Paul Lachine

La inflación es ahora el menor de los males

CAMBRIDGE – Es tiempo de que los principales bancos centrales del mundo reconozcan que un repentino episodio de inflación moderada sería extremadamente útil para desenredar el tremendo atolladero de la deuda actual.

No obstante, la inflación es una forma injusta de amortizar efectivamente las deudas no indexadas de la economía. La inflación en los precios obliga a los acreedores a aceptar pagos en una moneda devaluada. Sí, en principio debería haber una forma de remediar los males del sistema financiero sin recurrir a la inflación. Lamentablemente, mientras más estudiamos las alternativas, incluyendo las inyecciones de capital a los bancos y la ayuda directa a los tenedores de hipotecas inmobiliarias, más claro resulta que la inflación sería un apoyo y no un obstáculo.

Las finanzas modernas han logrado crear una dinámica de una complejidad tan pasmosa que desafía los enfoques normales para enfrentarse a las deudas. La titulización, las finanzas estructuradas y otras innovaciones han entretejido tanto a los varios actores del sistema financiero que resulta esencialmente imposible reestructurar una institución financiera a la vez. Se necesitan soluciones que abarquen todo el sistema.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.