IMF Karen Bleier / Getty Images

Una propuesta disparatada para el FMI

GINEBRA – En la película Dangerous Minds, la actriz Michelle Pfeiffer interpreta a una ex marine de los Estados Unidos que se convierte en profesora de secundaria en un barrio marginado. En ese entorno difícil, en el que el desempeño académico dista de ser prioritario para los rebeldes adolescentes, al personaje de Pfeiffer se le ocurre una idea heterodoxa (y eficaz): cada estudiante comenzará el año con la nota más alta, pero de lo que haga luego dependerá que no la pierda. En un momento en que muchas economías emergentes están tan desalentadas como los alumnos de Pfeiffer, tal vez el guión de la película pueda servir de inspiración al Fondo Monetario Internacional.

Las economías emergentes habitan un mundo peligroso, caracterizado por la volatilidad de los flujos de capitales. Pero en vez de fiarse de que el FMI cumplirá su mandato de protegerlas de crisis de liquidez, prefieren protegerse solas acumulando grandes reservas de divisas internacionales. En este momento, las economías emergentes y en desarrollo tienen casi 7,5 billones de dólares prestados al Tesoro de los Estados Unidos; recursos que podrían usarse para financiar muy necesarios proyectos de infraestructura.

Lo curioso de este estado de cosas es que el historial de manejo de crisis financieras del FMI, aunque dista de ser perfecto, es bastante bueno. ¿Por qué entonces la renuencia a confiar en el Fondo?

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