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Políticas monetarias e inflación, Colombia 1951-1989

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  • Luis Lorente

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Abstract

A partir de la comparación entre dos periodos, de 20 años cada uno, caracterizados el primero por la aplicación de políticas keynesianas, y el segundo por el predominio de estrategias monetaristas se constata en este trabajo, que la aplicación de políticas monetarias coincide con la agudización del desempleo, la disminución en el ritmo de crecimiento y el aumento sistemático de la inflación. Del análisis se concluye que: el crecimiento de los precios ocurre sin que haya un aumento previo de la oferta monetaria, el crecimiento de los medios de pago es un proceso endógeno causado por las necesidades de crédito del sistema, la velocidad de crecimiento deldinero se explica por cambios previos y simultáneos de los precios, sin que haya evidencia de causaciones reciproca, y que la aceleración de la inflación es inversa a los medios de pago reales, es decir, que las medidas contraccionistas tienden a generar mayor inflación. Las teorías postkeynesianas de la inversión y la teoría del circuito proporcionan una explicación: la restricción monetaria reduce el crédito privado yobliga a las empresas a elevar los precios para financiar sus contratos y compromisos de gastos; lo cual disminuye el volumen de ventas, frena la inversión y justifica un menor crecimiento.

Suggested Citation

  • Luis Lorente, 1991. "Políticas monetarias e inflación, Colombia 1951-1989," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, June.
  • Handle: RePEc:col:000093:008288
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    File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/15/v11n15_lorente_1991.pdf
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    References listed on IDEAS

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    Keywords

    Cuadernos de Economía; 11(15); 1991.;

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