White House north lawn John Middlebrook/ZumaPress

L’America d’intralcio

NEW YORK – La terza conferenza internazionale sui finanziamenti per lo sviluppo si è recentemente svolta nella capitale dell’Etiopia, Addis Ababa. La conferenza è arrivata in un momento in cui i Paesi in via di sviluppo e i mercati emergenti hanno dimostrato la propria capacità di assorbire ingenti quantità di denaro in modo produttivo. Di fatto, i passi che stanno compiendo questi Paesi – investire in infrastrutture (strade, elettricità, porti e tanto altro), costruire città che un giorno daranno dimora a miliardi di persone e passare a un’economia green – sono davvero enormi.

Allo stesso tempo, non c’è una carenza di denaro in attesa di essere destinato ad uso produttivo. Solo alcuni anni fa, Ben Bernanke, allora presidente della Federal Reserve americana, parlava di un eccesso di risparmi globali. Eppure i progetti di investimento con elevati rendimenti sociali venivano privati dei fondi. E ancora oggi funziona così. Il problema, allora come oggi, è che i mercati finanziari del mondo, che dovrebbero mediare in modo efficiente tra risparmi e opportunità di investimento, al contrario allocano in modo errato il capitale e creano rischio.

E il fatto ironico è anche un altro. Gran parte dei progetti di investimento di cui necessita il mondo emergente è a lungo termine, così come molti dei risparmi disponibili – i trilioni nei conti pensionistici, nei fondi pensione e nei fondi sovrani. Ma i nostri mercati finanziari sempre più miopi stanno nel mezzo.

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