Repensar el tabú de la monetización

LONDRES – Ahora que el ritmo de la reducción gradual del programa de compra de activos de la Reserva Federal de EE. UU. ha sido debatido hasta el cansancio, la atención se volcará cada vez más hacia la posibilidad de aumentos de las tasas de interés. Pero otra pregunta se avecina: ¿Cómo lograrán los bancos centrales «salir» finalmente de la política monetaria no convencional y devolver a los balances hinchados por esa política sus niveles «normales»?

Para muchos, una cuestión aún más importante debe ser solucionada. La reducción gradual de la Fed meramente desacelera el crecimiento de su balance. Las autoridades aún deberán vender tres billones de dólares en bonos para regresar a la situación previa a la crisis.

La verdad rara vez admitida, sin embargo, es que no hay necesidad de que los balances de los bancos centrales se reduzcan. Pueden mantener su tamaño mayor permanentemente y, en algunos países, esos balances aumentados de los bancos centrales ayudarán a reducir el peso de la deuda pública.

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