Un nuevo comienzo para los países emergentes de Europa

LONDRES - Después de la crisis financiera de 1997-1998, las autoridades de los principales mercados emergentes de Asia - Corea del Sur, Tailandia, Malasia e incluso Indonesia- prometieron no ser humilladas "nunca más" por los mercados de capitales internacionales. Se propusieron abordar las debilidades estructurales que habían colapsado sus  sistemas.

Muchos países con mercados emergentes de Europa han tenido experiencias límite similares en la reciente crisis global. Gracias a las intervenciones de política internacional y nacional, sus monedas y sistemas bancarios se salvaron del colapso, pero muchos de ellos vieron grandes caídas del producto y el aumento del desempleo. Por desgracia, no han adoptado en la misma medida la determinación de sus homólogos asiáticos para hacer frente a las vulnerabilidades.

Tras la crisis asiática, las economías de la región sufrieron un intenso escrutinio interno y externo. Era evidente que se habían vuelto más vulnerables debido a la pérdida de competitividad, las débiles políticas de gobierno y la falta de transparencia. Otras deficiencias detectadas fueron sectores bancarios mal regulados, estructuras de mercado débiles y escasa competencia, así como restricciones comerciales y de cuenta corriente. No todos los países de Asia siguieron el mismo camino en la misma medida, y sin duda se desaprovecharon algunas oportunidades de reforma, pero se aprendieron importantes lecciones y mejoraron las instituciones.

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