¿Cómo se fabrica el dinero?

BERLIN/SOUTHAMPTON.– El mes pasado, los BRICS (Brasil, Rusia, India, China y Sudáfrica) anunciaron la creación de su propio banco de desarrollo, que reduciría su dependencia del Banco Mundial y el Fondo Monetario Internacional, dominados por Occidente. Estas economías se beneficiarán gracias a la mayor influencia y flexibilidad que tendrán sus políticas monetarias. Pero no deben descartar las valiosas lecciones que ofrecen las recientes innovaciones en política monetaria logradas por los bancos centrales de los países avanzados.

En junio, el Banco Central Europeo, siguiendo el ejemplo del Banco de Inglaterra en 2012, identificó al «crédito bancario para la economía real» como una nueva meta de política. Un par de semanas después, el Banco de Inglaterra anunció la introducción de una forma de orientación del crédito para limitar su uso en transacciones de activos inmobiliarios.

Antes de la crisis financiera de 2008, todas estas políticas hubieran sido menospreciadas como intervenciones injustificadas en los mercados financieros. De hecho, en 2005, cuando uno de nosotros (Werner) recomendó esas políticas para evitar las «reiteradas crisis bancarias», enfrentó críticas vehementes.

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