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En el Banco de México: autonomía, ¿para qué?

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  • Novelo U., Federico

    (UAM)

Abstract

This essay critically examines the meaning, theoretical foundations, and historical effects of the autonomy granted to the Banco de México (Banxico) in 1994 under the neoliberal paradigm. Based on a historical-institutional reconstruction, it argues that such autonomy reduced the central bank’s role to the exclusive control of inflation, detaching it from the objectives of national economic development. Novelo questions the explanatory power of the quantity theory of money (QTM) as the basis of Banxico’s current constitutional mandate, highlighting its limitations in the face of structurally driven inflation and supply-side shocks. The essay also underscores the contradiction between this monetarist conception and the very history of the founding of the Banco de México, originally conceived as an instrument for economic reconstruction and development. Ultimately, it proposes rethinking the role of the central bank as a public institution committed to a comprehensive economic policy aimed at social welfare and national development.

Suggested Citation

  • Novelo U., Federico, 2025. "En el Banco de México: autonomía, ¿para qué?," El Trimestre Económico, Fondo de Cultura Económica, vol. 92(368), pages 959-987, October-D.
    • Handle: RePEc:elt:journl:v:92:y:2025:i:368:p:959-987
    DOI: https://doi.org/10.20430/ete.v92i368.3112
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    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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