One More Such Victory; Emerging Markets  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 400 no. 8753 (Oct. 2011), page 71-72.
Topik: Global Economy; Economic Policy; Foreign Investment; Currencies; Trends; Developing Countries--LDCs

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.68 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

A year ago Brazil's finance minister, Guido Mantega, declared that the world had entered into a "currency war". He worried that in a depressed global economy, without enough spending to go around, countries would sally forth and grab a bit of extra demand for themselves by weakening their currencies. The dollar, for example, fell by 11% against Brazil's real in the year to August 2011, much to the chagrin of Brazil's manufacturers. Like other emerging economies it fought back by imposing taxes and other restrictions on foreign purchases of local securities. But the invasion of foreign capital that so worried Mr Mantega has now turned into a shambolic retreat. The outflows have dragged down the exchange rates of almost every emerging economy since the beginning of August (see chart 1). Having spent much of the past year fretting about their currencies' rise, central banks across the emerging world have now intervened in the markets to slow their currencies' fall. In a currency war, where each side fights to gain competitiveness against the others, these tumbling exchange rates presumably count as victories. But they are Pyrrhic.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali