Paul Lachine

Sentido común sobre los controles de capital

SANTIAGO - Pocos debates de política son más extraños que los relacionados con los controles de capital. Si uno menciona el asunto a un banquero o un economista que adhiera a las corrientes predominantes y es probable que obtenga una vehemente respuesta: los controles de capital no funcionan, porque los especuladores pueden evadirlos a bajo o ningún coste, pero los países nunca deben adoptarlos, ya que hacerlo es muy costoso. ¿Soy el único que se encuentra esta lógica un poco torcida?

La siguiente etapa de la conversación suele ser igual de extraña. Al enfrentar aumentos repentinos y potencialmente desestabilizadores de flujos de capital, no son recomendables los controles de capital, pero es bastante aceptable un concepto llamado regulación prudencial. Es probable que a uno le digan que los controles de capital discriminan entre operaciones en función del país de residencia de las partes involucradas, y que eso es malo. La regulación prudencial discrimina sobre la base de la moneda de denominación o vencimiento de la transacción, y eso es bueno.

Si esta conversación tiene lugar en una fiesta, en este momento usted haría bien en pedir otra copa.

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