¿Los mercados financieros permiten la independencia de los Bancos Centrales?

Autores/as

  • Damià Rey Miró Director GVC Institute y profesor en varias universidades.
  • Pedro Piffaut Managing Director at Langeron Econometrics.
  • Ricardo Palomo Zurdo Economics Department, Universidad San Pablo CEU de Madrid, España.

DOI:

https://doi.org/10.32826/reyf.v1i1.337

Palabras clave:

Bancos Centrales, mercados financieros, política monetaria, ciclos económicos, cointegración, ciclos financieros

Resumen

El trabajo de investigación que se presenta a continuación aborda la posible preocupación de la independencia del Banco Central a través del desarrollo y aplicación de modelos econométricos. La complejidad de la modelización ha permitido ir un paso más allá al corroborar que la independencia financiera no sólo está ligada a los nombramientos y presiones de los estados en torno a su política económica sino también al papel que juegan los mercados financieros al actuar como una fuerza que dicta y contamina las decisiones de los Bancos Centrales. En este sentido, el trabajo propone una base teórica de recomendaciones sobre la aplicación de la nueva política monetaria en un entorno más complejo, tanto por la pandemia que azota al mundo como por el abultado endeudamiento que arrastran los países. El documento concluye con una serie de medidas y consejos que podrían ser abordados por los hacedores de política monetaria dada la necesaria, pero no fácil, "normalización" de la política monetaria que se requiere a nivel global.

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Publicado

2022-10-26 — Actualizado el 2023-02-13

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