¿Un nuevo régimen monetario para los países emergentes?

SANTIAGO – ¿Agoniza el sistema de metas inflacionarias utilizado por la mayoría de los bancos centrales más importantes del mundo –pero no la Reserva Federal de Estados Unidos– para fijar las tasas de interés?  Muchos analistas así lo creen.

Mark Carney, actual gobernador del Banco de Canadá, aún sin haber asumido su nuevo cargo como mandamás del Banco de Inglaterra (BoE) ya anunció posibles cambios en su ancla de política. En Japón, el partido liberal demócrata ganó las elecciones generales de diciembre luego de prometer una política monetaria más expansionaria. Y en EE. UU., la Reserva Federal anunció que mantendrá bajas las tasas de interés hasta que el desempleo alcance el 6.5%.

Nada de esto es tan nuevo como parece. En los países ricos, las metas inflacionarias se han venido debilitando desde la crisis financiera de 2008-2009. Las compras de activos en gran escala efectuadas por el Banco Central Europeo, por ejemplo, tienen poco que ver con cualquier definición de una política de metas inflacionarias.

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