Política macroeconómica: (in)estabilidad versus crecimiento

Resumen

FREE MOVEMENT OF CAPITAL MAKES US HIGHLY VULNERABLE TO ITS BEHAVIOR, WHICH DEMANDS THAT WE WORK ON A STABLE EXCHANGE RATE TO PREVENT SPECULATION THAT COULD UPSET THE FINANCIAL MARKET. THIS HAS LED TO THE PREDOMINANCE OF RESTRICTIVE MONETARY AND FISCAL POLICIES TO DECREASE PRESSURE ON THE EXTERNAL SECTOR AND ON PRICES, AS WELL AS TO PROMOTE CAPITAL ENTRY. THE CURRENCY IS STABILIZED TO SATISFY CONDITIONS OF CONFIDENCE DEMANDED BY FINANCE CAPITAL AND TO HAVE ACCESS TO INTERNATIONAL FINANCIAL MARKETS. THIS IS ACHIEVED AT THE COST OF POLICIES FAVORING ECONOMIC GROWTH AND OF ACCENTUATING THE ECONOMY'S BECOMING MORE FOREIGN CONTROLLED. THUS, THE REDUCTION OF INFLATION AND A STABLE EXCHANGE RATE DEPEND ESSENTIALLY ON THE ENTRY OF CAPITAL, MAKING ECONOMIC POLICY SUBORDINATE TO ITS DEMANDS.