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EspañaEconomía

Hace unos días, Paul Krugman manifestó que la pertenencia de España al euro había acentuado la crisis y dificultaba nuestra salida de la misma. El núcleo argumental de estas y otras críticas se puede resumir como sigue. El euro impuso a España una política monetaria excesivamente expansiva. En consecuencia, la inflación en nuestro país ha superado año tras año la media de la eurozona haciéndonos perder competitividad y configurando tipos de interés reales negativos que han alentado el endeudamiento y alimentado la burbuja inmobiliaria. Además, la economía no puede contar con el estímulo de la devaluación para recuperar la competitividad perdida y propulsar la salida de la crisis.…  Seguir leyendo »

InternacionalEconomía

In China, many people refer to the dollar as mei jin, or “American gold.” Government officials, businessmen and people on the street all use the term. So if a Chinese person tells you that he owes you 100 American gold, don’t expect a big fortune, because he’s planning to pay you $100.

Chinese impressions of the American dollar as the gold standard were so deeply entrenched that they survived President Richard Nixon’s 1971 delinking of gold and the greenback. Around 30 years ago, China’s foreign exchange reserves were as little as $167 million. At one important meeting in the late 1970s, Deng Xiaoping, the leader of China, prophesied to an audience of top government officials: “Comrades, just imagine!…  Seguir leyendo »

InternacionalEconomía

The 19th century was dominated by the British Empire, the 20th century by the United States. We may now be entering the Asian century, dominated by a rising China and its currency. While the dollar’s status as the major reserve currency will not vanish overnight, we can no longer take it for granted. Sooner than we think, the dollar may be challenged by other currencies, most likely the Chinese renminbi. This would have serious costs for America, as our ability to finance our budget and trade deficits cheaply would disappear.

Traditionally, empires that hold the global reserve currency are also net foreign creditors and net lenders.…  Seguir leyendo »