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Riesgo de crédito de la banca de consumo
Siguiendo a Jara y Oda (2007), consideramos un grupo de bancos Chilenos especializados en créditos de consumo. Tomando la dinámica del grupo agregado, proponemos un modelo de riesgo de crédito basado en el gasto en provisiones. Utilizando relaciones contables, mostramos que el modelo es dinámico y ...
Índices podados como medidas de tendencia para el imacec
El objetivo de este trabajo es elaborar una gama de índices de actividad de tendencia a partir de las series desagregadas que componen el índice mensual de actividad económica, Imacec. Siguiendo técnicas estadísticas similares a las usadas para generar series subyacentes de inflación, se espera que ...
Cuentas ambientales: metología de medición de recursos forestales en unidades físicas 1985-1996
La presente publicación corresponde a un trabajo conjunto efectuado por el Banco Central de Chile y la Corporación Nacional Forestal, cuyo objetivo fue la elaboración de una propuesta metodológica que permita construir un sistema de balances, en unidades físicas, para los recursos forestales chilenos. ...
Análisis del tipo de cambio en la práctica
Este trabajo examina las principales herramientas con que se analiza el tipo de cambio en la formulación y análisis de la política macroeconómica en el Banco Central de Chile (BCCh). Para tal efecto, primero se describen las principales metodologías con las que se construyen indicadores de tipo de ...
Demanda por dinero: teoría, evidencia, resultados
Este artículo presenta una revisión crítica de la literatura económica sobre la demanda por dinero, poniendo énfasis en los resultados empíricos obtenidos para Chile. La primera parte del análisis reseña brevemente los principales enfoques analíticos acerca de la demanda por dinero en una perspectiva ...
Optimal inflation targeting: further developments of inflation targeting
Inflation targeting was first introduced in 1990, in New Zealand. Since then it has been adopted by more than twenty countries. This period of fifteen years has seen major progress in practical monetary policy. In particular, the practice of inflation targeting has led to a more systematic and consistent ...
Financial diversification, sudden stops, and sudden starts
The financial crises of the second half of the 1990s have led to renewed interest in the causes and consequences of international capital flows. Sudden stops, defined as large drops in net capital inflows, have received particular attention, given the collapses in output and investment commonly ...
Latin America's access to international capital markets: good behavior or global liquidity?
Latin America has had an active presence in international markets since independence in the early nineteenth century. Participation has been quite volatile, though. International borrowing financed the wars of independence in the early 1800s, but the boom that started in 1822 with a loan to Colombia ...
Capital controls in Chile: were they effective?
Controls on international capital flows have no place in a world without policy distortions and markt failures. Capital controls can only be justified as second-best measures to compensate for nonremovable policy distortions, including inadequate regulation and supervision of the financial and corporate ...
Current account and external financing: an introduction
Economic analysts were surprised by the collapse of the Thai baht in July 1997. In the months that followed, most of the so-called East Asian Tigers faced severe balance-of-payments crises, and a year later, in August 1998, the Russian ruble was devalued. As a result of this succession of crises, the ...
Monetary policy in Latin America in the 1990s
For decades until the early 1990s, Latin America was the region of the world with the highest average level of inflation. High inflation was the cumulative result of a long history of activist economic policies based on a disregard for macroeconomic stability. These policies culminated in large ...
Japanese banking problems: implications for Southeast Asia
During the late 1980s, Japanese banks substantially increased their global presence. In part the expansion was undertaken to help service Japanese companies that were increasingly involved in foreign direct investment. However, this expansion also can be attibuted to Japan's positio as the world's ...
Overshootings and reversals: the role of monetary policy
Does tight monetary policy stabilize the currency after a collapse?. Does the effect of high interest rates on the exchange rate depend on the condition of the banking system? The East Asian crises and other recent currency crises have put these questions at the center of economic policymaking decisions.
Monetary policy functions and transmission mechanisms: an overview
Monetary policy comprises the rules and actions adopted by the central bank to achieve its objectives. In most countries the primary goal of monetary policy is price stability. However, the mandate of many central banks also encompasses other objectives, including attainment of fullemployment, domestic ...
Ahorro de los hogares en Chile: evidencia microeconómica
El comportamiento del ahorro de los hogares no ha sido analizado en Chile en las últimas décadas usando evidencia de origen micro. Este trabajo utiliza las Encuestas de Presupuestos Familiares de 1988 y 1996-1997 para presentar un análisis del comportamiento de ahorro de los hogares Chilenos. El ...
General equilibrium dynamics of external shocks and policy changes in Chile
This paper explores Chile’s macroeconomic dynamics with the help of a general equilibrium model parameterized for the Chilean economy. The model is based on microanalytic foundations, and its basic relations are derived from intertemporal optimization by a group of forward-looking agents endowed with ...
A toolkit for analyzing alternative policies in the chilean economy
As noted by Leeper (1995) “the business pages of leading newspapers give the impression that the effects of alternative monetary policies on the macroeconomy are well understood and predictable.” They tend “to write with great certainty that when the monetary authority raises interest rates it slows ...
Inflation targeting and the liquidity trap
This paper considers whether issues regarding liquidity trap or zero lower bound phenomena substantially affect the case for inflation targeting, in comparison with other possible strategies for conducting monetary policy. It examines both theoretical and empirical issues and, in the latter case, ...
The effects of business cycles on growth
This paper explores the links between business cycles and long-run growth. Although it is clear from a theoretical point of view that both of these phenomena are driven by the same macroeconomic variables, the interaction between economic fluctuations and growth has been largely ignored in the academic ...
Trade orientation and labor market evolution: Evidence from chilean plant-level data
Many developing and developed economies consider structural reforms to trade and fiscal policy that are designed to lower taxes and tariffs and stimulate investment and production of the manufacturing sector. A good example of such a country is Chile, which went through a series of structural reforms ...