¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia
Este artículo da luz sobre un tema olvidado en economía: la responsabilidad social de los bancos centrales en una democracia. Consideramos que los bancos centrales son instituciones de poder y, como tales, ni ellos ni sus políticas son neutrales, pues hay ganadores y perdedores inevitables. Explicamos por qué y cómo la sociedad debe regular y controlar su poder. Nos centramos en el carácter distributivo del ingreso de la política monetaria para demostrar esta afirmación, y mostramos que ha llegado la hora de construir un nuevo marco de banca central que mejore la   responsabilidad social de los bancos centrales conforme al espíritu de un sistema democrático, que se base en nuevas reglas, nuevos tipos de organizació... Ver más
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Louis-Philippe Rochon, Guillaume Vallet - 2022
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
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UNIVERSIDAD EXTERNADO DE COLOMBIA |
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| country_str |
Colombia |
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Revista de Economía Institucional |
| title |
¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia |
| spellingShingle |
¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia Vallet, Guillaume Rochon, Louis-Philippe bancos centrais, banqueiros centrais, poder, responsabilidade social, democracia bancos centrales, banqueros centrales, poder, responsabilidad social, democracia B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 central banks, central bankers, power, social responsibility, democracy |
| title_short |
¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia |
| title_full |
¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia |
| title_fullStr |
¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia |
| title_full_unstemmed |
¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia |
| title_sort |
¿instituciones del pueblo, por el pueblo y para el pueblo? abordar el poder y la responsabilidad social de los bancos centrales en una democracia |
| title_eng |
The institutions of the people, by the people and for the people? Addressing central banks’ power and social responsibility in a democracy |
| description |
Este artículo da luz sobre un tema olvidado en economía: la responsabilidad social de los bancos centrales en una democracia. Consideramos que los bancos centrales son instituciones de poder y, como tales, ni ellos ni sus políticas son neutrales, pues hay ganadores y perdedores inevitables. Explicamos por qué y cómo la sociedad debe regular y controlar su poder. Nos centramos en el carácter distributivo del ingreso de la política monetaria para demostrar esta afirmación, y mostramos que ha llegado la hora de construir un nuevo marco de banca central que mejore la   responsabilidad social de los bancos centrales conforme al espíritu de un sistema democrático, que se base en nuevas reglas, nuevos tipos de organización interna y una ética de la responsabilidad de nuevo tipo.
|
| description_eng |
This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers. We explain why and how their power should be regulated and controlled by society. Specifically, we focus on the income distributive nature of monetary policy to demonstrate this assertion. From this, we explain that the time is ripe to build a new framework for central banking aiming at improving central banks’ social responsibility consistent with the spirit of a democratic system, and resting on new rules, new types of inner organization and, more broadly, an ethics of responsibility of a new kind.
|
| author |
Vallet, Guillaume Rochon, Louis-Philippe |
| author_facet |
Vallet, Guillaume Rochon, Louis-Philippe |
| topicspa_str_mv |
bancos centrais, banqueiros centrais, poder, responsabilidade social, democracia bancos centrales, banqueros centrales, poder, responsabilidad social, democracia B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 |
| topic |
bancos centrais, banqueiros centrais, poder, responsabilidade social, democracia bancos centrales, banqueros centrales, poder, responsabilidad social, democracia B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 central banks, central bankers, power, social responsibility, democracy |
| topic_facet |
bancos centrais, banqueiros centrais, poder, responsabilidade social, democracia bancos centrales, banqueros centrales, poder, responsabilidad social, democracia B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 B55, E02, E12, E52, E58 central banks, central bankers, power, social responsibility, democracy |
| citationvolume |
25 |
| citationissue |
48 |
| citationedition |
Núm. 48 , Año 2023 : Enero-junio |
| publisher |
Universidad Externado de Colombia |
| ispartofjournal |
Revista de Economía Institucional |
| source |
https://revistas.uexternado.edu.co/index.php/ecoins/article/view/8500 |
| language |
Español |
| format |
Article |
| rights |
http://creativecommons.org/licenses/by-nc-sa/4.0 Louis-Philippe Rochon, Guillaume Vallet - 2022 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 |
| references |
Adolph, C. (2013). Bankers, bureaucrats, and central bank politics: The myth of neutrality. Cambridge, UK: Cambridge University Press. Alesina, A. y Tabellini, G. (2008). Bureaucrats or politicians? Part II: Multiple policy tasks. Journal of Public Economics, 92, 426-447. Alonso-R., A., Cruz-A. S. y Venegas-M., F. (2019). Impact of monetary policy on financial markets efficiency under speculative bubbles: A non-normal and non-linear entropy-based approach. Análisis Económico, 34(86), 157-178. Ampudia, M. D., Georgarakos, J. S. et al. (2018). Monetary policy and household inequality, working paper 2179. Frankfurt am Main: European Central Bank. Balls. E., Howat. J. y Stansbury. A. (2018). Central bank independence revisited: After the financial crisis, what should a model central bank look like? M-RCBG Associate working paper 87, Cambridge MA: Harvard Kennedy Business School. Banque de France. (2021). Responsible investment: an issue of growing importance for the Banque de France and the central banking community. Bulletin de la Banque de France, 234(4), 1-8. Blanchard, O. (1995). Macroeconomic implications of shifts in the relative demand for skills. Economic Policy Review, 1(1), 48-53. Braunstein, E. (2013). Central bank policy and gender. En D. M. Figart y T. L. Warnecke (eds.), Handbook of research on gender and economic life (pp. 345-358). Cheltenham: Edward Elgar Publishing. Braunstein, E. y Heintz, J. (2008). Gender bias and central bank policy: Employment and inflation reduction. International Review of Applied Economics, 22(2), 173-186. Braunstein, E. y Seguino, S. (2018). The impact of economic policy and structural change on gender employment inequality in Latin America, 1990-2010. Review of Keynesian Economics, 6(3), 307-332. Buiter, W. (2010). Games of ‘chicken’ between monetary and fiscal authority: Who will control the deep pockets of the central bank? Global Economics View, 21 de julio. Londres: Citi Economics. Casiraghi, M., Gaiotti, E. et al. (2018). A ‘reverse Robin Hood’ effect? The distributional implications of non-standard monetary policy for Italian households. Journal of International Money and Finance, 85(C), 215-235. Coeuré, B. (2013). Outright monetary transactions, one year on, speech given at the conference The ECB and its OMT Programme. Berlín, [https://www.ecb.europa.eu/press/key/date/2013/html/sp130902.en.html]. Couppey-S., J. (2020). La ‘monnaie hélicoptère’ contre la dépression dans le sillage de la crise sanitaire. Institut Veblen, [https://www.veblen-institute.org/La-monnaie-helicoptere-contre-la-depressiondans-le-sillage-de-la-crise.html]. Cousin, J., B. y Earl, L. (1992). The case for participatory evaluation. Educational Evaluation and Policy Analysis, 14(4), 397-418. Créel, J., Latreille, T. y Le Cacheux, J. (2002). Le pacte de stabilité et les politiques budgétaires dans l’Union européenne. Revue de l’OFCE, 85(3), 245-297. Cynamon, B. Z., Fazzari, S. y Setterfield, M. (eds.) (2013). After the Great Recession: The struggle for economic recovery and growth. Cambridge UK: Cambridge University Press. Debrun, X. y Wyplosz, C. (1999). Onze gouvernements et une Banque centrale. Revue d’économie politique, 109(3), 387-420. Dewey, J. (1954). The public and its problems. Athens OH: Swallow Press. Dietsch, P., Claveau, F. y Fontan, C. (2018). Do central banks serve the people? Cambridge UK: Polity Press. Diouf, I. y Pépin, D. (2017). Gender and central banking. Economic Modelling, 61(C), 193-206. Downey, L. (2020). Delegation in democracy: A temporal analysis. The Journal of Political Philosophy, 29(3), 305-329. Duran, P., Monnier, E. y Smith, A. (1995). Evaluation à la française: Towards a new relationship between social science and the public action. Evaluation, 1(1), 45-63. Epstein, G. (2015). A contested terrain approach to Central Banking. En L.-P. Rochon y S. Rossi (eds.), The encyclopaedia of central banking (pp- 105-107). Cheltenham: Edward Elgar. Epstein, G. y Schor, J. (1990). Macropolicy in the rise and fall of the golden age. En S. Marglin y J. Schor (eds.), The golden age of capitalism: Reinterpreting the postwar experience (pp. 126-152). Nueva York: Oxford University Press. Farvaque, E., Hayat, M. A. y Mihailov, A. (2016). Who supports the ECB? Evidence from Eurobarometer survey data. The World Economy, 40(4), 654-677. Fernández-A. J. (2015). The politics of central bank independence. Annual Review of Political Science, 18, 217-237. Fetterman, D. M., Kaftarian, S. J. y Wandersman, A. (eds.) (1996). Empowerment evaluation: Knowledge and tool for self-assessment and accountability. Londres y Thousand Oaks CA: Sage Publishing. Filardo, A. (2004). Monetary policy and asset price bubbles: Calibrating the monetary policy trade-offs. BIS working paper 155. Basilea: Bank for International Settlements. Guba, E. G. y Lincoln, Y.S. (1989). Fourth generation evaluation. Londres: Sage Publishing. Haldane, A. (2016). The Sneeches, speech given at the Scottish Business Friends dinner in aid of BBC children in need, 12 de mayo, Edinburgo, [https://www.bankofengland.co.uk/-/media/boe/files/speech/2016/the-sneetches.pdf ]. House, E. R. (2005). Promising practices: The many forms of democratic evaluation. Evaluation Exchange, 11(3), 1-7. Johnson, J. (2016). Priests of prosperity: How central bankers transformed the Postcommunist world. Ithaca: Cornell University Press. Kappes, S. (2021). Monetary policy and personal income distribution: A survey of the empirical literature. Review of Political Economy, [https:// doi.org/10.1080/09538259.2021.1943159]. Kappes, S., Rochon, L.-P. y Vallet G. (eds.) (2022). The future of central banking. Cheltenham: Edward Elgar (de próxima aparición). Krugman, P. (2018). Why was Trump’s tax cut a fizzle? NYT blog, [https://www.nytimes.com/2018/11/15/opinion/tax-cut-fail-trump.html]. Lavoie, M. 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Revue de la régulation, 25, [http:// journals.openedition.org/regulation/14738]. Vallet, G. (2020). Gender diversity as a tool to make central banks progressive institutions: The case of the Central Bank of Ecuador. En M. Yağcı (ed.), Political economy of central banking in emerging countries (pp. 151-167). Londres: Routledge. Vallet, G. (2022). The necessary winds of change: Empowering women in central banking. En S. Kappes, L.-P. Rochon y G. Vallet G. (eds.), The future of central banking, Cheltenham: Edward Elgar (de próxima aparición). Walsh, C. E. (1995). Optimal contracts for central bankers. American Economic Review, 85(1), 150-167. Weber, M. (1963). Le savant et le politique [1919]. París: Plon. |
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¿Instituciones del pueblo, por el pueblo y para el pueblo? Abordar el poder y la responsabilidad social de los bancos centrales en una democracia Adolph, C. (2013). Bankers, bureaucrats, and central bank politics: The myth of neutrality. Cambridge, UK: Cambridge University Press. Alesina, A. y Tabellini, G. (2008). Bureaucrats or politicians? Part II: Multiple policy tasks. Journal of Public Economics, 92, 426-447. Alonso-R., A., Cruz-A. S. y Venegas-M., F. (2019). Impact of monetary policy on financial markets efficiency under speculative bubbles: A non-normal and non-linear entropy-based approach. Análisis Económico, 34(86), 157-178. Ampudia, M. D., Georgarakos, J. S. et al. (2018). Monetary policy and household inequality, working paper 2179. Frankfurt am Main: European Central Bank. Balls. E., Howat. J. y Stansbury. A. (2018). Central bank independence revisited: After the financial crisis, what should a model central bank look like? M-RCBG Associate working paper 87, Cambridge MA: Harvard Kennedy Business School. Banque de France. (2021). Responsible investment: an issue of growing importance for the Banque de France and the central banking community. Bulletin de la Banque de France, 234(4), 1-8. Blanchard, O. (1995). Macroeconomic implications of shifts in the relative demand for skills. Economic Policy Review, 1(1), 48-53. Braunstein, E. (2013). Central bank policy and gender. En D. M. Figart y T. L. Warnecke (eds.), Handbook of research on gender and economic life (pp. 345-358). Cheltenham: Edward Elgar Publishing. Braunstein, E. y Heintz, J. (2008). Gender bias and central bank policy: Employment and inflation reduction. International Review of Applied Economics, 22(2), 173-186. Braunstein, E. y Seguino, S. (2018). The impact of economic policy and structural change on gender employment inequality in Latin America, 1990-2010. Review of Keynesian Economics, 6(3), 307-332. Buiter, W. (2010). Games of ‘chicken’ between monetary and fiscal authority: Who will control the deep pockets of the central bank? Global Economics View, 21 de julio. Londres: Citi Economics. Casiraghi, M., Gaiotti, E. et al. (2018). A ‘reverse Robin Hood’ effect? The distributional implications of non-standard monetary policy for Italian households. Journal of International Money and Finance, 85(C), 215-235. Coeuré, B. (2013). Outright monetary transactions, one year on, speech given at the conference The ECB and its OMT Programme. Berlín, [https://www.ecb.europa.eu/press/key/date/2013/html/sp130902.en.html]. Couppey-S., J. (2020). La ‘monnaie hélicoptère’ contre la dépression dans le sillage de la crise sanitaire. Institut Veblen, [https://www.veblen-institute.org/La-monnaie-helicoptere-contre-la-depressiondans-le-sillage-de-la-crise.html]. Cousin, J., B. y Earl, L. (1992). The case for participatory evaluation. Educational Evaluation and Policy Analysis, 14(4), 397-418. Créel, J., Latreille, T. y Le Cacheux, J. (2002). Le pacte de stabilité et les politiques budgétaires dans l’Union européenne. Revue de l’OFCE, 85(3), 245-297. Cynamon, B. Z., Fazzari, S. y Setterfield, M. (eds.) (2013). After the Great Recession: The struggle for economic recovery and growth. Cambridge UK: Cambridge University Press. Debrun, X. y Wyplosz, C. (1999). Onze gouvernements et une Banque centrale. Revue d’économie politique, 109(3), 387-420. Dewey, J. (1954). The public and its problems. Athens OH: Swallow Press. Dietsch, P., Claveau, F. y Fontan, C. (2018). Do central banks serve the people? Cambridge UK: Polity Press. Diouf, I. y Pépin, D. (2017). Gender and central banking. Economic Modelling, 61(C), 193-206. Downey, L. (2020). Delegation in democracy: A temporal analysis. The Journal of Political Philosophy, 29(3), 305-329. Duran, P., Monnier, E. y Smith, A. (1995). Evaluation à la française: Towards a new relationship between social science and the public action. Evaluation, 1(1), 45-63. Epstein, G. (2015). A contested terrain approach to Central Banking. En L.-P. Rochon y S. Rossi (eds.), The encyclopaedia of central banking (pp- 105-107). Cheltenham: Edward Elgar. Epstein, G. y Schor, J. (1990). Macropolicy in the rise and fall of the golden age. En S. Marglin y J. Schor (eds.), The golden age of capitalism: Reinterpreting the postwar experience (pp. 126-152). Nueva York: Oxford University Press. Farvaque, E., Hayat, M. A. y Mihailov, A. (2016). Who supports the ECB? Evidence from Eurobarometer survey data. The World Economy, 40(4), 654-677. Fernández-A. J. (2015). The politics of central bank independence. Annual Review of Political Science, 18, 217-237. Fetterman, D. M., Kaftarian, S. J. y Wandersman, A. (eds.) (1996). Empowerment evaluation: Knowledge and tool for self-assessment and accountability. Londres y Thousand Oaks CA: Sage Publishing. Filardo, A. (2004). Monetary policy and asset price bubbles: Calibrating the monetary policy trade-offs. BIS working paper 155. Basilea: Bank for International Settlements. Guba, E. G. y Lincoln, Y.S. (1989). Fourth generation evaluation. Londres: Sage Publishing. Haldane, A. (2016). The Sneeches, speech given at the Scottish Business Friends dinner in aid of BBC children in need, 12 de mayo, Edinburgo, [https://www.bankofengland.co.uk/-/media/boe/files/speech/2016/the-sneetches.pdf ]. House, E. R. (2005). Promising practices: The many forms of democratic evaluation. Evaluation Exchange, 11(3), 1-7. Johnson, J. (2016). Priests of prosperity: How central bankers transformed the Postcommunist world. Ithaca: Cornell University Press. Kappes, S. (2021). Monetary policy and personal income distribution: A survey of the empirical literature. Review of Political Economy, [https:// doi.org/10.1080/09538259.2021.1943159]. Kappes, S., Rochon, L.-P. y Vallet G. (eds.) (2022). The future of central banking. Cheltenham: Edward Elgar (de próxima aparición). Krugman, P. (2018). Why was Trump’s tax cut a fizzle? NYT blog, [https://www.nytimes.com/2018/11/15/opinion/tax-cut-fail-trump.html]. Lavoie, M. (1996). Monetary policy in an economy with endogenous credit money. En E. Nell y G. Deleplace (eds.), Money in motion (pp. 532-545). Londres: Macmillan. Lavoie, M. (2014). Postkeynesian economics: New foundations. Cheltenham: Edward Elgar. Lavoie, M. y Seccareccia, M. (1999). Interest rate: Fair. En P. O’Hara (ed.), Encyclopedia of Political Economy (pp. 543-545). Londres y Nueva York: Routledge. Lavoie, M. y Seccareccia, M. (2019). Some reflections on Pasinetti’s fair rate of interest. Bulletin of Political Economy, 13(2), 85-111. Lavoie, M. y Seccareccia, M. (2020). Going beyond the inflation targeting mantra: A dual mandate. 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París: Plon. text/xml Universidad Externado de Colombia https://revistas.uexternado.edu.co/index.php/ecoins/article/view/8500 Español http://creativecommons.org/licenses/by-nc-sa/4.0 Louis-Philippe Rochon, Guillaume Vallet - 2022 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. info:eu-repo/semantics/article application/pdf http://purl.org/coar/resource_type/c_6501 http://purl.org/redcol/resource_type/ARTREF info:eu-repo/semantics/publishedVersion http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 Text text/html Revista de Economía Institucional Publication Núm. 48 , Año 2023 : Enero-junio bancos centrais, banqueiros centrais, poder, responsabilidade social, democracia bancos centrales, banqueros centrales, poder, responsabilidad social, democracia B55, E02, E12, E52, E58 25 48 B55, E02, E12, E52, E58 Vallet, Guillaume Artículo de revista Rochon, Louis-Philippe Este artículo da luz sobre un tema olvidado en economía: la responsabilidad social de los bancos centrales en una democracia. Consideramos que los bancos centrales son instituciones de poder y, como tales, ni ellos ni sus políticas son neutrales, pues hay ganadores y perdedores inevitables. Explicamos por qué y cómo la sociedad debe regular y controlar su poder. Nos centramos en el carácter distributivo del ingreso de la política monetaria para demostrar esta afirmación, y mostramos que ha llegado la hora de construir un nuevo marco de banca central que mejore la   responsabilidad social de los bancos centrales conforme al espíritu de un sistema democrático, que se base en nuevas reglas, nuevos tipos de organización interna y una ética de la responsabilidad de nuevo tipo. This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers. We explain why and how their power should be regulated and controlled by society. Specifically, we focus on the income distributive nature of monetary policy to demonstrate this assertion. From this, we explain that the time is ripe to build a new framework for central banking aiming at improving central banks’ social responsibility consistent with the spirit of a democratic system, and resting on new rules, new types of inner organization and, more broadly, an ethics of responsibility of a new kind. The institutions of the people, by the people and for the people? Addressing central banks’ power and social responsibility in a democracy B55, E02, E12, E52, E58 Journal article central banks, central bankers, power, social responsibility, democracy https://revistas.uexternado.edu.co/index.php/ecoins/article/download/8500/14078 2022-12-22 https://revistas.uexternado.edu.co/index.php/ecoins/article/download/8500/14005 https://revistas.uexternado.edu.co/index.php/ecoins/article/download/8500/13082 59 2022-12-22T14:04:44Z https://doi.org/10.18601/01245996.v25n48.04 10.18601/01245996.v25n48.04 2346-2450 0124-5996 2022-12-22T14:04:44Z 29 |