国際金融機関>IIF(International Institute of Finance)によると2012年半ばには、中国、インド、ブラジル、ロシアなどの経済中進国などへの投資は1兆0800億0000'0000＄に昇る
El dinero pierde miedo al riesgo
Los flujos de capitales hacia los países emergentes se disparan en la segunda mitad de 2012
China cobra un creciente protagonismo como inversor en los mercados internacionales
Alicia González Davos (Suiza) 22 ENE 2013 - 13:01 CET
Money loses fear of risk
Capital flows to emerging soar in the second half of 2012
China takes an increasing role as an investor in international markets
Alicia Gonzalez Davos (Switzerland) 22 Jan 2013 - 13:01 CET
Investors no longer have as much risk aversion and, confident that there will be no immediate breakdown of the euro and the U.S. has avoided the tax cliff, are willing to make changes in their portfolios to achieve higher performance and one of its main betting values are emerging. Since mid-2012, investment in emerging countries has soared, reaching $ 1.08 trillion, according to the Institute of International Finance (IIF, for its acronym in English) presented today in Zurich. Although the figure represents a slight decrease from the 2011 data reflects the strong recovery of confidence in emerging values. A trend that will worsen IIF believes that in 2013 but it is not without risks.
The Institute, which brings together the world's leading private banks, believes the new surge in capital flows to emerging countries threatens to create a new cycle of asset bubbles burst and prices in some countries, which would mean that we learned little from the recent crisis. This favored by the ultra-loose monetary policy in developed countries which can cause a serious disruption in these markets when the policy starts to change and interest rates rise. Nevertheless, investment flows into emerging countries lie still almost 10% below the levels reached in 2007 as financial sector investments have not yet been recovered. "This relative weakness of bank flows is a reminder of the damage that the global financial crisis has made financial intermediaries in industrialized countries", says the report.
There are many signs that point in this growing appetite for risk. The Swiss franc, which has acted as a safe haven in these years, has fallen below the level that the central bank had set a target. And the VIX index of market volatility, the benchmark for measuring investor fear is back in early 2007 levels.
The report also stresses the growing role of emerging countries in the financing of other emerging and recalls the case of Egypt, which has been able to maintain the level of international reserves in the absence of a program with the International Monetary Fund (IMF ) with support from the Gulf countries. How could it be otherwise, is China who takes a special role in this trend. "China receives 40% of all investment flows directed to the 30 major emerging economies. But China's investments abroad are even larger and have become an important factor in the global financial system. The role of Chinese investment and financing in the global economy is likely to gain more importance in the coming years, which will have important consequences for the mature economies to emerging economies, "notes the report.
moreThe Davos forum confidence improves, but does not approveThe return to Davos economic elites with some optimismThe risk of believing himself invulnerableWorld Bank urges emerging reforms deepen
Total Chinese investment in foreign assets, however, decreases from 572,100 million in 2011 to 498,600 million in 2012 and, predictably, some 488,100 million in 2013. It does so because, while increasing its investments in foreign assets and the funding provided to private companies, the rate of increase in international reserves at full speed decreases. In 2011, these reserves reached the 387 800 million, this year just be around 80,900 million euros. By contrast, lending to companies and asset purchases by Chinese residents has increased from 182,600 million in 2011 to 407,200 million in 2013. That change has been possible largely due to the government policy of promoting Beijing China's global action, which has led to fewer restrictions on capital movements by citizens and Chinese companies.
0 件のコメント:
コメントを投稿