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Reglas monetarias en Colombia y Chile

Author

Listed:
  • Jorge Enrique Restrepo

Abstract

“Muchos países latinoamericanos han experimentado altas tasas de inflación durante largos períodos de tiempo. Esta situación empezó a cambiar al final de la última década, cuando se llegó a un consenso sobre la importancia de las políticas anti-inflacionarias. Chile y Colombia constituyen buenos ejemplos de ambos casos respectivamente: aunque los dos países iniciaron la década de los ochenta con tasas de inflación similares, durante los anos noventa sus tasas de inflación siguieron caminos disímiles. Este artículo busca determinar empíricamente aquellos elementos que están sistemáticamente presentes en las políticas económicas aplicadas por Colombia y Chile. Con este propósito se siguen los pasos de Clarida, Galí y Gertler (1997 b,c) y hago una estimación de una función de reacción prospectiva para el banco central de cada uno de estos dos países. Para que este ejercicio tenga validez, la política monetaria debe tener cierto grado de autonomía. Aunque Colombia y Chile son economías pequenas y abiertas, en términos de sus políticas monetarias pueden ser consideradas autónomas. Los resultados de este artículo deben ayudar a determinar por qué la política del Banco Central de Chile ha tenido más éxito en reducir la volatilidad y el nivel de la tasa de inflación que el Banco de la República de Colombia. A continuación se describen algunas características de la política monetaria en ambos países durante las últimas dos décadas. La tercera parte de este estudio contiene la función de reacción que se ha de estimar y describe el método empleado para estimarla. La cuarta parte expone los resultados obtenidos y la última parte presenta las conclusiones.”

Suggested Citation

  • Jorge Enrique Restrepo, 1998. "Reglas monetarias en Colombia y Chile," Coyuntura Económica, Fedesarrollo, December.
    • Handle: RePEc:col:000438:013499
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    File URL: http://hdl.handle.net/11445/2154
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    References listed on IDEAS

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    Cited by:

    1. Frederic S. Miskin & Klaus Schmidt-Hebbel, 2007. "Does Inflation Targeting Make a Difference?," Central Banking, Analysis, and Economic Policies Book Series, in: Frederic S. Miskin & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Monetary Policy under Inflation Targeting, edition 1, volume 11, chapter 9, pages 291-372, Central Bank of Chile.
    2. Berg, Andrew & Borensztein, Eduardo & Mauro, Paolo, 2002. "An evaluation of monetary regime options for Latin America," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 213-235, December.

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    More about this item

    Keywords

    Informes de Investigación; Política Monetaria; Inflación; Tasa de Interés; Tipo de Cambio; Tipo de Cambio Real;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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