Sobre política monetaria en alta inflación

Abstract

Through the historical experience of Argentine, Taiwan and Korea, the working of the monetary market in high inflation is analyzed. The conclusion of this analysis is that in a high inflation period is important to introduce an interest rate policy such as to maintain the real value of the monetary assets. That policy is going to diminish the pressures on consumption, on non-productive stock accumulation of the outflow of capitals, allowing for, at the same time, a more efficient allocation of the economic resources. To establish an interest rate policy like that is the alternative way to be used in high inflation periods. It doesn't have the undesirable effects on economic activity of sharply reducing the rate of increase of domestic credit expansion and the money supply.