Factores institucionales determinantes de la tasa de inflación de equilibro en Bolivia

Abstract

Abstract: The main purpose of this work is to establish strong links between neoclassical economics and new institutional economics. To this end, inflation is chosen as a study variable. In that sense, it is proposed as the main contribution, the new "Institutionalist Approach to Inflation" which incorporates elements of formal and informal restrictions on all theories of inflation developed over four centuries of economic history, from Hume to Woodford. Later that frame of reference is used to perform a case study in a specific context: The Bolivian economy in the post-stabilizacion. Of this process are obtained as a result the main determinants of institutional factors equilibrium inflation rate in Bolivia. It is concluded that the institutional framework strongly affects pricing process. Institutional net works are engaged in all channels and monetary transmission mechanisms, through multiple and complex ways. In Bolivia, informal institutions have a greater weight in determining inflation. There are countless cultural habits; removing degrees offered on for monetary and exchange rate policies, and in this way to control inflation. Finally, from the enunciation of institutional factors that influence the inflation rate of Bolivia, the policy recommendations are deducted to reduce inflationary costs and increase social welfare. Additionally, future research topics emerge.