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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.

Suggested Citation

  • Eduardo Lora, 2008. "La revolución silenciosa de las instituciones y la estabilidad macroeconómica," Research Department Publications 4615, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4615
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    Keywords

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

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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