Oil drill in field.

El precio del petróleo y el crecimiento global

CAMBRIDGE – Una de las mayores sorpresas económicas de 2015 es que la asombrosa caída de la cotización mundial del petróleo no haya estimulado más el crecimiento global. A pesar del derrumbe de precios (de más de 115 dólares por barril en junio de 2014 a 45 dólares a fines de noviembre de 2015), la mayoría de los modelos macroeconómicos indican que el efecto sobre el crecimiento global fue menor al esperado: tal vez solo un 0,5% del PIB mundial.

La buena noticia es que este oportuno pero limitado estímulo al crecimiento probablemente se extienda más allá de 2016. La mala noticia es que el abaratamiento del petróleo crea más presiones para los principales países exportadores.

La reciente caída del precio del petróleo es similar a la que se produjo en 1985 y 1986 por un aumento de la oferta, cuando los países de la OPEP (léase: Arabia Saudita) decidieron liberar producción para recuperar cuota de mercado. También es comparable al derrumbe de 2008 y 2009 por una menor demanda después de la crisis financiera global. En la medida en que un abaratamiento del petróleo responde a la demanda, no cabe esperar un efecto positivo importante, ya que el precio del petróleo opera más como un estabilizador automático que como una fuerza exógena que rija la economía global. Pero de un shock de oferta puede esperarse un considerable impacto positivo.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/J7wLQRo/es;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now