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Master's Dissertation
DOI
10.11606/D.101.2017.tde-21032017-131859
Document
Author
Full name
Fernando Luiz Brandão Marques
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2017
Supervisor
Committee
Lins, Maria Antonieta Del Tedesco (President)
Duran, Camila Villard
Turolla, Frederico Araujo
Title in Portuguese
Os efeitos da crise financeira sobre a autonomia dos bancos centrais: as decisões do Banco do México entre 2009 e 2014
Keywords in Portuguese
Banco Central
Crise financeira
México
Países emergentes
Política monetária
Abstract in Portuguese
O objetivo do trabalho será avaliar se os efeitos da crise financeira de 2008 relativizaram as características da autonomia dos bancos centrais, que são conceitualmente vinculadas à manutenção da estabilidade de preços como objetivo singular da política monetária. Devido a seu perfil institucional e seu contexto de atuação, as decisões do Banco de México (Banxico) servirão como estudo de caso. A análise busca demonstrar que, diante da severidade dos efeitos da crise, o Banxico optou por aplicar uma política monetária eclética no período, já que abandonou ocasionalmente seu mandato constitucional orientado para a estabilidade de preços, mesmo que sem prejuízos ao cumprimento das metas de inflação. Por um lado, o banco seguiu conservador na utilização da taxa de juros como principal instrumento monetário, sem recorrer à compra direta de ativos e outros mecanismos não convencionais aplicados nos países industrializados. Por outro, demonstrou sensibilidade à degradação do cenário internacional e à atividade doméstica, tanto ao manter os juros inalterados durante um longo período, como ao reduzi-los sucessivamente diante do desempenho fraco da produção entre 2013 e 2014. Assim, ao menos durante a crise, o comportamento do Banxico se afastou das definições convencionais sobre a autonomia do banco central, o que reforçou a natureza política da organização.
Title in English
The effects of the financial crisis on the autonomy of Central Banks: Banco de México decisions between 2009 and 2014
Keywords in English
Central Banking
Emerging markets
Financial crisis
Mexico
Monetary policy
Abstract in English
This article aims to evaluate if the effects of the 2008 financial crisis relativized the main characteristics of the central bank's autonomy, that are conceptually related to the maintenance of price stability as a single objective of the monetary policy. Due to its institutional profile and its operational context, the decisions of the Banco de Mexico (Banxico) will serve as a case study. The analysis seek to demonstrate that, despite the severity of the crisis, Banxico has chosen to apply na eclectic monetary policy in the period, as it occasionally abandoned its constitutional mandate oriented towards price stability, even without harm to the achievement of its inflation targets. On the one hand, the bank remained conservative in the use of the interest rate as the main monetary instrument, without resorting to the direct asset purchase or other non-conventional mechanisms applied by industrialized countries. On the other, the bank demonstrated sensitivity to the degradation of the international markets and domestic activity, both by keeping the interest rate at the same level for a longer period as by reducing it succesively before the poor output performance between 2013 and 2014. Thus, at least during the crisis, Banxico's behavior departed from the conventional definitions of the autonomy of central banks, which reinforced the political nature of the organization.
 
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Publishing Date
2017-03-21
 
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