White House north lawn John Middlebrook/ZumaPress

Америка встала на пути

НЬЮ-ЙОРК – В столице Эфиопии Аддис-Абебе недавно прошла третья международная Конференция по финансированию развития. Конференция состоялась в эпоху, когда развивающиеся страны демонстрируют способность продуктивно впитывать огромные объемы денег. Да и задачи, которые ставят перед собой эти страны – инвестиции в инфраструктуру (дороги, энергетику, порты и многое другое), в строительство городов, которые когда-нибудь станут домов для миллиардов, переход к «зелёной» экономике, – поистине огромны.

В то же время нет дефицита денег, ожидающих продуктивного использования. Всего лишь несколько лет назад Бен Бернанке, тогда председатель Федеральной резервной системы США, говорил об избытке сбережений в мире. Несмотря на это, инвестиционные проекты с высокой социальной отдачей страдали от нехватки финансирования. Всё это остается верным и на сегодня. Проблема – сейчас, как и тогда – в том, что мировые финансовые рынки, призванные быть эффективными посредниками в выборе между сбережениями и инвестициями, напротив, неправильно распределяют капиталы и создают риски.

Ирония есть и в другом. Большинство инвестиционных проектов, в которых нуждается развивающийся мир, являются долгосрочными; долгосрочной является и большая часть доступных сбережений – триллионы на пенсионных счетах, в пенсионных фондах, в государственных фондах благосостояния. Однако наши в растущей степени близорукие финансовые рынки стали барьером между ними.

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