{"id":27447,"date":"2025-01-16T15:06:42","date_gmt":"2025-01-16T15:06:42","guid":{"rendered":"https:\/\/crees.org.do\/?p=27447"},"modified":"2025-01-16T15:06:42","modified_gmt":"2025-01-16T15:06:42","slug":"menos-margen-de-maniobra-evolucion-tasa-de-politica-monetaria-en-rd-y-ee-uu","status":"publish","type":"post","link":"https:\/\/crees.org.do\/?p=27447","title":{"rendered":"\u00bfMenos margen de maniobra? Evoluci\u00f3n tasa de pol\u00edtica monetaria en RD y EE. UU."},"content":{"rendered":"

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\"\"<\/h2>\n

\u00bfMenos margen de maniobra? Evoluci\u00f3n tasa de pol\u00edtica monetaria en RD y EE. UU.<\/strong><\/h2>\n

Entre enero de 2015 y enero de 2025, la Tasa de Pol\u00edtica Monetaria (TPM) de Rep\u00fablica Dominicana ha mantenido niveles m\u00e1s altos en comparaci\u00f3n con Estados Unidos. Sin embargo, el spread \u2014la diferencia entre ambas tasas\u2014 ha disminuido significativamente desde mediados de 2023. En enero de 2025, la TPM en Rep\u00fablica Dominicana se ubic\u00f3 en 5.75%, mientras que en Estados Unidos es de 4.33%, es decir, el promedio del rango de 4.25% y 4.50%. Este contraste refleja un diferencial m\u00e1s reducido en comparaci\u00f3n con otros periodos hist\u00f3ricos.<\/p>\n

La TPM es el principal instrumento que tradicionalmente utilizan los bancos centrales para influir en las tasas de inter\u00e9s de corto plazo en la econom\u00eda. La TPM sirve como un valor de referencia para las operaciones de los bancos comerciales, afectando el costo de los pr\u00e9stamos y los rendimientos de los ahorros. Al ajustarla, los bancos centrales buscan influir en decisiones de consumo, ahorro e inversi\u00f3n de los agentes econ\u00f3micos.<\/p>\n

La reducci\u00f3n en el spread implica que el Banco Central de Rep\u00fablica Dominicana (BCRD) cuenta con un margen m\u00e1s limitado para continuar disminuyendo la TPM sin impactar negativamente el flujo de capitales hacia la Rep\u00fablica Dominicana, es decir, sin generar incentivos para que las inversiones busquen otras econom\u00edas que ofrezcan mayores rendimientos que los ofrecidos localmente. En adici\u00f3n, con esta pol\u00edtica podr\u00edan generarse presiones en el tipo de cambio que resultan de la menor demanda de pesos por los inversores y la mayor demanda de otras monedas.<\/p>\n

Lo anterior seria asumiendo que la TPM es el principal determinante de como reaccionan las variables impactadas por la pol\u00edtica monetaria. Sin embargo, en Rep\u00fablica Dominicana es importante la gesti\u00f3n activa de la liquidez del sistema financiero que realizan las autoridades monetarias. En otras palabras, la pol\u00edtica monetaria no depende \u00fanicamente de la TPM.<\/p>\n

Sin embargo, ante el comportamiento esperado de no m\u00e1s de dos bajadas de la TPM por parte de la Reserva Federal de Estados Unidos (Fed) el BCRD estar\u00eda limitado en cuanto a su pol\u00edtica monetaria. Sin embargo, como ya expresamos las autoridades monetarias dominicanas para incidir en el dinamismo de la econom\u00eda y en el tipo de cambio emplean otras variables tales como medidas de flexibilizaci\u00f3n que buscan incrementar la liquidez del sistema financiero y de esa forma incidir sobre las tasas de inter\u00e9s y las condiciones crediticias.<\/p>\n

<\/div>\n

<\/path><\/svg><\/i> Vistas Totales 1,412 , Vistas Hoy 4 <\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00bfMenos margen de maniobra? Evoluci\u00f3n tasa de pol\u00edtica monetaria en RD y EE. UU. Entre enero de 2015 y enero de 2025, la Tasa de Pol\u00edtica Monetaria (TPM) de Rep\u00fablica Dominicana ha mantenido niveles m\u00e1s altos en comparaci\u00f3n con Estados Unidos. Sin embargo, el spread \u2014la diferencia entre ambas tasas\u2014 ha disminuido significativamente desde mediados…<\/p>\n

<\/div>\n

<\/path><\/svg><\/i> Vistas Totales 1,412 , Vistas Hoy 4 <\/p>\n

<\/div>\n","protected":false},"author":2,"featured_media":27449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\n\u00bfMenos margen de maniobra? Evoluci\u00f3n tasa de pol\u00edtica monetaria en RD y EE. UU. | CREES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crees.org.do\/?p=27447\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00bfMenos margen de maniobra? Evoluci\u00f3n tasa de pol\u00edtica monetaria en RD y EE. UU. | CREES\" \/>\n<meta property=\"og:description\" content=\"\u00bfMenos margen de maniobra? 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