{"id":28906,"date":"2016-09-03T00:00:00","date_gmt":"2016-09-02T22:00:00","guid":{"rendered":"https:\/\/aeb.workingdemos.es\/actualidad\/te-interesa\/aeb-informa\/limites-en-politica-monetaria\/"},"modified":"2026-02-23T11:18:06","modified_gmt":"2026-02-23T10:18:06","slug":"limites-en-politica-monetaria","status":"publish","type":"blog-aeb","link":"https:\/\/aeb.workingdemos.es\/en\/actualidad\/te-interesa\/aeb-informa\/limites-en-politica-monetaria\/","title":{"rendered":"L\u00edmites en pol\u00edtica monetaria"},"content":{"rendered":"<p>Sin duda, una expresi\u00f3n totalmente err\u00f3nea. Aunque admito que unos tipos de inter\u00e9s bajos, incluso nulos, inducen al error. Y esta percepci\u00f3n, dinero&#8221;regalado&#8221; frente a la realidad de unas &#8220;condiciones de cr\u00e9dito hist\u00f3ricamente favorables&#8221;, es uno de los muchos riesgos que est\u00e1n asumiendo los bancos centrales con sus medidas monetarias extremas. Al final, que los agentes econ\u00f3micos asuman riesgos excesivos ante unas condiciones de financiaci\u00f3n tan laxas. Condiciones, por otro lado, en teor\u00eda imprescindibles para que la recuperaci\u00f3n econ\u00f3mica se profundice y con ello se alcance el objetivo de inflaci\u00f3n.<\/p>\n<p class=\"p1\">Pero, \u00bfde verdad es una cuesti\u00f3n de coste de financiaci\u00f3n conseguirlo? Sinceramente, yo no lo creo. Los tipos de inter\u00e9s son el precio de tomar dinero prestado. Y el dinero, abundante, es la clave para aumentar la inflaci\u00f3n. Pero, ocho a\u00f1os despu\u00e9s de comenzar a implementar estas medidas extremas a nivel mundial, las expectativas de inflaci\u00f3n no aumentan. Y esto coincide con un crecimiento global moderado, m\u00e1s pr\u00f3ximo a estancamiento desde una perspectiva hist\u00f3rica. \u00bfCu\u00e1l es el problema? El peso del sector financiero en la financiaci\u00f3n de la econom\u00eda se reduce en beneficio de la financiaci\u00f3n mayorista, claramente beneficiada por una pol\u00edtica monetaria que utiliza instrumentos tradicionales (tipos de inter\u00e9s) y excepcionales (compra de activos financieros).<\/p>\n<h6><a href=\"https:\/\/aeb.workingdemos.es\/wp-content\/uploads\/2017\/12\/00-201601876.pdf\">Leer art\u00edculo completo del portavoz en El Economista<\/a><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Los bancos centrales est\u00e1n ofreciendo dinero gratis&#8221;&#8230; \u00bfCu\u00e1ntas veces han escuchado esta expresi\u00f3n? Sin duda, una expresi\u00f3n totalmente err\u00f3nea. Aunque admito que unos tipos de inter\u00e9s bajos, incluso nulos, inducen al error.<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","etiquetas":[287,289,327],"categorias-blog":[117],"class_list":["post-28906","blog-aeb","type-blog-aeb","status-publish","hentry","etiquetas-banca","etiquetas-inflacion","etiquetas-tipos-de-interes","categorias-blog-portavoz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>L\u00edmites en pol\u00edtica monetaria - Art\u00edculo en El Economista<\/title>\n<meta name=\"description\" content=\"Los bancos centrales est\u00e1n ofreciendo dinero gratis\u201d... \u00bfCu\u00e1ntas veces han escuchado esta expresi\u00f3n? 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