La tentación de los bancos centrales

WASHINGTON, DC – El sistema bancario se ha convertido en el talón de Aquiles de gran parte de los bancos centrales. Esto puede parecer paradójico, ya que, después de todo, el término “banca” define sus funciones. Sin embargo, muchas personas, que actualmente son altos funcionarios de nuestros bancos centrales construyeron sus carreras durante los años ochenta y noventa, cuando el riesgo de inflación era muy importante, así pues, –la inflación, en lugar de la regulación y vigilancia bancarias– sigue siendo el principal tema de interés de las inquietudes intelectuales y prácticas de dichos funcionarios.

Asimismo, parte de la experiencia formativa de muchos banqueros centrales en el último lustro ha sido la necesidad de evitar un potencial colapso de la producción, mediante medidas que impidan una caída de los precios, entre otras. Este objetivo se ha logrado porque han mantenido el crédito, independientemente del efecto que pueda tener sobre la estructura o incentivos en el sector bancario.

No es una sorpresa que los banqueros centrales de ahora continúan mostrando deferencia a  aquellos que dirigen bancos privados importantes. Los bancos centrales tienen un gran control sobre la oferta de dinero de una economía, y puedan afectar tasas de interés de una amplia variedad de créditos y títulos. Sin embargo, los bancos del sector privado se encargan de los créditos y al mismo tiempo asumen responsabilidad de aspectos importantes del funcionamiento de los mercados financieros.

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