Resumen

URDANETA MONTIEL, Armando José; BORGUCCI GARCIA, Emmanuel Vitorio  y  MANCILLA HEREDIA, Alfredo Eduardo. Central Bank, Banking System and SMEs. Perspectivas [online]. 2022, n.49, pp.35-58.  Epub 01-Mayo-2022. ISSN 1994-3733.

This article analyzes, from Austrian perspective, the central bank monetary policy that affects the lending channel, the economic cycles and their effects on Small Business enterprises. This bibliographical and documentary article has as corpus: Cantillón (2002[1959]), Blaug (1968[1962]), Wicksell (1962[1936]), Huerta (2011) y Garrison (2015). The results are: the monetary expansion of fiduciary money without a correspondent increase of production leads an artificial credit expansion, decreasing in voluntary saving, increasing in aggregate consumption, and aggregate price level. We conclude that the intertemporal productive stages become shorter, more enterprises are close out, net investment will fall and probably the real capital stock too mainly in the Small Business companies.

JEL CLASSIFICATION: E5, E51 G2, G21

Palabras clave : Central bank; Austrian perspective; voluntary saving; economic cycles; SBE; fiduciary money..

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