En el Banco de México: autonomía, ¿para qué?

Federico Novelo U.
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Federico Novelo U.: UAM

El Trimestre Económico, 2025, vol. 92 (4), issue 368, 959-987

Abstract: This essay critically examines the meaning, theoretical foundations, and historical effects of the autonomy granted to the Banco de México (Banxico) in 1994 under the neoliberal paradigm. Based on a historical-institutional reconstruction, it argues that such autonomy reduced the central bank’s role to the exclusive control of inflation, detaching it from the objectives of national economic development. Novelo questions the explanatory power of the quantity theory of money (QTM) as the basis of Banxico’s current constitutional mandate, highlighting its limitations in the face of structurally driven inflation and supply-side shocks. The essay also underscores the contradiction between this monetarist conception and the very history of the founding of the Banco de México, originally conceived as an instrument for economic reconstruction and development. Ultimately, it proposes rethinking the role of the central bank as a public institution committed to a comprehensive economic policy aimed at social welfare and national development.

Keywords: Central bank autonomy; Banco de México; quantitative theory of money; structural inflation; monetary policy; economic development; neoliberalism; institutional history; money supply; economic reconstruction. (search for similar items in EconPapers)
JEL-codes: E43 E58 E63 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:elt:journl:v:92:y:2025:i:368:p:959-987

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DOI: 10.20430/ete.v92i368.3112

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