América Latina y la Nueva Arquitectura Financiera

La actual crisis de Argentina demuestra, si es que todavía hacen falta demostraciones, que las crisis de los mercados emergentes siguen presentes. Sin duda, tales crisis han sido tan frecuentes durante los años recientes que parecemos darlas por hecho. En los 120 meses de la década de 1990, 40 mercados emergentes (es decir, 33% de los países en desarrollo del mundo) experimentaron serios problemas financieros. Así que es tiempo de preguntar: ¿qué medidas viables se han tomado para crear una arquitectura financiera capaz de contener y reducir ese número?

Sí ha habido, creo yo, un progreso real, pero es insuficiente y asimétrico. Los avances positivos incluyen la expansión y adaptación de las nuevas posibilidades de préstamo del FMI para la prevención y el manejo de crisis, así como un incremento de los recursos totales del FMI. También se han introducido importantes innovaciones institucionales, incluyendo la creación del Foro de Estabilidad Financiera (FEF).

Basado en una Iniciativa Británica y desarrollado por Hans Tietmeier (expresidente del Bundesbank), el Foro intentará identificar fuentes de riesgo sistémico y desarrollar una reglamentación financiera consistente en diversos sectores financieros y diversos países. El FEF fue establecido por el G-7 a inicios de 1999. Inicialmente el Foro incluía sólo a los países del G-7, pero se añadieron cuatro nuevos miembros (Australia, Holanda, Hong Kong y Singapur) en el presente año.

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