¿Es posible utilizar la política monetaria como instrumento para estimular la inversión y el crecimiento?

Abstract

This paper analyses the possibilities of the monetary authorities to use the interest rate to promote investment and development. It finds that in an open economy, such as the Mexican, the real interest rate is exogenous and it doesn’t depend on the Central Bank. Monetary policy is only used to control the flow of currencies in order to stabilize prices, and not to stimulate development. This statement is not a matter of will of the Mexican Central Bank, it is a reality imposed by Mexico’s opening to the international capital market. To demonstrate this argument, this paper tests the following hypotheses: the real interest rate parity, the nominal uncovered interest rate parity, and the purchasing power parity. The three of them tend to fulfil in the long run.