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The war of ideas in economic development: a historical perspective
In the early 1970s when he had barely turned thirty years old Vittorio Corbo was already a legend of sorts among development economists. His dissertation at M.I.T. became an instant classic a work that had to be read by anyone interested in understanding the dynamics of inflation in developing nations. ...
Endogenous exchange-rate pass-through and self-validating exchange rate regimes
Un dilema de larga data en las economías abiertas se refiere a la moneda en que se denominan los precios nominales y los contratos. Este trabajo analiza la interacción entre los precios de exportación de las empresas y la política monetaria, y sus posibles implicancias macroeconómicas en la sincronización ...
Saving distortions undervalued exchange rates and protectionism
Policies that distort domestic saving decisions have general equilibrium effects on trade flows and the real exchange rate. In particular increasing domestic savings keeps the real exchange rate undervalued depressing imports and increasing exports. However there are important differences between ...
Trilemmas and tradeoffs: living with financial globalization
This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. I present the case that those EMEs able to exploit a flexible exchange rate are far better positioned than those that devote ...
Implications of rapidly growing emerging markets for the world economy
It is an honor and a pleasure participating in this conference in honor of Vittorio Corbo. He has been a major contributor to the thinking on economic theory and policy with respect to development as an academic as a World Bank official as a consultant and as Governor of the Banco Central de Chile. I ...
The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
Future generations will likely remember the turn of the 21st century as the time when mainstream macroeconomics was about to completely remove money and finance from its models and perished in the attempt. Before the subprime crisis macroeconomic/monetary theory reached a level of pristine perfection ...
Local impacts of trade liberalization: evidence from the chilean agricultural sector
Protectionist trade policies aim at shielding some sectors— typically but not exclusively manufacturing—from international competition. In doing so they may produce unintended consequences. In particular they tend to create some taxed sectors that use protected inputs usually in the agricultural sector ...
Global liquidity, spillovers to emerging markets and policy responses
The Book Series on "Central Banking, Analysis, and Economic Policies" of the Central Bank of Chile publishes new research on central banking and economics in general, with special emphasis on issues and fields that are relevant to economic policies in developing economies. The volumes are published ...
Spillovers to emerging markets during global financial crisis
At the heart of the debate on how the 2007–09 global financial crisis spread from the United States to the rest of the world lies the global banks. Using a large sample composed of advanced and emerging economies since the 1980s Abiad and others (2013) show that the effect of financial linkages on ...
Why do countries have fiscal rules?
Professor Vittorio Corbo in whose honor this conference is organized has an outstanding academic and professional career that spans teaching research policy making and advice provided to the private sector international institutions and governments. In the latter capacity of government advisor he ...