El viraje a tiempo del FMI

NUEVA YORK – La reunión anual de primavera del Fondo Monetario Internacional fue notable ya que marcó el esfuerzo del Fondo para distanciarse de sus propios dogmas de hace muchos años sobre los controles de capital y la flexibilidad del mercado laboral. Parece que un nuevo FMI gradualmente -y cautelosamente- ha surgido bajo el liderazgo de Dominique Strauss-Kahn.

Poco más de 13 años antes, en la reunión de Hong Kong del FMI en 1997, el Fondo había intentado enmendar su carta para ganar más margen de acción y poder empujar a los países hacia una liberalización del mercado de capital. El momento no podría haber sido menos oportuno: la crisis del este de Asia recién se estaba gestando –una crisis que fue, en gran medida, el resultado de la liberalización del mercado de capital en una región que, dada su elevada tasa de ahorros, no la necesitaba en absoluto.

Ese accionar había sido defendido por los mercados financieros de Occidente –y los ministros de Finanzas occidentales que les son tan fieles-. Las desregulación financiera en Estados Unidos fue una causa importante de la crisis global que estalló en 2008, y la liberalización financiera y del mercado de capital en otras partes ayudó a propagar ese trauma “hecho en Estados Unidos” por todo el mundo.

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