Nuevos paradigmas normativos para un mundo nuevo

WASHINGTON, D.C. – A lo largo del último cuarto de siglo, la economía mundial ha disfrutado de un notable período de crecimiento estable y baja inflación. La llamada “gran moderación” dio a las autoridades una falsa sensación de seguridad sobre su capacidad para gestionar la economía y abordar las crisis financieras, pero, cuando la gran moderación experimentó la metástasis de la gran recesión, salieron a la luz los errores fatales del pensamiento establecido. Uno de los más notables fue el de lo deficientemente que entendíamos las vinculaciones entre el sistema financiero y la economía en sentido más amplio, además de las vinculaciones entre los países.

Hoy, cuando las autoridades buscan nuevos paradigmas para gestionar la economía en 2011 y más adelante, una mejor comprensión de esas vinculaciones será esencial para fomentar el crecimiento económico y reducir el riesgo de crisis. Igualmente importante es entender que mediante la cooperación podemos forjar una economía mundial más estable y más lograda para beneficio de todos los países.

Voy a intentar explicar lo que eso significa para tres objetivos normativos: crear un sector financiero más fuerte y más seguro, lograr un crecimiento más equilibrado y más estable y gestionar grandes corrientes de capitales inestables.

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