Nicholas Asfouri/AFP/Getty Images

Regresando a la inversión

GINEBRA – En la cumbre del G-20 el mes pasado en Hangzhou, China, los líderes mundiales delinearon un ambicioso plan para una "nueva era de crecimiento global". Pero dejaron de lado un ingrediente clave: restaurar el clima de inversión.

El saber convencional sostiene que, a través de mercados financieros eficientes, los ahorros de los hogares fluirán a aquellas empresas que mejor sepan colocar el dinero para un uso productivo. Pero en muchos países en desarrollo, un acceso más fácil a la financiación -debido a flujos de capital transfronterizos irrestrictos y a una desregulación del mercado financiero- todavía no se ha traducido en más financiamiento para inversiones de largo plazo, particularmente en la industria.

Las decisiones de inversión dependen de una variedad de factores y contingencias complejos, y una combinación de financiamiento público y privado es crucial para poner en marcha nuevos proyectos. En el este de Asia, que ha experimentado un crecimiento y un desarrollo rápidos en los últimos años, los responsables de las políticas económicas no sólo permitieron sino que alentaron ganancias corporativas más altas, siempre y cuando se canalizaran a inversiones productivas. En consecuencia, hasta el 80% del gasto en inversión de las grandes empresas del este de Asia se financió con utilidades retenidas, mientras que las instituciones financieras públicas han ayudado a mantener el ritmo del crecimiento liderado por la inversión.

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