El silencio del G-20 sobre los controles de capitales

NUEVA YORK – Cuando el Presidente de Francia, Nicolas Sarkozy, tomó las riendas como anfitrión de la cumbre del G-20, que tendrá lugar en Cannes el 3 y 4 de noviembre, llamó a Fondo Monetario Internacional a que desarrollara un “código de conducta” para el uso de controles de capitales (o regulaciones a los flujos de capital, como preferimos llamarlas) en la economía mundial. El FMI siguió esa recomendación y publicó unas directrices preliminares el pasado mes de abril.

La regulación de los flujos de capital transfronterizos ha sido un tema extrañamente ausente de la agenda del G-20 orientada a fortalecer la regulación financiera. Dichos flujos juegan un papel central en la volatilidad financiera, que fue el motivo por el cual el G-20 se abocó a la tarea de fortalecer la regulación financiera. El FMI ha mostrado que los países que han regulado los flujos de capital estuvieron entre los menos afectados por la crisis financiera global. Desde 2009 ha aceptado e incluso recomendado el uso de dichas regulaciones para manejar los flujos masivos de “dinero caliente” hacia las economías emergentes.

Sin embargo, aunque el código propuesto por el FMI es un paso en la dirección correcta, su aprobación por parte del G-20 no sería apropiado para una economía mundial que está en proceso de recuperarse de una crisis financiera y busca prevenir otra.

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