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El trilema de la Banca Central Colombiana: un problema inter- temporal

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  • FERNANDO CHAVARRO MIRANDA

    ()

  • MANFRED GRAUTOFF LAVERDE

    ()

Abstract

RESUMENDesde la firma de la Constitución de 1991, el Banco de la República colombiano se constituye como persona jurídica de derecho público que debe velar por el mantenimiento de la capacidad adquisitiva de la monedai. Esto implica, que la política monetaria operará bajo el criterio de rangos en las metas de inflación. Pero a finales del 2006 y principios del 2007, los agentes externos que perciben las señales de la Banca Central, se formulan la siguiente pregunta: ¿Las intervenciones de la Banca Central parecen estar apuntando hacia un cambio de objetivo, o serán errores sistemáticos los que se están dando al interior de las decisiones del banco?, originada esta última, por los efectos contradictorios que estas causan a la economía nacional.Esta es la pregunta que se buscará resolver a lo largo de este documento, analizando el impacto de la implementación de estas políticas dentro de la economía, durante diferentes periodos de tiempo, que representan coyunturas diferentes y presentando opiniones derivadas de expertos en el tema.ABSTRACTFrom the signature of the constitution of 1991, the Colombian Bank of the Republic is constituted as legal person of public law which must watch for the maintenance of the acquisitive capacity of the currencyii. This implies that the monetary politics will produce under the criterion of ranges in the goals of inflation. But at the end of 2006 and beginning of 2007, the external agents who perceive the signs of the Central Banking, formulated the following question: the interventions of the central banking seem to be appearing towards a change of aim, or will they be systematic mistakes that are given to the interior of the decisions of the bank? And latter originated, for the contradictory effects that these cause to the nationaleconomy. This is the question that will try to be solved along this document, analyzing the impact of the implementation of these policies inside the economy, during different periods of time, which represent different conjunctures andpresenting opinions derived from experts in the topic.RESUMODesde a assinatura da constituição de 1991, o Banco da República Colombiano é constituído como pessoa jurídica de direito público que deve velar pela manutenção da capacidade aquisitiva da moedaiii. Isto implica que a política monetária operará sob o critério de categorias nas metas de inflação. Mas ao final de 2006 e princípio de 2007, os agentes externos que percebem os sinais da Banca Central, formulam a seguinte pergunta: As intervenções da banca central parecem estar apontando para uma mudança de objetivo, ou serão erros sistemáticos os que estão dando no interior das decisões do banco?, originadaesta última, pelos efeitos contraditórios que estas causam à economia nacional. Esta é a pergunta que se tentará resolver no decorrer deste documento, analisando o impacto da implantação destas políticas dentro da economia, durante diferentes períodos de tempo, que representam conjunturas diferentes e apresentando opiniões derivadas de expertos no tema.RÉSUMÉDepuis la signature de la Constitution de 1991, la Banque centrale colombienne a été constitue en personne juridique de droit public, qui doit assurer le maintien du pouvoir d´achat de l´argenti. Cela implique que la politique monétaire marchera sous le critère de ranges dans les buts d´inflation. Mais à la fin de 2006 et au début de 2007, des agents extérieurs qui reçoivent des signaux de la Banque centrale, se posent la question suivante: Est-ce que les interventions des banques centrales sont-ils adressés vers un changement d´objectives?, ou Est-ce que il y a d´erreurs systématiques pour prendre les décisions au seinde la banque? Ces sont les questions que nous allons essayer à résoudre dans le présent document, en analysant l´impact de la mise en oeuvre des politiques au sein de l´économie pendant périodes de temps différentes, en présentant des avis d´experts sur ce sujet.

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Bibliographic Info

Article provided by UNIVERSIDAD LIBRE - SEDE PRINCIPAL in its journal REVISTA CRITERIO LIBRE.

Volume (Year): (2010)
Issue (Month): ()
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Handle: RePEc:col:000370:007588

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Keywords: Política monetaria; Banca Central; inflación; moneda.Key words: Monetary Politics; Central Banking; inflation; currency.Palavras-chave: Política Monetária; Banca Central; inflação; moeda.;

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