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Tensions in the Implementation of Central Banks’ Policies in the Pursuit of Economic Development

Author

Listed:
  • Martín Guzman

    (Brown University, UNLP)

  • Pablo Gluzmann

    (CONICET, CEDLAS-UNLP)

Abstract

This paper provides an explanation of how the implementation of particular types of monetary policy and financial regulation affects economic development through its effects on macroeconomic stability. Firstly, we focus on the problems associated to the definition of reaction functions for the execution of monetary policy. Secondly, we analyze the problems involved in the design and implementation of macro-prudential regulatory policies, emphasizing how the ability of the regulator to interpret financial risks is a determinant of financial stability. Our analysis is not restricted to the case of Argentina. Instead, its applicability extends to all those economies in which the instrument of monetary policy is the interest rate and to those that are experiencing intense transformations in the configuration of their financial system.

Suggested Citation

  • Martín Guzman & Pablo Gluzmann, 2012. "Tensions in the Implementation of Central Banks’ Policies in the Pursuit of Economic Development," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(65-66), pages 173-205, September.
    • Handle: RePEc:bcr:ensayo:v:1:y:2012:i:65-66:p:173-205
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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/65-66_Guzman.pdf
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    More about this item

    Keywords

    development; financial regulation; financial stability; monetary policy;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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