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General equilibrium models for the Chilean economy
General equilibrium theory and modeling have proved to be useful for understanding economic interactions between markets and agents and the determination of prices and quantities. Applied general equilibrium models (GEM) have been developed and used to address a wide range of theoretical questions and ...
Nonlinear effects of the chilean fiscal policy
En Chile, la literatura empírica que ha estudiado los efectos de la política fiscal y los multiplicadores fiscales utilizando modelos lineales de vectores autorregresivos encuentra resultados dispares. El presente documento aporta un nuevo elemento a este debate estudiando si el estado en el que se ...
Macroeconomic and financial stability: challenges for monetary policy
On September 2008, Lehman Brothers filed for bankruptcy and the world became aware that the financial crisis that had been unfolding for months was far more serious than expected. Months later, it became clear that the financial crisis of 2008-2009 was the worst economic downturn since the Great ...
Is the foreign exchange derivatives market effective and efficient in reducing currency risk?
Floating foreign exchange rates have gained increased support as a preferred system for reducing the vulnerability of emerging markets to external shocks. The volatility associated with floating exchange rates, however, exposes economic agents to the risk of changes in the valuation of the financial ...
Tightening tensions: fiscal policy and civil unrest in South America 1937–95
On 1 May 2010 the Greek Prime Minister George Papandreau announced a set of drastic austerity measures. May Day itself saw clashes between police and demonstrators. On 5 May a general strike paralyzed the country armed demonstrators fought street battles with police. A bank burned down and numerous ...
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile
Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while strengthening policy...
Managing the capital account
Globalization has been under attack over the last few years. Activists, famous academics, and commentators of various stripes have mounted a systematic campaign against free trade in goods and, especially, in financial claims. One of the latest manifestations of this antiliberalization mood was the ...
Liquidity and foreing asset management challenges for Latin America countries
The Global Financial Crisis put to the fore the challenges of managing liquidity and foreign assets at times of heightened volatility. Earlier concerns of some observers regarding the costs of precautionary hoarding notwithstanding the Global Financial Crisis (GFC) validated the buffer value of ...