El fin de una era en las finanzas

CAMBRIDGE – En el mundo de la economía y las finanzas, las revoluciones ocurren rara vez y muchas veces sólo se las detecta a posteriori. Pero lo que sucedió el 19 de febrero tranquilamente puede llamarse el fin de una era en las finanzas globales.

Ese día, el Fondo Monetario Internacional publicó una nota sobre políticas que revirtió su postura de larga data en materia de controles de capital. Los impuestos y otras restricciones a los ingresos de capital, escribieron los economistas del FMI, pueden ser útiles, y constituyen una ampquot;parte legítimaampquot; del juego de herramientas de los estrategas políticos.

En una suerte de redescubrimiento del sentido común que curiosamente había eludido al Fondo durante dos décadas, el informe observaba: ampquot;la lógica sugiere que los controles sobre los ingresos de capital, cuando están designados correctamente, podrían complementarse de manera convenienteampquot; con otras políticas. Hasta noviembre del año pasado, el director gerente del FMI, Dominique Strauss-Kahn, le había echado agua fría a los esfuerzos de Brasil por frenar los ingresos de ampquot;dinero calienteampquot; especulativo, y había dicho que no recomendaba ese tipo de controles ampquot;como una prescripción estándarampquot;.

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