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Independencia Legal y Efectiva del Banco Central de Reserva del Perú

  • Tuesta Vicente


    (Banco Central de Reserva del Perú)

Este documento resume los conceptos que sustentan la independencia del banco central (IBC) así como la evidencia empírica reciente respecto a los índices de IBC para el Banco Central de Reserva del Perú (BCRP). En particular, se describe cómo han evolucionado tanto la independencia legal (de jure) del BCRP así como sus componentes (independencia económica e independencia política) en comparación con los índices de otros países de la región y de la OECD. Adicionalmente, en línea con Cukierman (2007), se construye un índice de independencia efectiva (IIE) del BCRP (1994- 2007) el cual diverge del índice de independencia legal. Los resultados son los siguientes: En general, los índices de independencia legal reportan una mejora importante a partir de los 90´s en el Perú y las economías de la región. En el caso peruano, la mejora en el índice ha sido liderada principalmente por la mayor independencia económica. A pesar de que la independencia legal no ha cambiado desde el año 1993, la adopción del régimen de metas explícitas de inflación desde el año 2002, el uso de la tasa de interés de referencia como instrumento de política y una política fiscal menos pro-cíclica, han contribuido a alcanzar un mayor índice de independencia efectiva entre los años 1998 y 2007. La mayor independencia efectiva del BCRP es un elemento adicional que sustenta el éxito del BCRP en mantener inflaciones bajas, consistente con su objetivo de preservar la estabilidad de precios.

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Paper provided by Banco Central de Reserva del Perú in its series Working Papers with number 2007-012.

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Date of creation: Aug 2007
Date of revision:
Handle: RePEc:rbp:wpaper:2007-012
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  1. Castillo, Paul & Montoro, Carlos & Tuesta, Vicente, 2007. "Hechos estilizados de la economía peruana," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 14, pages 33-75.
  2. Bernd Hayo & Stefan Voigt, 2005. "Inflation, Central Bank Independence and the Legal System," Money Macro and Finance (MMF) Research Group Conference 2005 57, Money Macro and Finance Research Group.
  3. Renzo Rossini Miñán, 2002. "Aspectos de la adopción de un esquema de metas explícitas de inflación en el Perú," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 5(1), pages 47-67, June.
  4. Adrián Armas & Francisco Grippa, 2005. "Targeting Inflation in a Dollarized Economy: The Peruvian Experience," IDB Publications (Working Papers) 6827, Inter-American Development Bank.
  5. Bernard Laurens & Martin Sommer & Marco Arnone & Jean-François Segalotto, 2007. "Central Bank Autonomy: Lessons from Global Trends," IMF Working Papers 07/88, International Monetary Fund.
  6. Jean-François Segalotto & Marco Arnone & Bernard Laurens, 2006. "Measures of Central Bank Autonomy: Empirical Evidence for OECD, Developing, and Emerging Market Economies," IMF Working Papers 06/228, International Monetary Fund.
  7. Orrego, Fabrizio, 2007. "Autonomía del Banco Central de Reserva del Perú: Una perspectiva histórica," Revista Moneda, Banco Central de Reserva del Perú, issue 135, pages 16-22.
  8. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  9. Paúl Castillo & Alberto Humala & Vicente Tuesta, 2012. "Regime shifts and inflation uncertainty in Peru," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 71-87, May.
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