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Emerging market fluctuations: the role of interest rates and productivity shocks
Business cycles in emerging markets are characterized by high levels of volatility in income, investment, and net exports. Consumption is more volatile than income, and net exports are highly countercyclical (see Aguiar and Gopinath, 2007). Furthermore, the interest rates faced by these economies are ...
Stocks, flows, and valuation effects of foreign assets and liabilities: do they matter?
Globalization has changed the way countries interact along several dimensions. Financial integration and its underpinnings are probably among the most important. Although cross-border capital flows and external debt have been closely monitored, until recently little was known about the stocks of foreign ...
Síntesis estadística de Chile 2003-2007
Esta publicación se edita en forma anual e incluye diversos antecedentes estadísticos económicos y sociales del país de los últimos cinco años, relacionados con las áreas de cuentas nacionales, comercio exterior, precios, finanzas públicas, agricultura, minería e industria, y otras informaciones ...
RPM 11 de diciembre 2008
Acta correspondiente a la Sesión de Política Monetaria No. 132, celebrada el 11 de diciembre de 2008.
RPM 13 de noviembre 2008
Acta correspondiente a la Sesión de Política Monetaria No. 130, celebrada el 13 de noviembre de 2008.
Financial frictions and business cycles in middle-income countries
Empirical analysis reveals three regularities among middleincome countries: consumption is highly procyclical and more volatile than output, investment is highly procyclical and three to four times as volatile as output, and real net exports are countercyclical and about three times as volatile as ...
On current account surpluses and the correction of global imbalances
The United States has run an increasingly large current account deficit over the last few years. J. P. Morgan forecasts that in 2007 the deficit will reach almost one trillion dollars, or 7 percent of GDP. This unprecedented situation has generated concern among analysts and policymakers. Many argue ...
Current account and external financing
Are international capital markets a source of stable and reliable financing for emerging market economies, or a source of instability? Is the pattern of capital flows from poor to rich countries observed in the past decade sustainable? What is the optimal degree of capital account openness both for ...
RPM 14 de agosto 2008
Acta correspondiente a la Sesión de Política Monetaria No. 126, celebrada el 14 de agosto de 2008.
RPM 08 de mayo 2008
Acta correspondiente a la Sesión de Política Monetaria No. 122, celebrada el 08 de mayo de 2008.