10 febbraio 2020

FMI: per abbassare i tassi è indispensabile eliminare il contante!

Per permettere alle Banche Centrali di controllare più agevolmente i tassi d’ interesse sarebbe necessario ridurre la quantità di denaro contante in circolazione a favore della cosiddetta “moneta elettronica”. L’input arriva da uno studio del Fondo Monetario Internazionale, uno studio del 2018, ma che è stato ripreso e rilanciato con vigore proprio sul Blog dello stesso FMI e titolato:
Cashing In: How to Make Negative Interest Rates Work”.

L’articolo parte da una considerazione di base importante: in caso di nuove crisi finanziarie ci sarebbe la necessità, da parte delle Banche Centrali, di poter ritoccare ulteriormente verso il basso i tassi d’interesse. Visto che però i tassi sono già molto bassi rispetto al passato, cosa si dovrebbe fare per poter scendere ancor più sotto zero? Ce lo racconta lo studio del FMI.

“Lo spazio di politica-monetaria è limitato in molti paesi e ciò frena le opzioni disponibili per affrontare i futuri shock deflazionistici. L’esistenza di liquidità impedisce alle banche centrali di tagliare i tassi di interesse molto al di sotto dello zero”
https://www.imf.org/en/Publications/WP/Issues/2018/08/27/Monetary-Policy-with-Negative-Interest-Rates-Decoupling-Cash-from-Electronic-Money-46076

Lo studio sostiene, quindi, che perché le Banche Centrali possano agire sulla leva tassi in caso di bisogno, sarebbe necessaria la riduzione del denaro circolante. Tale condizione faciliterebbe l’utilizzo dei tassi negativi anche a livello del -4 o addirittura del -6%.
Ma cerchiamo di capire meglio perché.

“In un mondo senza contanti – cita il blog del FMI – non vi sarebbe alcun limite inferiore ai tassi di interesse. Una banca centrale potrebbe ridurre il tasso dal 2% a -4% per contrastare una grave recessione. Il taglio dei tassi di interesse verrebbe trasmesso automaticamente a depositi bancari, prestiti e obbligazioni. Senza contanti, i depositanti dovrebbero pagare il tasso di interesse negativo per mantenere i loro soldi con la banca, rendendo i consumi e gli investimenti più interessanti”.

La cosa è più semplice di quanto possa sembrare. Facciamo un esempio
Se avessimo a disposizione solo denaro elettronico, quindi soldi in conto corrente, basterebbe applicare una tassazione per fare in modo che venisse pagata. Ad esempio se avessimo 100 euro in conto corrente, applicando un – 4% il nostro denaro depositato varrebbe 96 euro e non più 100.

Tuttavia se avessimo anche 100 euro di contanti nel nostro portafogli, quei 100 euro non potrebbero essere tassati e avrebbero sempre lo stesso valore di 100. Questo creerebbe più “voglia” di contante e, più ce ne dovessero essere in giro, meno efficaci saranno le politiche monetarie.

Del resto, anche nel recente passato, nell’area dell’euro, la Svizzera, la Danimarca, la Svezia, la Germania e altre economie hanno potuto far scendere i tassi sotto zero proprio perché prelevare contanti in grandi quantità è scomodo e costoso ed in alcuni Paesi anche limitato fiscalmente.

Tuttavia, poiché la liquidità continua a svolgere un ruolo da protagonista in molti Paesi, per rendere possibile l’applicazione di tassi, non solo negativi, ma addirittura anche profondamente negativi, ecco che dal FMI arriva un’altra proposta che cerca di aggirare il problema.

L’idea è quella di legare Moneta Elettronica e Contante con un indice di conversione. Così se sulla moneta elettronica venisse applicato un tasso fortemente negativo, attraverso l’indice di conversione si ridurrebbe anche il valore della contante.

“In tal modo – cita il report- la liquidità perderebbe valore della stessa entità di quella elettronica  per cui non vi sarebbe più alcun vantaggio nel detenere liquidità rispetto ai depositi bancari”.

La morale? Si tratterà pur sempre di ricerche, si tratterà pur sempre di studi ipotetici. Ma di base un aspetto è molto chiaro: le banche centrali sembrano essere entrate in un loop, legato alla negatività dei tassi d’interesse, che non lascia presagire sviluppi positivi all’orizzonte. Anzi, l’attenzione e la profondità degli studi sviluppati per comprendere come andare nella direzione di ulteriori riduzioni, lascia intendere, in maniera chiara, come la strada sia segnata in un’unica verso: quello di tassi sempre più bassi. Bisogna davvero prendere atto che il mondo della finanza, i mercati, che abbiamo conosciuto fino a qualche anno fa, non sono semplicemente cambiati, sono proprio tutt’altra cosa. E dobbiamo cominciare ad imparare a vivere in una dimensione nuova che ci porterà, gioco forza, a percorrere altre strade per investire i nostri risparmi.

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