Last modified: 2016-06-11
Abstract
Monetary policy in the economic liberalization of society in Mexico and Spain.
La Política Monetaria en la liberalización económica de la sociedad en México y en España de 1984 a 2006.
Juan Pablo Arroyo Ortiz
Universidad Nacional Autónoma de México,
Facultad de Economía.
Palabras clave: liberalización económica, política monetaria, México, España y procesos de liberalización.
Key words: economic liberalization, monetary policy, México, Spain, liberalization process
Abstract.
Mexico and Spain in the last third of the twentieth century and the first decade in thetwentieth one, the structural adjustment to the installation of an open market economy develops. The processes in both countries have the same intention of incorporating economies to globalization of production, trade and financial system based on the free market. In both countries the context of implementation of structural adjustment is different from the perspective of monetary policy and central banking specifically for the branch line and national context in which society evolves. The policy makers had not the same ideas, in Spain they took the social liberalism apply to a free market policy, in Mexico since 1983 with the intention letter sign with the IMF in the debt crisis, the policy maker took the free market ideas. It is to focus both the principles of economic policy, monetary specifically promoted by the IMF and are sustaining the regional integration of Mexico in NAFTA and Integration of Spain in the European Union.
In Mexico the shift starts from the debt crisis in 1982 and the change of conditions for implementing economic policy in a political process. Monetary policy is related to the nationalization of banks, the strengthening of the stock market and involvement in capital markets to attract direct investments to industrial activities. The transformation in the monetary and banking policy occur in the privatization process after the nationalization. After the 1995 crisis the second government intervention in the banking and foreign ownership occurs after the final. This transition in banking policy is part of the package of evolution designed to deepen liberalism in Mexican society.
In Spain takes place in the context of the transition to democracy after the autocratic government attempts to Francisco Franco, trying to streamline the process, to implement measures of economic liberalization and modernization, but without changing the character of the state with a vertical and authoritarian rule, which led to industrialization and tried to closer ties with Europe. Monetary policy was part of the integration to the European Union in the field of integration in the Euro 2001.
The purpose of this paper is to make a comparison of monetary policy in both countries in the transition towards open, market economy. It is hypothesized that there are similar processes in the structural change in the behavior of the liberalization of the economy, in the frame of the Washington Consensus (1992), with similar dates, but each nation has its own specifics, that show how each country links with one of the most important economies y their region.