МВФ снова терпит неудачу

Прошло шесть лет с роковой встречи МВФ в Гонконге, как раз перед глобальным финансовым кризисом. Я был там. Какая же это была странная встреча. Тем, кто наблюдал за ней, было ясно, что назревал кризис. Виновной была либерализация рынка капитала, делая страны уязвимыми по отношению к капризам международных потоков капитала - как иррациональному пессимизму, так и оптимизму, не говоря уже о манипуляции спекулянтов.

И все же МВФ все еще агитировал в кулуарах изменить свою хартию для того, чтобы заставить страны либерализовать свои рынки капитала, игнорируя доказательство того, что это вело не к повышенному росту или большему количеству инвестиций, а только к большей неустойчивости. Кризисы, которые разразились в конце того года, подорвали веру в МВФ и привели к дискуссиям о «преобразовании глобальной финансовой архитектуры».

Теперь шесть лет спустя мы можем сказать, что те дискуссии не привели к большому реальному изменению. Некоторые предполагают, что причудливый термин «преобразование глобальной финансовой архитектуры» выдает их несерьезные намерения. Казначейство Соединенных Штатов и МВФ знали, или, по крайней мере, надеялись, что с окончанием кризиса глобальное внимание переключится на что-нибудь еще. Они были не правы в том, что нужно делать во время кризиса, но в этом вопросе они были правы.

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