White House north lawn John Middlebrook/ZumaPress

EE.UU. es el obstáculo en el camino

NUEVA YORK – Recientemente se llevó a cabo la Tercera Conferencia Internacional sobre la Financiación para el Desarrollo en la capital de Etiopía, Addis Abeba. La conferencia se celebró en un momento en que los países en desarrollo y los mercados emergentes han demostrado su capacidad de absorber grandes cantidades de dinero de manera productiva. De hecho, las tareas que estos países están emprendiendo –  realización de inversiones en infraestructura (carreteras, electricidad, puertos, y mucho más), construcción ciudades que un día van a llegar a ser el hogar de miles de millones de personas y desplazamiento hacia una economía verde – son realmente enormes.

Al mismo tiempo, no escasea el dinero que está esperando ser puesto a un uso productivo. Hace apenas unos años, Ben Bernanke, el presidente de la Junta de la Reserva Federal de Estados Unidos, habló de un exceso de ahorro mundial. Y, no obstante, los proyectos de inversión con alta rentabilidad social padecían por escases de fondos. Eso sigue siendo cierto hoy en día. El problema, en aquel entonces al igual que ahora, fue y es que los mercados financieros del mundo en vez de cumplir con su objetivo de realizar una intermediación eficiente entre el ahorro y las oportunidades de inversión, asignan mal el capital y crean riesgo.

Hay otra ironía más. La mayoría de los proyectos de inversión que necesita el mundo emergente son de  largo plazo, al igual que lo son gran parte de los ahorros disponibles – es decir, los millones de millones en ahorros que se encuentran en cuentas de jubilación, fondos de pensiones y fondos soberanos. Pero nuestros cada vez más miopes mercados financieros se interponen entre los dos.

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