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.

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