La perpetua carenza di finanziamenti nei paesi in via di sviluppo

WASHINGTON, DC – Da quando ha avuto inizio la crisi finanziaria globale, il termine "bancario" viene considerato alla stregua di un insulto. In realtà, se è indubbio che le banche possono arrecare gravi danni alle economie e ai mezzi di sussistenza, una buona gestione del sistema finanziario può invece offrire vantaggi significativi. Come illustra il recente Global Financial Development Report realizzato dal World Bank Group, un numero crescente di prove dimostra che le istituzioni e i mercati finanziari influiscono fortemente sullo sviluppo economico, sulla riduzione della povertà e sulla stabilità delle economie di tutto il mondo, e che una valutazione pragmatica del ruolo dello Stato nella finanza trova piena giustificazione.

A livello superficiale, la caratteristica più insolita della crisi finanziaria attuale è che nei paesi sviluppati l'economia è stata colpita in maniera assai più dura e diretta che in quelli in via di sviluppo, molti dei quali hanno sfruttato l’insegnamento delle crisi precedenti, messo mano ai propri bilanci, avviato riforme strutturali e migliorato i sistemi di supervisione e regolamentazione.

Questa distinzione, tuttavia, non coglie l'aspetto più importante: la qualità della linea politica conta molto di più del livello di sviluppo economico. I sistemi finanziari di alcuni paesi sviluppati, fra cui l'Australia, il Canada e Singapore, hanno dimostrato una notevole capacità di ripresa, mentre altri si sono trovati in serie difficoltà.

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