<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2005000400683</article-id>
<article-id pub-id-type="doi">10.20430/ete.v72i288.560</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La reforma de los bancos centrales latinoamericanos. Avances y desafíos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carstens]]></surname>
<given-names><![CDATA[Agustín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jácome H.]]></surname>
<given-names><![CDATA[Luis I.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,International Monetary Fund  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,International Monetary Fund Departamento de Sistemas Monetarios y Financieros ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2005</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2005</year>
</pub-date>
<volume>72</volume>
<numero>288</numero>
<fpage>683</fpage>
<lpage>732</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2005000400683&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2005000400683&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2005000400683&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo analiza la reforma institucional de la política monetaria en la América Latina desde principios del decenio de los noventa. Afirma que el fortalecimiento de la independencia legal de los bancos centrales, junto con las políticas macroeconómicas, ayudó a disminuir la inflación desde tasas anuales de tres dígitos durante los años noventa hasta de un solo dígito en 2004. El ensayo presenta también los principales desafíos de la política monetaria en la actualidad, a saber: el logro de la estabilidad de precios, el restablecimiento de la confianza del mercado en las monedas nacionales y la congruencia de la política a pesar de los efectos de la volatilidad de los flujos de capital. Por último, se identifican las recurrentes crisis bancarias y la ausencia de disciplina fiscal como los riesgos principales para el éxito de la política monetaria de la América Latina.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[independencia del banco central]]></kwd>
<kwd lng="es"><![CDATA[inflación]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[América Latina]]></kwd>
</kwd-group>
</article-meta>
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