New monetary policy Matt Cardy/Getty Images

La “nueva anormalidad” de la política monetaria

NUEVA YORK – Los mercados financieros comienzan a sentir los efectos del desarme de las políticas monetarias no convencionales en muchas economías avanzadas. Pronto, el Banco de Japón (BJ) y el Banco Nacional Suizo (BNS) serán los únicos bancos centrales que sigan manteniendo esa clase de políticas para el largo plazo.

La Reserva Federal de los Estados Unidos empezó a retirar su programa de compra de activos (la flexibilización cuantitativa, o FC) en 2014, y a normalizar los tipos de interés a fines de 2015. Y el Banco Central Europeo (BCE) está analizando con cuánta rapidez reducir su propia política de FC en 2018, y cuándo comenzar a eliminar también los tipos de interés negativos.

En esa misma dirección, el Banco de Inglaterra puso fin a su última ronda de FC (que había iniciado tras el referendo por el Brexit de junio del año pasado) y analiza subir los tipos de interés. También están anunciando subas de las tasas el Banco de Canadá y el Banco de la Reserva de Australia.

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