Jim Meehan

La vía a la prosperidad con unos mercados sólidos

BERLÍN – El desplome financiero mundial que estuvo a punto de ocurrir y las contracciones posteriores dejaron a las naciones anglosajonas cavilando sobre qué debían hacer para encaminar sus economías por una senda que conduzca a la recuperación y al tiempo evitar una crisis similar en el futuro. Algunos miembros del Centro sobre Capitalismo y Sociedad de la Universidad de Columbia enviaron recomendaciones a la última reunión del G20, celebrada el pasado mes de abril. Para crear más puestos de trabajo en la economía, yo propuse que los gobiernos crearan una clase de bancos que cultivaran el perdido arte de la financiación de proyectos de inversión en el sector empresarial: el tipo de financiación para el que los antiguos bancos “mercantiles” eran auténticos expertos hace un siglo. También reiteré mi apoyo a una subvención para las empresas que mantuvieran el empleo de los trabajadores con salarios bajos. (Singapur adoptó esa idea con resultados envidiables.)

Para proteger los bancos comerciales de los riesgos que podría correr su solvencia (y, además, la de todo el país) una vez más, Richard Robb propuso que se aplicara un pequeño impuesto a las deudas a corto plazo de los bancos para que no cayeran en un endeudamiento excesivo. Amar Bhide propuso que los bancos comerciales volvieran a la banca “estricta”. Si lo hiciesen, no podrían pedir préstamo alguno.

Pero, pese a todas las medidas normativas y a los discursos al respecto, los países del G20 no adoptaron ninguna de esas propuestas. Han centrado la atención en las medidas anticíclicas destinadas a moderar la contracción, en lugar de en la reestructuración. Esa moderación, en sí misma, es digna de beneplácito, desde luego, pero las medidas adoptadas pueden estar retrasando la recuperación.

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