Home > Economia e Política no Mundo > Quem financia a expansão fiscal dos EUA?

Quem financia a expansão fiscal dos EUA?

Quem financia a expansão fiscal nos EUA? A responsa tentadora seria: a China. Contudo, dados recentes sobre a economia norte-americana revelam que: (i) o volume de empréstrimos no agregado foi reduzido; (ii) o déficit de conta corrente do balanço de pagamentos dos EUA está decrescendo; (iii) grande parte dos títulos do tesouro (treasury bonds) foi comprada pelas famílias, e não pelo resto do mundo. A análise é de Brad Setser:

Who bought all the Treasuries the US government has issued in the last four quarters of data (q2 2008 to q1 2009)? Foreign demand for Treasuries — as we have discussed extensively — hasn’t disappeared, unlike foreign demand for other kinds of US debt. But foreign demand hasn’t increased at the same pace as the Treasury’s need to place debt. The gap was filled largely by a rise in demand for Treasuries from US households.

Central bank custodial holdings continue to rise — just look at the last week’s custodial data. But the world’s central banks are no longer buying up all the debt the Treasury issuing. And Americans are now saving, creating a new pool of funds that needs to be lent out. Moreover, the financial sector isn’t borrowing — it actually is scaling back — which means that the household sector is lending less to financial firms, freeing up funds to flow into the Treasury market.

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