La eterna inflación de Rusia

En la Rusia eterna, nada cambia en materia de gestión monetaria. Año tras año, el Banco Central Ruso (BCR) culpa al tiempo, a la mala cosecha o a otros factores no monetarios de su deficiente actuación para reducir la tasa de inflación.

A diferencia de muchas economías de mercado en ascenso y en transición en el decenio de 1990, Rusia no abandonó el sostén del tipo de cambio fijo en pro de un régimen encaminado a reducir la inflación como guía para su política monetaria. A consecuencia de ello, el período que se inició a partir de la crisis financiera de 1998 ha creado graves problemas para las políticas monetaria y de tipos de cambio. Al encontrarse con un superávit de la balanza de pagos –gracias en gran medida a los precios del petróleo–, el “programa monetario” del BCR para 2005 se sale por la tangente: la reducción de la inflación es una prioridad, pero también lo es la de no olvidar los tipos de cambio para apoyar el crecimiento.

Ese planteamiento más activo que reflexivo da buenos resultados en los Estados Unidos, por ejemplo, donde la Reserva Federal se ha granjeado la credibilidad antiinflacionista, pero la ejecutoria del BCR desde 1992 ha hecho poco para estabilizar las perspectivas de inflación y convencer a los empresarios, inversores, funcionarios estatales y rusos comunes y corrientes de que está centrando su actuación de verdad en la tarea de frenar el aumento de los precios.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/sn4lBmn/es;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now