Aquí su columna en inglés y aquí en español.
Aquí los párrafos más relevantes:
... Given the magnitude of the selloff, some observers may be surprised to learn that the banking systems of these countries are not infected with the financial bird flu spreading through the G-7. Rather, investors are piling out of Brazil, Mexico, Chile, Peru and Colombia in a flight to quality. They are also fleeing because of the credit squeeze, the end of the commodity boom, and a slowdown in rich-country growth that will reduce demand for the region's output. Growth is expected to slow in most of Latin America.
Even worse is the damage being done in the arena of ideas. The region's most reform-minded countries are now under attack by socialists who claim that the meltdown is cause for abandoning market economics. Just the opposite is true.
Thanks to the reforms of the past two decades the most open Latin economies are in a much better position today than they were in the 1980s when Federal Reserve Chairman Paul Volcker tightened credit to attack inflation. They should not be allowed to backslide. This is the time to accelerate liberalization with an eye toward greater economic flexibility...
... To that end, the region has much work left to do. Brazil's entrepreneurs are burdened with punishing tax rates and complex regulation. Mexico restricts investment in energy, telecommunications and air travel, and in recent years it has increased protectionism. Colombia and Chile still fiddle with capital controls. Peru has insecure property rights, which discourage investment. Labor markets throughout the region are inflexible.Every crisis offers opportunities and this one is no different. The region's reformers have already done much heavy lifting. Why not seize the moment and finish the job?
Aquí una entrevista a O'Grady en la que habla sobre su columna:
...
No hay comentarios:
Publicar un comentario