La Alianza del Pacífico y los éxitos que los países pueden alcanzar individualmente

23/05/2013 3 comentarios

Cali - Colombia 2013El 23 de mayo, Chile, Colombia, Perú y México, los 4 miembros fundadores de la Alianza del Pacífico, se reúnen en Cali, Colombia, para su séptima cumbre presidencial en solo dos años. Se unirán a otras nueve naciones observadoras: Canadá, Costa Rica, Guatemala y Uruguay, del hemisferio occidental, así como Australia, Japón, Nueva Zelanda y España. El rápido progreso de la Alianza desde su creación en Lima, Perú, en abril de 2011, dibuja un claro contraste con las iniciativas de comercio global actuales. A pesar de la victoria del brasileño Roberto Azevedo para liderar Organización Mundial del Comercio (OMC), el Círculo Comercial de Doha todavía necesita asistencia, pocas esperanzas de que esas negociaciones terminen en futuro próximo. Muchos acuerdos comerciales relacionados con América Latina también se encuentran en una pausa (véase el hace tiempo atascado pacto Mercosur con Unión Europea). Pero la naturaleza de la Alianza, concentrada en los resultados, ha generado la expectativa que esta iniciativa será mucho más exitosa que las ya existentes, y le preceden numerosos intentos para la integración regional de América Latina. La nueva alianza equilibra la posición geográfica de cada uno de sus miembros para integrar de manera más efectiva a las naciones en la nueva economía del Pacífico, mientras que las posiciona como nuevo nexo entre Asia y el resto de economías de América Latina. En la consecución de este objetivo, el compromiso que comparten las Alianzas del Pacífico con el libre mercado les distingue de países como Argentina y Venezuela, mercados potencialmente atractivos, carentes del suficiente respeto por la propiedad privada y el Estado de Derecho, como para facilitar la gran inversión de dólares en transacciones comerciales y flujos de capital que implica la inmersión en la nueva economía del Pacífico. A nivel funcional, la Alianza ha seguido pasos prácticos para lograr objetivos sensatos. La formación del Mercado Integrado de América Latina (MILA), a través del vínculo de mayo 2011 entre mercados bursátiles de Chile, Colombia, Perú fue un facilitador importante de la capitalización del nuevo bloque, asegurando que su recursos pudieran fluir de manera sencilla y barata hacia donde pueden ser más efectivos, con la confianza de que se pueden retirar según sea necesario (…..)

Link: http://internacional.elpais.com/internacional/2013/05/23/actualidad/1369319917_273516.html

Archivado en Arco del Pacifico

Acerca de ignaciocovelo
Consultor Internacional

3 Responses to La Alianza del Pacífico y los éxitos que los países pueden alcanzar individualmente

  1. ignaciocovelo says:
    23/05/2013 a las 18:12

    Profesor Uziel Nogueira dice: La Alianza del Pacifico es una extensión del NAFTA que funciona al estilo «Hub and Spoke». Estados Unidos es la economía dominante y los países latinoamericanos satélites. Los cuatros países miembros de la Alianza son economías compitiendo por los mismos mercados de commodities. MERCOSUR se encuentra estancado y no presenta condiciones para ser el motor de la integración sudamericana. La razón es la economía brasileña que a pesar de la buena performance reciente enfrenta obstáculos estructurales difíciles de ser revertido en el corto plazo. El bajo nivel educacional de su población, la falta de una infraestructura moderna y una élite dirigente que no cree en la economía de mercado.

    http://internacional.elpais.com/internacional/2013/05/23/actualidad/1369319917_273516.html

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  2. ignaciocovelo says:
    23/05/2013 a las 19:02

    At a time when the mere phrase “high-frequency trading” makes some investors queasy, Brazil’s stock exchange is putting out the digital welcome mat. In recent years, the BM&F Bovespa stock exchange in São Paulo has taken steps to make its market more friendly to high-speed traders, even as many regulators around the world are casting an increasingly skeptical eye on the sector after a series of well-publicized market malfunctions in the United States. Lawmakers in Canada, Australia and the European Union have been looking at imposing limits on such traders, whose investment time horizons are measured in milliseconds rather than months. “Given the attention and the political discourse on the perceived dangers of H.F.T., exchanges are very reticent to be aggressive in promoting and attracting high-frequency trading,” said Andy Nybo, an analyst at the Tabb Group.

    But in Brazil — as well as in other developing economies like Chile and Mexico — exchanges are actively courting high-speed traders without much resistance from their regulators.

    The appeal is that the traders can execute thousands of trades a second, resulting in big fees for the exchanges. The BM&F Bovespa, which closed its open trading pits in 2009 in favor of electronic trading networks, is ramping up efforts to support computerized trading. Last month, the Brazil stock exchange introduced a new lightning-fast computer system, known as Puma, that allows high-speed traders to get in and out of trades more quickly. The exchange has offered these traders discounts since October 2010. The BM&F Bovespa is “very open about what they are looking to do. They really have been aggressive in welcoming all types of strategies,” Mr. Nybo said. The stocks on the Brazilian exchange are cumulatively worth $1.2 trillion, but the average daily trading volume on the exchange is only about $3.7 billion. In the United States, a single major stock like Apple can trade more than that each day. The comparatively low volumes are in part a reflection of the relatively limited involvement of high-speed traders, who still only account for about 10.6 percent of all stock trades in Brazil. Although that is up from 8.5 percent in 2012, it is still a fraction of trading in other large global markets. In the United States, such firms dominate a majority of the trading, and in Europe, they are responsible for about 45 percent of the trading, according to Celent, a research and consulting firm. The Brazilian exchange’s push seems like a risky gambit to many critics of the acceleration of American markets over the last decade. High-frequency traders have been accused of using technology to move share prices for their own advantage and to trick traditional investors. They have also taken some of the blame for market mishaps like the “flash crash” in May 2010, when stock indexes dropped nearly 10 percent in less than half an hour.

    Wallace C. Turbeville, a senior fellow at Demos, a research group in New York, said most offers made by high-frequency trading firms were “illusory”: they exist not to be executed, but to measure, distort and exploit market sentiment, increasing volatility and costs for other investors. Brazilian executives say they believe they have been able to avoid problems through strict regulation. They are also trying to keep at bay many of the other technological developments that have complicated American and European markets. Brazil has, for instance, banned dark pools, private venues where trades can be executed out of the public eye. And unlike in the United States, which has 13 public stock exchanges, the BM&F Bovespa remains the only place to trade stocks in Brazil (…..)

    http://dealbook.nytimes.com/2013/05/22/despite-risks-brazil-courts-the-millisecond-investor/

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  3. ignaciocovelo says:
    23/05/2013 a las 19:10

    Professor Uziel Nogueira says:

    As a country, Brazil is always behind the curve in relation to advanced countries. High speed trading is a good case in point. Brazil’s BM&F Bovespa is shallower than NY. It has too few trading companies in comparison with NY stock exchange. Small variation in the value of a few stocks can lead to sudden drop in the overall index. High frequency will make BM&F Bovespa trading system more unstable.

    http://dealbook.nytimes.com/2013/05/22/despite-risks-brazil-courts-the-millisecond-investor/

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