Cambio de Guardia en el FMI

El inminente término de las tareas de Stanley Fischer como primer director administrativo asistente del Fondo Monetario Internacional (FMI) marca el final de una era. En efecto, todos los que dirigieron esa institución durante las crisis globales de 1997-1998 (Fischer; Michel Camdessus, Director Administrativo; Michael Mussa, Director de Investigación; y los dos hombres que definieron todo tras bambalinas desde el Departamento del Tesoro de Estados Unidos (EU), Robert Rubin y Larry Summers) se han ido o están por partir.

A los fracasos en Indonesia, Tailandia y Korea en 1997, siguieron los fracasos en Rusia y Brasil un año después: en estos casos, los intentos por mantener tasas de cambio sobrevaluadas volvieron a los contribuyentes de esos países miles de millones de dólares más pobres. Preservar las tasas de cambio, sin embargo, le dió a las personas adineradas el tiempo necesario para escapar con términos más favorables. Sólo con la devaluación fue posible restaurar el crecimiento.

Con cada fracaso, la credibilidad del FMI disminuyó. Aún así, peleó por encontrar soluciones, cada cual un poco más exitosa. A veces la solución implicaba préstamos preventivos, como en Brasil; en otras ocasiones era una estrategia tipo "bail-in" que se abandonó eventualmente, como en Rumania.

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