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  Credibility of emerging markets, foreign investors’ risk perceptions, and capital flows 

  Aguirre R., Álvaro; Fernández, Andrés; Kalemli-Ozcan, Sebnem (Banco Central de Chile, 2023-08-09)

  Emerging market economies (EMEs) are constantly exposed to shocks that originate in world capital markets, posing serious challenges to policymakers. By dealing with these shocks —Covid-19 representing the most recent ...
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  The international financial system after Covid-19 

  Obstfeld, Maurice (Banco Central de Chile, 2023-08-09)

  In March of 2020, international markets seized up with a violence unequaled since the Global Financial Crisis (GFC) nearly a dozen years before. As economies around the world locked down in the face of the potentially ...
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  Exchange rate puzzles and policies 

  Itskhoki, Oleg; Mukhin, Dmitry (Banco Central de Chile, 2023-08-09)

  What is the optimal exchange rate policy? Should exchange rates be optimally pegged, managed, or allowed to freely float? What defines a freely floating exchange rate? Do open economies face a trilemma constraint in choosing ...
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  International risk spillovers: implications for emerging markets’ monetary policy frameworks with an application to Chile 

  Kalemli-Özcan, Sebnem (Banco Central de Chile, 2023-08-09)

  Among the factors behind international spillovers, U.S. monetary policy developments retain a major influence. Such developments drive the global financial cycle as strongly demonstrated by Rey (2013), Miranda-Agrippino ...
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  Global drivers and macroeconomic volatility in EMEs: a dynamic-factor, general-equilibrium perspective 

  Bajraj, Gent; Fuentes D., Miguel; García S., Benjamín; Lorca, Jorge; Paillacar, Manuel; Wlasiuk, Juan M.; Fernández, Andrés (Banco Central de Chile, 2023-08-09)

  A common view held by academics as well as policymakers assigns an important role to global factors as drivers of fluctuations in economic activity in emerging market economies (EMEs). This follows naturally from the fact ...

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