argentina central bank Ulstein Bild/Getty Images

تدفق رؤوس الأموال مستمر في أمريكا اللاتينية

بوكوتا – توجد أمريكا اللاتينية - وأمريكا الجنوبية، على وجه الخصوص - في أزمة منذ سنوات. ومع ذلك، استمر رأس المال الأجنبي، سواء الاستثمار المباشر أو المالي، في التدفق إلى المنطقة. وهذا أمر لم يسبق له مثيل.

في الماضي، كان توقف التدفقات المالية - أو "توقفها المفاجئ" - سمة أساسية من سمات الأزمات في أمريكا اللاتينية وأماكن أخرى في العالم النامي. وأدت أزمة ديون أمريكا اللاتينية في الثمانينات إلى انقطاع دام ثمانية أعوام. وقد تسببت الأزمة المالية الآسيوية التي اندلعت في منتصف عام 1997 وانتشرت فيما بعد في الاقتصادات الناشئة في انقطاع دام ست سنوات. كما استمر الانقطاع المرتبط بالكساد الكبير في الثلاثينيات عدة عقود.

ومع ذلك، يبدو أن هذه الديناميات آخذة في التغير. بعد انهيار بنك الاستثمار الأمريكي ليمان براذرز في عام 2008، توقفت تدفقات رأس المال لمدة سنة تقريبا. والواقع أنه على الرغم من ضخامة الصدمة الأولية، فإن تدفقات رؤوس الأموال وهوامش المخاطر قد تطورت بشكل أساسي بحلول عام 2009، عندما بدأ تمويل السندات في أمريكا الالتينية يرتفع بسرعة ليصل إلى ثلث ما كان عليه قبل عام 2008.

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