John Taylor pone un post interesante en su Blog sobre la situación de la política macro en las economía emergentes y por qué mostraron mejor reacción durante esta crisis. Why Did Macro Policy in Emerging Market Countries Improve? . Esta opinión es parte de una plática que dio recientemente en India, pero lo que resulta interesante es el siguiente párrafo refiriendose a cómo se encontró un mecanismo para reducir el riesgo de crisis
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But eventually a solution to the impasse was found in the creation of an alternative to IMF bailouts. The alternative was to add new clauses to the sovereign bonds—collective action clauses—which allowed for orderly workouts of sovereign debt problems between a country and its creditors. The alternative made it credible for the IMF to impose limits and abide by them.
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People were skeptical that such clauses could be put into the bonds, but Mexico proved the naysayers wrong and went ahead and issued such bonds on February 26, 2003 (seven years ago last Friday) and many others countries followed Mexico. Agustin Carstens, now Finance Minister of Mexico, played a key role in the effort. As soon as these clauses were put into the bonds, the IMF and its shareholders agreed to establish a new “exceptional access framework.” Soon after the emerging markets moved into a new era of stability. Crises generated by emerging market countries diminished sharply...
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But eventually a solution to the impasse was found in the creation of an alternative to IMF bailouts. The alternative was to add new clauses to the sovereign bonds—collective action clauses—which allowed for orderly workouts of sovereign debt problems between a country and its creditors. The alternative made it credible for the IMF to impose limits and abide by them.
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People were skeptical that such clauses could be put into the bonds, but Mexico proved the naysayers wrong and went ahead and issued such bonds on February 26, 2003 (seven years ago last Friday) and many others countries followed Mexico. Agustin Carstens, now Finance Minister of Mexico, played a key role in the effort. As soon as these clauses were put into the bonds, the IMF and its shareholders agreed to establish a new “exceptional access framework.” Soon after the emerging markets moved into a new era of stability. Crises generated by emerging market countries diminished sharply...
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Como se ve, Taylor le da créditos a Carstens en este episodio....
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