Bank Centralny Chile –struktura organizacyjna, narzędzia i cele polityki pieniężnej
Journal Title: KONIŃSKIE STUDIA SPOŁECZNO-EKONOMICZNE - Year 2018, Vol 4, Issue 3
Abstract
The Central Bank of Chile was created by Decree Law 486, of 22 August 1925, under the government of President Arturo Alessandri Palma. This initiative arose as one of four projects presented that year bythe Kemmerer mission. That mission, which was hired by the government of the time to restructure Chile’s monetary and financial system, was headed by Edwin Walter Kemmerer, professor of economics at the University of Princeton. The projects included the monetary law, which sought to stabilize the value of Chile’s cur-rency and the gold standard as the basis of the country’s monetary unit, the creation of the Central Bank of Chile, the passing of the general banking law and the general budget law. Since 10 October 1989, the Central Bank of Chile is an autonomous entity of technical nature, and has as its purposes to look after the stability of the currency, that is, to keep inflation low and stable over time. The Bank must also promote the stability and efficacy of the financial system and the normal functioning of internal and external payment systems, to generate a predictable environment for decision making of economic agents contributing to reduce the ups and downs of the economic cycles, thus providing a solid basis for the country ́s permanent growth. For these pur-poses, the powers of the Bank include that of regulating the amount of cur-rency and credit in circulation in order to provide an adequate stock of money for individuals, firms and institutions and thus assure their transactions. Dur-ing the last decade of the 20th century South America countries underwent the process of disinflation and reestablishment of confidence in their own cur-rencies. Most of them adopted the strategy of inflation target. Theeconomy of the continent is involved in the globalization processes through export of raw materials and food, as well as through capital flows what determines the fact that the inflation and interest rates are shaped not only by the internal factors. The purpose of the research (in this case, Chile) is to answer the ques-tion whether the decisions concerning the interest rates in the monetary pol-icies of the South America countries are connected with the monetary policy of key economies from outside of the region and also if it is possible to ob-serve a common trend within the continent.
Authors and Affiliations
Zbigniew Klimiuk
Keywords
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- EP ID EP492646
- DOI 10.30438/ksse.2018.4.3.5
- Views 372
- Downloads 0
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