La política monetaria ante la crisis
Keywords:
crisis, política monetaria, crisis económica, Costa RicaAbstract
Resumen
La actuación del Banco Central frente a la crisis ha sido objeto de críticas constantes por distintos sectores del país, pues su accionar se considera pobre e inclusive equivocado. Los problemas de la gestión de la política monetaria no son recientes, iniciaron en el 2006 con la implementación del sistema de bandas cambiarias. El sistema como tal no tiene fallas, sin embargo, las autoridades han cometido errores importantes en su aplicación que dificultan adoptar medidas anticrisis en el presente.
Una política monetaria procíclica es quizás el principal problema que enfrenta el Banco Central, que en la actualidad afronta una fuerte contracción de la economía costarricense y no ha creado las condiciones para aplicar medidas paliativas. Adicionalmente, el Banco aún no reconoce la contradicción de sus medidas y pronto deberá enfrentarse a una disminución de las tasas de interés y un ajuste del tipo de cambio.
Abstract
The Central Bank's performance against the crisis has been the subject of critics by different economic sectors, because its performance is considered poor or even wrong. The problems of management of monetary policy are not recent, initiated in 2006 with the reform of foreign exchange policy. The system itself has no faults, but the authorities have made mistakes in its implementation that difficult the anticrisis action.
A procyclical monetary policy is perhaps the biggest problem facing the Central Bank, which now faces a sharp contraction in the Costa Rican economy and has created the conditions for implementing mitigation measures. Additionally, the Bank still does not recognize the contradiction in their policies, and must soon face a reduction in interest rates and exchange rate adjustment.
References
Bailly, Jean-Luc y Claude Gnos (2003). “Definición e Integración del Dinero: La Aportación de la Tesis de la Endogeneidad”. En Teorías Monetarias Poskeynesianas, Pierre Piégay y Louis Phillippe Rochón, editores. Ediciones Akal, España.
Blinder, Allan (1998). El Banco Central: Teoría y Práctica. Antoni Bosch, España.
Cuadrado, Juan y otros (1995). Introducción a la Política Económica. McGraw-Hill Interamericana, España.
Fernández, Andrés y otros (2003). Política Monetaria: Enfoques Alternativos. Thomson Editores, España.
Fernández, Andrés y otros (2006). Política Económica. McGraw-Hill Interamericana, España.
Keynes, John Maynard (1936). Teoría General de la Ocupación, el Interés y el Dinero. Fondo de Cultura Económica, México.
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