<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672023000300072</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2023.325.86049</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Desestabilizando una economía inestable: ¿Nuevo papel de la banca central?]]></article-title>
<article-title xml:lang="en"><![CDATA[Destabilizing an unstable economy: A new role for central banking?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Combita Mora]]></surname>
<given-names><![CDATA[Gonzalo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ortiz Sierra]]></surname>
<given-names><![CDATA[Gilberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de La Salle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de La Salle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>82</volume>
<numero>325</numero>
<fpage>72</fpage>
<lpage>95</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672023000300072&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672023000300072&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672023000300072&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este trabajo pretende demostrar que la actual crisis bancaria que se ha presentado en Estados Unidos no es un evento aislado ni coyuntural, sino que es el más reciente acontecimiento de una continua serie de ciclos de fragilidad financiera ocasionada por el manejo conservador de la política monetaria de la Reserva Federal desde 1965. Para esto realizamos un análisis teórico y descriptivo crítico que muestra el impacto de la Reserva Federal sobre la valoración cíclica de los portafolios en Estados Unidos y también el efecto adverso en la dinámica macroeconómica de América Latina desde 1980. La conclusión es que la fragilidad financiera creciente de los balances de los agentes durante el auge provoca que las medidas de control inflacionario mediante la tasa de interés tengan un efecto incluso permanente en la economía.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The aim of this paper is to demonstrate that the current banking crisis in the United States is not an isolated or conjunctural event, but rather the most recent event in a continuous series of cycles of financial fragility caused by the conservative management of the Federal Reserve&#8217;s monetary policy since 1965. For this purpose, a critical theoretical and descriptive analysis is carried out, showing the impact of the Federal Reserve on the cyclical valuation of portfolios in the United States and also the adverse effect on the macroeconomic dynamics of Latin America since 1980. The conclusion is that the increasing financial fragility of agents&#8217; balance sheets during the boom causes inflationary control measures through the interest rate to have an adverse permanent effect on the economy.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[inestabilidad financiera]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[deuda externa]]></kwd>
<kwd lng="es"><![CDATA[política monetaria en el desarrollo económico]]></kwd>
<kwd lng="en"><![CDATA[Financial instability]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[external debt]]></kwd>
<kwd lng="en"><![CDATA[monetary policy in economic development]]></kwd>
</kwd-group>
</article-meta>
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