John Overmyer

El precio de la inacción

BERKELEY – ¿Los gobiernos del mundo son capaces de sacar a la economía mundial de una depresión profunda y prolongada? Hace tres meses, habría dicho que sí, sin ninguna duda. Ahora, no estoy tan seguro.

El problema no es que los gobiernos duden sobre qué hacer. La lista estándar de cosas que hay que hacer en una crisis financiera para evitar una depresión profunda y prolongada se ha venido elaborando gradualmente durante dos siglos: por el gobernador del Banco de Inglaterra Cornelius Buller en 1825; por el editor de The Economist en la era victoriana, Walter Bagehot; y por los economistas Irving Fisher, Johan Maynard Keynes, Milton Friedman, entre muchos otros.

El problema esencial en tiempos como estos es que la demanda de parte de los inversores de activos -y, por ende, su valor- que sean seguros, resguardados y líquidos es demasiado alta, mientras que la demanda de activos que apuntalen y financien el capital productivo de la economía es demasiado baja. La solución obvia es que los gobiernos creen más efectivo para satisfacer la demanda de activos seguros, resguardados y líquidos.

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