Cambio de guardia monetario

NUEVA YORK – Con transiciones en curso o en ciernes para el liderazgo de muchos bancos centrales, gran cantidad de quienes fueron parcialmente responsables de la creación de la crisis económica mundial que estalló en 2008 –antes de emprender intensas para evitar lo peor– dejan sus cargos en medio de críticas variadas. La principal pregunta actual es el grado en que esas críticas influirán sobre el comportamiento de sus sucesores.

Muchos de los participantes en los mercados financieros están agradecidos por la laxitud regulatoria que les permitió cosechar enormes beneficios antes de la crisis y por los generosos rescates que los ayudaron a recapitalizarse –y a menudo a llevarse megabonificaciones– aun cuando casi arruinaron la economía mundial. Es cierto, el dinero barato ayudó a que los precios de las acciones se recuperaran, pero también puede haber creado nuevas burbujas de activos.

Mientras tanto, el PBI en muchos países europeos se mantiene marcadamente por debajo de los niveles anteriores a la crisis. En Estados Unidos, a pesar del crecimiento del PBI, la mayoría de los ciudadanos están peor hoy que antes de la crisis, porque las mejoras en el ingreso desde entonces se han concentrado casi totalmente en los más pudientes.

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