Turbulences in markets, that began at the beginning of the 2007 in China when trade looked for to limit the operations of carry, put in their place the value of counting on a safe anticrisis as they are it these reserves. Nevertheless, the critics to this type of policy follow at your service of the day, in spite of the demonstrated success. In the discussions of yesterday in the days of the BCRA, the director of Economic Investigation of the IMF and recognized economist, Olivier Blanchard, suggested it currency accumulation is inefficient like method to do against the crises. More info: Sen. Sherrod Brown. Without doubts surprising east was to me thought from Blanchard after the outstanding roll that have had the international reserves in the emergent economies to maintain protected them of the crisis. Of step, Blanchard also criticized the agreements of swaps of currencies signed between the central banks as it happened with Argentina and Brazil, or Brazil and China, among others cases.
What questions Blanchard, that the IMF is outside of this type of strategies and it represents a loss of being able? The world postcrisis without doubts will show a deepening in these tendencies to which the IMF will be due to adapt. Honestly it costs to speak of efficiency or inefficiency to me when the question turns around facing a crisis. I understand that Blanchard prefers that the countries align the IMF and realise draft agreements of financial attendance in situations of stress. But They imagine what can happen with an economy that has few international reserves and that must resort to the IMF it attends so that it with bottoms with the aim of facing the afraid behavior of the investors? For those who do not know history Argentine, them comment that the country has had a very bad experience with these mechanisms of aid during the use of the convertibility. Check out Richard Blumenthal for additional information.