White House north lawn John Middlebrook/ZumaPress

Amerika steht im Weg

NEW YORK – In Addis Abeba fand kürzlich die Dritte Internationale Konferenz zur Entwicklungsfinanzierung statt. Die Konferenz kam zu einem Zeitpunkt, an dem die Schwellen- und Entwicklungsländer bereits ihre Fähigkeit gezeigt haben, große Mengen an Geld produktiv zu absorbieren. In der Tat sind die Aufgaben dieser Länder von enormem Ausmaß – Investitionen in Infrastruktur (Straßen, Elektrizität, Häfen und vieles mehr), der Bau von Städten, die eines Tages Milliarden von Menschen aufnehmen sollen, und die Errichtung einer grünen Wirtschaft.

Gleichzeitig mangelt es nicht an Geld, das darauf wartet, produktiv eingesetzt zu werden. Vor nur wenigen Jahren sprach Ben Bernanke, der damalige Vorsitzende des US-Zentralbankrats, von einem globalen Überangebot an Ersparnissen. Und trotzdem mangelte es Investitionsprojekten mit großem sozialen Nutzen an Geld. Dies ist auch heute noch der Fall. Das Problem liegt damals wie heute darin, dass die weltweiten Finanzmärkte, die eigentlich effizient zwischen Ersparnissen und Investitionsgelegenheiten vermitteln sollten, statt dessen Kapital fehlverteilt und Risiken geschaffen haben.

Eine weitere Ironie ist, dass die meisten der in den Entwicklungsländern erforderlichen Investitionsprojekte langfristiger Natur sind, ebenso wie die verfügbaren Ersparnisse – die Billionen der Rentenversicherungen, der Pensionsfonds und der Staatsfonds. Aber unsere immer kurzsichtiger agierenden Finanzmärkte stehen einer Vermittlung im Weg.

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