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Is institutional efficiency in independent central banking a communicative matter?

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  • Carlo Tognato

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    Abstract

    Tradicionalmente, los economistas políticos han sido indiferentes a la construcción comunicativa del dinero y la banca central en la esfera pública. Esta no les importa cuando los asuntos monetarios se convierten en un juego racional encaminado a preservar el valor de la moneda o toman la forma de un juego de moral medieval. Este artículo sugiere que la economía política de la independencia del banco central exige alejarse de dicha práctica. Argumenta que la coordinación comunicativa del juego monetario es esencial para saber de qué manera los bancos centrales independientes pueden lograr la efi ciencia institucional y por qué no enfrentan un trade-off entre efi ciencia institucional y legitimidad democrática. Sugiere, en particular, que un banco central institucionalmente efi ciente no puede actuar más que como un agente de empoderamiento comunicativo para la audiencia proporcionándole el contexto local para sus actividades.

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    File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/42/v24n42_tognato_2005.pdf
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    Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

    Volume (Year): (2005)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000093:002925

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    Keywords: independent central bank; communication; democracy.;

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    1. Eijffinger, S-C-W & de Haan, J, 1996. "The Political Economy of Central-Bank Independence," Princeton Studies in International Economics 19, International Economics Section, Departement of Economics Princeton University,.
    2. W.H. Buiter, 1999. "Alice in Euroland," CEP Discussion Papers dp0423, Centre for Economic Performance, LSE.
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