{"id":2019,"date":"2021-09-03T15:44:38","date_gmt":"2021-09-03T19:44:38","guid":{"rendered":"https:\/\/www.pacificoresearch.com\/?p=2019"},"modified":"2021-09-03T16:20:14","modified_gmt":"2021-09-03T20:20:14","slug":"banco-central-la-ultima-institucion-de-chile","status":"publish","type":"post","link":"https:\/\/www.pacificoresearch.com\/en\/banco-central-la-ultima-institucion-de-chile\/","title":{"rendered":"Banco Central, la \u00faltima instituci\u00f3n de Chile"},"content":{"rendered":"<p class=\"has-text-align-right\"><em>por Enrico Vicentini, CEO de Pac\u00edfico Research para Diario Financiero<\/em><\/p>\n\n\n\n<p>El 4 de diciembre de 2019, unos d\u00edas despu\u00e9s del estallido social se llev\u00f3 a cabo un conversatorio en el teatro Nescaf\u00e9 de las Artes, organizado por la Universidad de Chile y por la a organizaci\u00f3n Cultura Violeta, donde participaban <strong>Gast\u00f3n Soublette y Humberto Maturana<\/strong>, uno de los cient\u00edficos m\u00e1s renombrados de nuestro pa\u00eds. Luego de las presentaciones de los panelistas, el profesor Maturana opin\u00f3 que la principal pregunta que todos deb\u00edamos hacernos era simplemente \u00bfqu\u00e9 queremos conservar?\u00a0Pienso que hoy hay consenso, al menos en el mundo t\u00e9cnico, de que una de las cosas que queremos conservar de cara a una nueva Constituci\u00f3n es un banco central independiente. Sin embargo, el Banco Central de Chile puede estar pronto a sufrir el embate del populismo, tras la decisi\u00f3n hist\u00f3rica de subir la tasa de pol\u00edtica monetaria en 75 puntos base en la reuni\u00f3n del 31 de agosto.<\/p>\n\n\n\n<p>El instituto emisor ha sido clave para el control de la inflaci\u00f3n, la estabilidad del mercado financiero y la integraci\u00f3n financiera con el resto del mundo. El Banco Central ha jugado un rol fundamental en las \u00faltimas crisis globales, cumpliendo a cabalidad su mandato. En 2009, Jos\u00e9 de Gregorio recibi\u00f3 el reconocimiento al mejor banquero central de Latinoam\u00e9rica por la revista brit\u00e1nica The Banker, por su liderazgo dentro del banco durante la crisis&nbsp;<em>subprime<\/em>. En lo m\u00e1s reciente, el banco fue destacado por GlobalMarkets por su efectividad en el manejo de la crisis social y su respuesta a la crisis generada por el COVID 19. Adicionalmente, los informes econ\u00f3micos que elabora son los m\u00e1s profundos y completos con que contamos en el pa\u00eds.<\/p>\n\n\n\n<p>En un contexto donde se dise\u00f1a la base de la nueva institucionalidad chilena ya se escuchan voces que dudan del mandato del Banco, pero pareciera haber consenso en cuanto a preservar la autonom\u00eda de la instituci\u00f3n. Sin embargo, son varios los constituyentes que han esgrimido argumentos para revisar la forma, el alcance y la protecci\u00f3n con la que esta autonom\u00eda se plasmar\u00e1 en la Carta Fundamental. Es de esperar que la decisi\u00f3n de la \u00faltima reuni\u00f3n no sea asidero para cuestionamientos a su independencia.&nbsp;<\/p>\n\n\n\n<p>Si bien la in\u00e9dita decisi\u00f3n en 20 a\u00f1os nos sorprendi\u00f3 (Pacifico Research esperaba un alza de 50 puntos base), compartimos el actuar y la fuerza de la medida. La extensi\u00f3n del IFE, el incremento del consumo generado por los retiros de los fondos previsionales, las sorpresas inflacionarias no s\u00f3lo en Chile sino en el mundo, el accionar de otros bancos centrales de mercados emergentes, las restricciones de demanda y el repunte del mercado laboral, s\u00f3lo por mencionar algunos, son todas variables que podr\u00edan afectar las expectativas. Es m\u00e1s, tanto los precios de mercado como la encuesta de operadores financieros ubican la inflaci\u00f3n cerca de 3.5% en los pr\u00f3ximos meses. Veremos que dicen los pol\u00edticos.<\/p>\n\n\n\n<p>Es una suerte de realismo m\u00e1gico lo que hoy pasa en Chile, propio de econom\u00edas latinoamericanas. Es preocupante que, tal como se han mermado los ahorros previsionales, partiendo por un primer 10% supuestamente transitorio, se socave la credibilidad del Banco Central. Por distintas razones, Carabineros, los partidos pol\u00edticos, la Contralor\u00eda o el Tribunal Constitucional han ido perdiendo su estatus de instituciones fuertes. El incremento de tasas de ayer es precisamente lo contrario, es el accionar responsable de una de las pocas instituciones que sigue gozando de credibilidad. Como nos plante\u00f3 el gran Humberto Maturana, el Banco Central de Chile es parte de lo que queremos conservar.<\/p>","protected":false},"excerpt":{"rendered":"<p>por Enrico Vicentini, CEO de Pac\u00edfico Research para Diario Financiero El 4 de diciembre de 2019, unos d\u00edas despu\u00e9s del estallido social se llev\u00f3 a cabo un conversatorio en el teatro Nescaf\u00e9 de las Artes, organizado por la Universidad de Chile y por la a organizaci\u00f3n Cultura Violeta, donde participaban Gast\u00f3n Soublette y Humberto Maturana, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-2019","post","type-post","status-publish","format-standard","hentry","category-diario-financiero"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banco Central, la \u00faltima instituci\u00f3n de Chile &#183; Pacifico Research<\/title>\n<meta name=\"description\" content=\"Hay consenso con que queremos conservar un Banco Central de Chile aut\u00f3nomo. 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