Janet Yellen Ron Sachs/ZumaPress

¿Existe la preparación necesaria ante una subida del tipo de interés en los Estados Unidos?

MANILA – La posibilidad de que la Reserva Federal de los EE.UU. suba el tipo de interés por primera vez en un decenio puso muy nerviosos a todos los  mercados en ascenso durante unas semanas. Aunque la Reserva Federal acaba de decidir mantener su tipo de interés oficial sin cambios, también ha declarado que aún no se ha descartado la posibilidad de subirlo en 2015. La preocupación estriba en que los países que dependen de la financiación exterior podrían verse afectados por salidas repentinas de capital internacional o que la depreciación de las divisas a raíz de la subida por parte de la Reserva Federal aumentara los costos del servicio de la deuda para los países y las empresas.

Sería conveniente que los gobiernos del mundo en desarrollo se preocuparan menos de los cambios de los tipos de interés en los Estados Unidos, que, en cualquier caso, no pueden controlar, y pensaran más en los cambios normativos que pueden hacer en sus propios países para fortalecer la capacidad de resistencia de sus economías.

La subida de los tipos de interés de los EE.UU. no es necesariamente una mala noticia para los países en ascenso. Muchos países en desarrollo, sobre todo en Asia,  están en condiciones macroeconómicas mucho mejores que antes de la crisis financiera asiática del final del decenio de 1990 o al comienzo de la crisis financiera mundial en 2008.

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