2023-12-15-国际清算银行-美洲中央银行_二十年的经验教训_190页_7mb

Central banking in the Americas has undergone significant transformation over the last two decades, marked by the widespread adoption of inflation targeting, enhanced monetary policy frameworks, and increased transparency. Key achievements include anchoring inflation expectations, improving price stability, and fostering financial stability through coordinated policies. Countries like Chile, Peru, and Mexico demonstrated resilience during crises such as the GFC and the Covid-19 pandemic by implementing countercyclical measures early.

Key Lessons and Challenges:

1. Inflation Targeting Success: Frameworks anchored inflation expectations despite shocks, but recent inflation volatility tests long-term credibility.
2. Digital Currency Innovations: CBDCs and fintech pose efficiency gains but introduce risks like financial stability concerns and regulatory gaps.
3. Cross-Border Cooperation: Platforms like X-C aim to streamline payments but face geopolitical and legal fragmentation barriers.
4. Fiscal Dominance and Sovereign Debt: Persistently high public debt strains monetary independence in some nations.
5. Climate Change Integration: Central banks must balance inflation control with climate-related risks through coordinated policies.

Emerging Priorities:

• Strengthening communication and transparency to maintain credibility amid uncertainty.
• Adapting monetary policy tools to address supply-demand imbalances post-pandemic.
• Enhancing cyber resilience and exploring CBDCs' role in payment systems.
• Navigating trade-offs between growth, stability, and technological disruption.

The BIS Americas Office plays a vital role in fostering regional cooperation, but sustainability remains a pressing concern amid fiscal constraints and global volatility.