s anchor currency. Recent moves to internationalize China’s renminbi have led to anticipation of a looming shift in the global monetary system. Many prominent economists, including the members of a United Nations panel headed by the Nobel laureate economist Joseph Stiglitz, are recommending a “Global Reserve System” to replace the dollar’s hegemony. But the long history of global anchor currencies suggests that the dollar’s days on … Seguir leyendo
By Stergios Skaperdas, a professor of economics at the University of California, Irvine (THE NEW YORK TIMES, 10/11/11):
Having been led down an ever-worsening spiral by the euro zone and its own government, Greece now faces two options, both of them painful: stay the course, or default and exit the monetary union.
Each presents difficulties and uncertainties, but in the long run there is no question that default, and a return to the drachma, offer the better chance of economic growth and employment.
Staying the course — which, despite the impending change of government, is still Greece’s plan — … Seguir leyendo
By Dimitri B. Papadimitriou, president of the Levy Economics Institute of Bard College (levyinstitute.org) and executive vice president of Bard (LOS ANGELES TIMES, 02/11/11):
The Greek drama is heightening by the day. Last week, Europe’s leaders came up with a $180-billion rescue package for its most troubled member, Greece. Like previous efforts, the plan combines bailout funds with demands for continued austerity in an attempt to isolate Greece and leave the rest of Europe economically intact. This week, in response, a call by Greece’s prime minister for a national referendum on the proposal surprised the world.
The referendum may … Seguir leyendo
By Costas Lapavitsas, a professor of economics at the School of Oriental and African Studies, University of London (THE GUARDIAN, 01/11/11):
The referendum announced on Monday by the Greek prime minister, George Papandreou, is probably the final bell before Greece defaults and quits the euro. Assuming it is not withdrawn amid all the political turmoil afflicting the ruling party, the vote is planned for January, and the issue will presumably be the latest bailout. But the real question will be: “Euro or drachma?”
Greece’s ruling elite understands the dilemma perfectly, hence the negative reaction of political parties and the … Seguir leyendo
By Jean Pisani-Ferry, Director of Bruegel, an international economics think tank, Professor of Economics at Université Paris-Dauphine, and a member of the French Prime Minister’s Council of Economic Analysis (Project Syndicate, 23/09/11):
France, which now holds the presidency of the G-20, has chosen reform of the international monetary system as its main priority for the Cannes summit in November. But is the issue worth the time and energy officials will devote to it? And where can such discussions lead?
When French President Nicolas Sarkozy announced his G-20 agenda a year ago, most expected that at end-2011 the world economy … Seguir leyendo
Por Martin Feldstein, ex presidente de la Oficina Nacional de Investigaciones Económicas y del Consejo de Asesores Económicos del Presidente Ronald Reagan, y profesor de Economía en Harvard. Traducido del inglés por Carlos Manzano (Project Syndicate, 23/03/11):
El Gobierno de China puede estar a punto de dejar que el tipo de cambio renminbi-dólar aumente más rápidamente en los próximos meses que durante el año pasado. En realidad, el tipo de cambio quedó congelado durante la crisis financiera, pero se ha permitido que aumente desde el verano de 2010. En los doce últimos meses, el renminbi se revalorizó un seis … Seguir leyendo
By Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley (Project Syndicate, 11/08/11):
For more than a half-century, the US dollar has been not only America’s currency, but the world’s as well. It has been the dominant unit used in cross-border transactions and the principal asset held as reserves by central banks and governments.
But, already before the recent debt-ceiling imbroglio, the dollar had begun to lose its luster. Its share in the identified foreign-exchange reserves of central banks, for example, had fallen to just over 60%, from 70% a decade ago.
The explanation … Seguir leyendo