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La reforma de los bancos centrales latinoamericanos. Avances y desafíos

Author

Listed:
  • Carstens, Agustín

    (Fondo Monetario Internacional)

  • Jácome H., Luis I.

    (Fondo Monetario Internacional y Universidad Georgetown)

Abstract

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.// Este artículo analiza la reforma institucional de la política monetaria en la América Latina desde principios del decenio de los noventa. Afirma que el fortalecimiento de la independencia legal de los bancos centrales, junto con las políticas macroeconómicas, ayudó a disminuir la inflación desde tasas anuales de tres dígitos durante los años noventa hasta de un solo dígito en 2004. El ensayo presenta también los principales desafíos de la política monetaria en la actualidad, a saber: el logro de la estabilidad de precios, el restablecimiento de la confianza del mercado en las monedas nacionales y la congruencia de la política a pesar de los efectos de la volatilidad de los flujos de capital. Por último, se identifican las recurrentes crisis bancarias y la ausencia de disciplina fiscal como los riesgos principales para el éxito de la política monetaria de la América Latina.

Suggested Citation

  • Carstens, Agustín & Jácome H., Luis I., 2005. "La reforma de los bancos centrales latinoamericanos. Avances y desafíos," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(288), pages 683-732, octubre-d.
    • Handle: RePEc:elt:journl:v:72:y:2005:i:288:p:683-732
    DOI: http://dx.doi.org/10.20430/ete.v72i288.560
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    References listed on IDEAS

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    3. Manfred Gärtner, 1997. "Central Bank Independence and the Sacrifice Ratio: The Dark Side of the Force," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(III), pages 513-538, September.
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    7. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
    8. Lora, Eduardo, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," IDB Publications (Working Papers) 3338, Inter-American Development Bank.
    9. Eduardo Lora, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," Research Department Publications 4293, Inter-American Development Bank, Research Department.
    10. Haan, Jakob de & Kooi, Willem J., 2000. "Does central bank independence really matter?: New evidence for developing countries using a new indicator," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 643-664, April.
    11. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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    Cited by:

    1. Adolfo Meisel & Juan D. Barón, 2010. "Un análisis histórico de la independencia de la banca central en América Latina: la experiencia colombiana, 1923-2008," Cuadernos de Historia Económica 6406, Banco de la República, Economía Regional.

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    More about this item

    Keywords

    independencia del banco central; inflación; política monetaria; América Latina;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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

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