Las políticas de enriquecimiento a costa de los demás empobrecen la economía mundial

CHICAGO – El capital mundial no para. Como unos tipos de interés bajísimos en los países industriales envían capital por todo el mundo en busca de rendimientos mayores, varios bancos centrales de países con mercados en ascenso están interviniendo intensamente, comprando las entradas de capitales extranjeros y reexportándolos para impedir que sus divisas se aprecien. Otros han estado imponiendo controles de capital de un tipo o de otro. En las últimas semanas, el Japón ha pasado a ser la primera gran economía industrial que ha intervenido directamente en los mercados de divisas.

¿Por qué nadie quiere entradas de capital? ¿Qué políticas intervencionistas son legítimas y cuáles no? ¿Y en qué acabarán todas esas intervenciones, si continúan ininterrumpidamente?

La porción de entradas de capital que no es reexportada representa las entradas netas de capital, que financian el gasto nacional en productos extranjeros. Así, pues, una razón por la que a los países no les gustan las entradas de capital es la de que significan más “pérdidas” de demanda interna hacia el extranjero. De hecho, como las entradas de capitales hacen con frecuencia que se aprecie el tipo de cambio interno, fomentan un mayor gasto en productos extranjeros, porque los productores nacionales dejan de ser competitivos.

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