Por: Jose Luis Marin
El dólar estadounidense es la moneda de reserva más utilizada. Junto con el euro, representa el 80% de las reservas internacionales que poseen los Estados
Los depósitos que un Estado o institución guarda en divisas extranjeras, como el dólar, el euro o el yen, es lo que se conoce como monedas de reserva. Estas son el principal activo de las reservas internacionales de un país, que también pueden estar compuestas, aunque en menor medida, por oro o derechos especiales de giro.
A pesar que en la actualidad hay numerosas divisas que son usadas como monedas de reserva, solo dos representan cerca del 80% de las reservas internacionales que existen en el mundo: el dólar —cerca del 59% de todas las reservas— y el euro —en torno al 20%—.
Una de las principales funciones de las monedas de reserva es que permiten realizar pagos internacionales —comerciales o de deuda—, que en muchos casos solo se pueden hacer con divisas fuertes de gran aceptación internacional. Por ello, las monedas de reserva también se han convertido en uno de los indicadores monetarios más usados: además de fijar el tipo de cambio de las monedas locales y financiar las importaciones, también son las divisas —generalmente el dólar— en el que se establece el precio internacional de las materias primas, los combustibles o los activos financieros.
Según los datos del Fondo Monetario Internacional, las reservas de moneda alcanzaron a finales de 2021 un valor de 12,92 billones de dólares a nivel global, aproximadamente nueve veces el PIB de España. Tras el dólar norteamericano y el euro, el yen japonés (5,5%) y la libra esterlina (4,8%) son las siguientes monedas de reserva más usadas del mundo. Completan la lista el renminbi o yuan chino (2,8%), el dólar canadiense (2,4%), el dólar australiano (1,8%) y el franco suizo (0,2%).
Hasta la I Guerra Mundial, el sistema monetario internacional había estado dominado por el patrón oro. De forma general, esto suponía que cada moneda era completamente convertible en gramos de oro, un cambio que fijaban los bancos centrales en función de las reservas de metales preciosos que tuvieran a su disposición. Los estragos del conflicto, sin embargo, llevaron a muchos Estados a imprimir dinero fiduciario —sin respaldo en metales preciosos— y a sustentar parte de sus reservas en otras divisas extranjeras más fuertes, como la libra.
La crisis del 29 y la Segunda Guerra Mundial supusieron un nuevo espaldarazo al patrón oro, que cristalizó en los acuerdos de Bretton Woods de 1944. En aquel momento se decidió sustituir el patrón oro por un patrón dólar vinculado al oro mediante un tipo de cambio fijo, reconociendo el dominio de EE. UU. como principal potencia económica del mundo. Sin embargo, esta circunstancia solo duró hasta 1971, cuando la administración Nixon decidió desvincular oficialmente el dólar del oro (el conocido como “shock Nixon”).
Pese a que el dólar estadounidense sigue siendo con mucha diferencia la moneda de referencia en los sistemas de reserva internacional, un informe publicado a comienzos de 2022 por Fondo Monetario Internacional señalaba la pérdida paulatina de hegemonía que ha sufrido el dólar en los últimos años como moneda de reserva: en el año 2000, un 70% de las reservas internacionales de divisas se realizaban en la moneda del país norteamericano, mientras que en la actualidad este porcentaje se sitúa por debajo del 59%.
Más allá de las cifras y de las fluctuaciones interanuales que puedan sufrir las monedas, el organismo internacional destaca el crecimiento y la diversificación que han experimentado en los últimos años las divisas «no tradicionales». En concreto, el FMI señala que el descenso de la presencia del dólar como moneda de reserva no ha llegado acompañado de un aumento del peso del euro, la libra o el yen. Por contra, las monedas que han crecido en el sistema de reservas internacionales han sido otras como la corona sueca, el won coreano o, de forma muy destacable, el renminbi chino (yuan).
Original del El Orden Mundial
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