argentina central bank Ulstein Bild/Getty Images

Der Kapitalfluss nach Lateinamerika ist ungebrochen

BOGOTÁ – Lateinamerika – und insbesondere Südamerika – befindet sich seit Jahren in einer Krise. Aber die direkten und finanziellen Investitionen aus dem Ausland fließen weiterhin ungebrochen in die Region. So etwas gab es noch nie.

In der Vergangenheit waren die Krisen in Lateinamerika und anderen Schwellenregionen immer auch vom schlagartigen Ende der Finanzströme geprägt. Bei der lateinamerikanische Schuldenkrise der 1980er Jahre hielt diese Unterbrechung acht Jahre lang an. Auch die asiatische Finanzkrise, die Mitte 1997 ausbrach und danach auf weitere Entwicklungs- und Schwellenländer übergriff, hatte eine sechs Jahre andauernde finanzielle Durststrecke zur Folge. Der Finanzierungsstopp nach der Großen Depression der 1930er dauerte sogar mehrere Jahrzehnte an.

Aber dieses Muster scheint sich zu verändern. Nach dem Zusammenbruch der US-Investmentbank Lehman Brothers im Jahr 2008 kamen die Kapitalflüsse für nur etwa ein Jahr ins Stocken. Tatsächlich hatten sich die Kapitalflüsse und Risikoaufschläge bereits 2009 wieder weitgehend normalisiert. Die Anleihenfinanzierung in Lateinamerika kam wieder ins Rollen und erreichte bald das dreifache Niveau der Zeit vor 2008.

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