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Endogenous exchange-rate pass-through and self-validating exchange rate regimes
A long-standing question in open macroeconomics concerns the choice of currency denomination of nominal prices and contracts. A firm serving the export market may choose to set prices in its domestic currency in the currency of the market of destination or in a vehicle currency possibly indexing these ...
The carry trade in industrialized and emerging markets
The profitability of currency carry trades in and of itself is 'economic' evidence against the uncovered interest parity (UIP) condition. There is a wide variety of 'statistical' evidence against UIP. Yet the relationship between these two types of evidence and their implications for time variation ...
Disparidades regionales de la bancarización en Chile. Período 2001-2012
Si bien Chile el país de América Latina con mayor acceso a servicios financieros, es muy dispar en términos espaciales. Nuestro objetivo es medir niveles de bancarización regional en el período 2001-2012 y evaluar diferencias territoriales. Se considera que la bancarización es un fenómeno multivariado ...
El mapa de la descentralización fiscal en Chile
A partir de una propuesta de Boex y Simatupang (2008) esta investigación estima un indicador de 'empoderamiento fiscal' municipal para Chile (EF) que combina un índice de autonomía fiscal con una medición del grado de control de los residentes sobre el gasto municipal (voice). La principal conclusión ...
A solution to fiscal procyclicality: the structural budget institutions pioneered by Chile
In June 2008 the President of Chile Michelle Bachelet had a low approval rating for management of the economy in particular. There were undoubtedly multiple reasons for this but a major reason was popular resentment that the government had resisted intense pressure to spend soaring receipts from copper ...
Inflation targeting in financially stable economies: has it been flexible enough?
The international financial crisis and Great Recession of 2008- 09 called for a range of significant policy measures by central banks beyond aggressive interest rate cuts. Measures have ranged from improving international coordination to purchasing local private loan portfolios and direct intervention ...
The wealth distribution in developed and developing economies: comparing the United States to Chile using survey data from 2007
Este estudio examina las distribuciones de ingreso, activos, endeudamiento y riqueza en Chile, utilizando datos de la Encuesta Financiera de los Hogares de 2007. Se detalla la desigualdad a nivel agregado y también por una variedad de subgrupos, tales como edad, género, tipo de hogar, tipo de empleo ...
The leverage cycle default and foreclosure
At least since the time of Irving Fisher economists as well as the general public have regarded the interest rate as the most important variable in the economy. But in times of crisis collateral rates (margins or leverage equivalently) are far more important. Despite the cries of newspapers to lower ...
Monetary policy in the grip of a pincer movement
Monetary policy has come under strain since the global financial crisis (GFC) of 2007–09. Once the GFC broke out central banks’ swift and determined response was essential to stabilise markets and to avoid a self-reinforcing downward spiral between the financial system and the real economy. But putting ...
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 ...