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Regulación y supervisión: La otra cara de la política monetaria

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  • Carlos Gustavo Cano

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    Abstract

    La mayoría de los primeros bancos centrales que surgieron en el planeta ejercíaciertas formas incipientes de regulación y supervisión de los bancos comerciales.Posteriormente, algunos países optaron por depositar esa responsabilidad enagencias gubernamentales especializadas, entre ellos Colombia. Luego vinieron losAcuerdos Basilea I y II, que apuntaron hacia el establecimiento de un mínimo depatrones internacionales comunes. No obstante, con la liberalización y desregulaciónde los mercados de capitales, la multiplicación de nuevos intermediarios financierosno bancarios, y el desarrollo de nuevos productos financieros - varios orientados adispersar los riesgos y a aislarlos de sus balances- , y en medio de la ostensible faltade independencia de no pocos órganos supervisores frente a gobiernos y sectoresprivados, se ha vuelto en extremo frágil la política monetaria convencional. Esto es,aquella basada fundamentalmente y de modo casi exclusivo en el manejo de las tasasde interés de intervención a cargo de los bancos centrales. En este documento elautor presenta, para el caso de Colombia, los principales argumentos que respaldansu propuesta de confiarle adicionalmente al banco central las funciones deregulación y supervisión. El propósito que con ello se busca es garantizar ysalvaguardar la efectividad de la política monetaria, de cara al control de lainflación y a la estabilidad financiera, al considerar que, frente a las nuevasrealidades, aquellas representan una pieza medular e inseparable de esta.

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    Bibliographic Info

    Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004587.

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    Length: 0
    Date of creation: 02 Apr 2008
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    Handle: RePEc:col:000094:004587

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    Keywords: Política Monetaria; regulación; supervisión; inflación y estabilidadfinanciera;

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    1. Raghuram G. Rajan, 2005. "Has financial development made the world riskier?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 313-369.
    2. Hyman P. Minsky, 1992. "The Capitalist Development of the Economy and the Structure of Financial Institutions," Economics Working Paper Archive wp_72, Levy Economics Institute.
    3. Ethan Kaplan & Dani Rodrik, 2002. "Did the Malaysian Capital Controls Work?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 393-440 National Bureau of Economic Research, Inc.
    4. Frederic S. Mishkin, 2007. "Financial instability and monetary policy : a speech at the Risk USA 2007 Conference, New York, New York, November 5, 2007," Speech 334, Board of Governors of the Federal Reserve System (U.S.).
    5. Claudio E. V. Borio, 2007. "Change and constancy in the financial system: implications for financial distress and policy," BIS Working Papers 237, Bank for International Settlements.
    6. Gorton, Gary, 1985. "Clearinghouses and the Origin of Central Banking in the United States," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 277-283, June.
    7. Alberto Alesina & Alberto Carrasquilla & Roberto Steiner, 2000. "El Banco Central en Colombia," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 002458, FEDESARROLLO.
    8. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    9. C. A.E. Goodhart, 2005. "Financial Regulation, Credit Risk and Financial Stability," National Institute Economic Review, National Institute of Economic and Social Research, vol. 192(1), pages 118-127, April.
    10. Frederic S. Mishkin, 2008. "Monetary policy flexibility, risk management, and financial disruptions : a speech at the Federal Reserve Bank of New York, New York, New York, January 11, 2008," Speech 353, Board of Governors of the Federal Reserve System (U.S.).
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