<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1994-3733</journal-id>
<journal-title><![CDATA[Revista Perspectivas]]></journal-title>
<abbrev-journal-title><![CDATA[Perspectivas]]></abbrev-journal-title>
<issn>1994-3733</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica Boliviana San Pablo, Unidad Académica Regional Cochabamba]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1994-37332022000100035</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Banco Central, Sistema Bancario y las PYMES]]></article-title>
<article-title xml:lang="en"><![CDATA[Central Bank, Banking System and SMEs]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Urdaneta Montiel]]></surname>
<given-names><![CDATA[Armando José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Borgucci Garcia]]></surname>
<given-names><![CDATA[Emmanuel Vitorio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mancilla Heredia]]></surname>
<given-names><![CDATA[Alfredo Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Metropolitana del Ecuador  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Zulia (LUZ)  ]]></institution>
<addr-line><![CDATA[Zulia ]]></addr-line>
<country>Venezuela</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Mayor de San Simón  ]]></institution>
<addr-line><![CDATA[Cochabamba ]]></addr-line>
<country>Bolivia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>05</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>05</month>
<year>2022</year>
</pub-date>
<numero>49</numero>
<fpage>35</fpage>
<lpage>58</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_arttext&amp;pid=S1994-37332022000100035&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_abstract&amp;pid=S1994-37332022000100035&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_pdf&amp;pid=S1994-37332022000100035&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo analiza, desde la perspectiva austriaca, la relación entre las decisiones de bancos centrales que afectan el canal crediticio, los ciclos económicos y sus efectos en las pequeñas y medianas empresas (en adelante PYMES). Esta investigación de carácter documental analizó un corpus que consideró a Cantillón (2002[1959]), Blaug (1968[1962]), Wicksell (1962[1936]), Huerta (2011) y Garrison (2015) y tuvo como resultados que la expansión de la oferta de dinero fiduciario más allá de las posibilidades de la capacidad productiva produce: 1) una expansión artificial del crédito; 2) desincentiva el ahorro voluntario; 3) se incrementa el consumo; y 4) la aceleración en el nivel de los precios. Se concluye que la estructura productiva acorta las etapas intertemporales de la producción de bienes junto a un cierre de empresas, la baja en la inversión neta y la desacumulación del stock de capital principalmente en las PYMES. CLASIFICACIÓN JEL: E5, E51 G2, G21.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Banca central]]></kwd>
<kwd lng="es"><![CDATA[perspectiva austriaca]]></kwd>
<kwd lng="es"><![CDATA[ciclos económicos]]></kwd>
<kwd lng="es"><![CDATA[el ahorro voluntario]]></kwd>
<kwd lng="es"><![CDATA[PYMES y dinero fiduciario]]></kwd>
<kwd lng="en"><![CDATA[Central bank]]></kwd>
<kwd lng="en"><![CDATA[Austrian perspective]]></kwd>
<kwd lng="en"><![CDATA[voluntary saving]]></kwd>
<kwd lng="en"><![CDATA[economic cycles]]></kwd>
<kwd lng="en"><![CDATA[SBE]]></kwd>
<kwd lng="en"><![CDATA[fiduciary money.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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