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La revolución silenciosa de las instituciones y la estabilidad macroeconómica

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  • Eduardo Lora

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Abstract

La estabilización de las economías y una transformación profunda pero silenciosa de las instituciones ocurrieron en forma paralela en América Latina en las últimas décadas. Este artículo analiza los canales de influencia de los cambios de las instituciones fiscales y de los sistemas políticos en los resultados fiscales, en la inflación y en la probabilidad de ocurrencia y costos de las crisis bancarias. Aunque la fragmentación del poder político tendió a debilitar la disciplina fiscal, las reformas de las instituciones fiscales corrigieron esa tendencia. La mayor competencia política y las restricciones al poder del Ejecutivo hicieron posible el éxito de los bancos centrales independientes, mitigaron algunos canales de riesgo de crisis bancarias y redujeron los costos de largo plazo de dichas crisis. Por consiguiente, los sistemas políticos merecen buena parte del mérito de la estabilización.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4615.

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Date of creation: Nov 2008
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Handle: RePEc:idb:wpaper:4615

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Keywords: instituciones fiscales; instituciones monetarias; crisis bancarias; sistemas políticos; fragmentación política;

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