Abstract

BERNAL, Martha Lucía. Is the Bank of the Republic neutral? A critical analysis of the 1991 reform. Cuad. Econ. [online]. 2021, vol.40, n.82, pp.113-135.  Epub Mar 01, 2021. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v40n82.78237.

The 1991 Central Bank reform was addressed to create an autonomous and independent institution for the particular interests and political logic. To do so, a directorate comprised of technicians was organised, restricting government and private party loans with emission sources. In this paper we question the concept of neutrality, which is attributed to the reform mentioned. We show how the emission restriction forced all the agents to search for financing in the financial sector, leaving them subjected to the logic and interests of the creditor. This is why the neutrality of the reform is being questioned.

JEL: A14, B59, E58, H63.

Keywords : Central Bank; debt; neutrality; emission; constitutional reform.

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