miércoles, febrero 28, 2007

The next great globalization

Siguiendo con el post anterior y su relación con los efectos de la globalización y los mercados financieros, voy a recomendar un libro (que aún no leí) pero que sí pude conseguir algunos abstracts y reviews. Se trata del último de Frederic Mishkin (nada menos).

En El Economista del viernes pasado, Francisco Sanchez lo analiza y parece que no le gustó mucho. (A propósito de dicho comentario, los últimos seis renglones son casi calcados de un comentario que dejó Miguel Olivera en un post de los chiflados, Sanchez leyó los Chiflados o bien Olivera leyó a Sanchez, o son los mismos, ¡qué sé yo!)

Retomando, como bien dijo Sanchez, el libro es el perfecto manual anti-globalización si se lee la parte donde el autor expone todas las críticas o fracasos de la globalización. Muy interesante y sólo por esto ya vale la pena. Pero luego profundiza y llega a su propuesta para que esas fallas no se reiteren y es allí donde se pone verdaderamente interesante y desata las pasiones.

Otra visión es la de Foreing Affairs:
The key message of this cogently argued book is that economic development requires a well-functioning financial market and that a well-functioning financial market requires extensive links to world capital markets. Not all developing countries need to import capital to foster growth, but all need competition and the demonstration of best practice to overcome local cliques or oligarchs that both foster and thrive on the exclusion of competition, which typically leads to serious misallocations of capital. In developing this central thesis, the Columbia University economist Mishkin addresses the need for regulatory reform in emerging markets, the measures required to avoid financial crises and to recover from them quickly when they occur, and the appropriate role for the international community, especially the International Monetary Fund. He provides excellent studies of the financial crises in Mexico (1994-95), South Korea (1997-98), and Argentina (2001-2), drawing lessons from both what was done badly and what was done well.
Sanchez no está de acuerdo en absoluto con esto.

Será entonces interesante leerlo y que cada uno saque sus propias conclusiones.

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