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El rol de los títulos emitidos por el Banco Central en los últimos 20 años de política monetaria argentina

Author

Listed:
  • Jorge Carrera

    (Central Bank of Argentina)

  • Gaspar Maciel

    (Central Bank of Argentina)

  • Esteban Rodríguez

    (Central Bank of Argentina)

Abstract

Este trabajo se concentra en la instrumentación de la política monetaria del BCRA desde fines de la convertibilidad hasta el presente. En este proceso, la emisión de pasivos remunerados fue un elemento central que le brindó autonomía operativa al BCRA para implementar su política monetaria en el marco de contextos macroeconómicos diversos. A los fines de recuperar esta historia, la cual deja muchas lecciones para el presente y futuro cercano, se realiza un análisis bajo tres ópticas distintas. En una primera sección, se describen a nivel estilizado los cambios en las hojas de balance ante diversas operaciones de esterilización monetaria. En una segunda sección, se realiza una recopilación de las distintas modificaciones normativas que fueron introduciéndose sobre los títulos emitidos por el BCRA. Finalmente, en una tercera sección, se repasa la historia reciente de la política monetaria y el marco económico en la cual se desarrolló la emisión de títulos propios por parte del BCRA.

Suggested Citation

  • Jorge Carrera & Gaspar Maciel & Esteban Rodríguez, 2023. "El rol de los títulos emitidos por el Banco Central en los últimos 20 años de política monetaria argentina," BCRA Working Paper Series 2023107, Central Bank of Argentina, Economic Research Department.
  • Handle: RePEc:bcr:wpaper:2023107
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Política Monetaria; Banco Central; Pasivos Remunerados;
    All these keywords.

    JEL classification:

    • 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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