White House north lawn John Middlebrook/ZumaPress

Amerika pokroku v cestě

NEW YORK – V etiopském hlavním městě Addis Abebě se nedávno uskutečnila Třetí mezinárodní konference o financování rozvoje. Konference proběhla v době, kdy rozvojové země a rozvíjející se trhy prokázaly schopnost produktivně vstřebat obrovské sumy peněz. Úkoly, jež tyto země plní, – investice do infrastruktury (silnic, elektřiny, přístavů a mnohého dalšího), výstavba měst, kde jednou budou žít miliardy lidí, a směřování k zelené ekonomice – jsou skutečně ohromné.

Zároveň platí, že peněz, které lze dát na produktivní využití, je dostatek. Před pouhými několika lety Ben Bernanke, tehdejší předseda Rady Federálního rezervního systému USA, hovořil o globálním přebytku úspor. Přesto investiční záměry s vysokými společenskými přínosy trpěly nedostatkem financí. To platí dodnes. Problém, tehdy i dnes, tkví v tom, že světové finanční trhy, které sice mají fungovat jako efektivní prostředník mezi úsporami a investičními příležitostmi, alokují kapitál chybně a vytvářejí rizika.

Je tu ještě další paradox. Většina investičních projektů, jež rozvíjející se svět potřebuje, je dlouhodobá, stejně jako velká část dostupných úspor – biliony na účtech penzijního připojištění a v penzijních fondech a fondech suverénního majetku. Mezi těmito dvěma ale stojí naše čím dál silněji krátkozraké finanční trhy.

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