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NEWPORT BEACH, CALIFORNIA – Algunos economistas, como Larry Summers, lo llaman “estancamiento prolongado.” Otros hablan de “japonización”, pero todos coinciden en que, después de muchos años de crecimiento insuficiente en las economías avanzadas, han surgido importantes riesgos a largo plazo, no sólo para el bienestar de los ciudadanos de esos países, sino también para la salud y la estabilidad de la economía mundial.

Quienes buscan formas de reducir los riesgos de un crecimiento insuficiente convienen en que, de todas las posibles soluciones, lo que más puede mejorar la situación es un aumento de la inversión empresarial y ahora muchas empresas medianas y grandes, tras haberse recuperado de forma impresionante de la enorme sacudida representada por la crisis financiera y la posterior recesión mundiales de 2008, disponen de los medios para invertir en nuevas instalaciones, equipo y contratación de personal.

De hecho, con unos niveles de beneficios sin precedentes o casi, la liquidez del sector empresarial de los Estados Unidos se ha acumulado trimestre tras trimestre, al alcanzar los niveles más altos de todos los tiempos, que rinden muy poco con los tipos de interés actuales, cercanos a cero. Además, como las empresas han mejorado en gran medida su eficiencia de funcionamiento y han alargado los vencimientos de su deuda, necesitan mucho menos ahorro precautorio que en el pasado.

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