Desarrollo autofinanciado

NUEVA YORK – Una característica notable del sistema financiero internacional en la última década ha sido la rápida e importante acumulación de reservas extranjeras por parte de los países en desarrollo. Las reservas extranjeras mundiales se triplicaron de 2.1 billones de dólares en diciembre de 2001 a un nivel sin precedentes de 6.5 billones de dólares a principios de 2008, según datos del FMI.

Los países en desarrollo en su conjunto representaron más del 80 por ciento de la acumulación global de reservas en este período, y su nivel actual de reservas se aproxima a los 5 billones de dólares. La mitad de este volumen se concentra en los países en desarrollo de Asia, pero América Latina y África también han estado acumulando activos internacionales a un ritmo notable. Este conjunto de reservas rebasa las necesidades inmediatas de liquidez de los países en desarrollo, lo que ha conducido a una creciente creación y expansión de fondos de riqueza soberana, que tienen un nivel adicional de activos de más de 3 billones de dólares.

El aumento sin precedentes de las reservas extranjeras de los países en desarrollo se debe tanto a sus superávit de cuenta corriente como a los grandes flujos netos de capital. Prácticamente todas las reservas de los países en desarrollo se invierten en activos de los países desarrollados, lo que ha generado un aumento neto en las transferencias de recursos del mundo en desarrollo al mundo desarrollado que, según los cálculos del Departamento de Asuntos Económicos y Sociales de la ONU, llegaron a 720 mil millones de dólares nada más en 2007.

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