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Historically, central banks have been instruments of economic development, yet in developed countries their position as guardians of macroeconomic orthodoxy and price stability has taken a predominant role In an interconnected world, this limits the ability of central banks to play the same role in developing countries that their peers in developed countries played in the past This article discusses the limits of modern central banks in the context of supposed secular stagnation, and the renewed external problem that some developing countries are facing as the commodity price supercycle ends Recently, however, all of this has been complicated in the short term by the coronavirus (COVID-19) crisis (English) [ABSTRACT FROM AUTHOR] Históricamente los bancos centrales fueron instrumentos de desarrollo económico, pero en países avanzados su función de guardianes de la ortodoxia macroeconómica y de la estabilidad de precios ha tomado un papel predominante En un mundo interconectado, eso limita la habilidad de los bancos centrales de los países en desarrollo de cumplir el mismo rol que sus pares de países avanzados cumplieron en el pasado Los límites de los modernos bancos centrales son discutidos en el contexto del supuesto estancamiento secular y del renovado problema externo que algunos países en desarrollo enfrentan con el final del súper-ciclo de los precios de las commodities En tiempos recientes, sin embargo, todo se complica en el corto plazo por la crisis del coronavirus (COVID-19) (Spanish) [ABSTRACT FROM AUTHOR] Copyright of Problemas del Desarrollo Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder\'s express written permission However, users may print, download, or email articles for individual use This abstract may be abridged No warranty is given about the accuracy of the copy Users should refer to the original published version of the material for the full abstract (Copyright applies to all Abstracts )
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