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Desviaciones de la paridad cubierta de tasas de interés: experiencia internacional y el caso de Chile
Normalmente se entiende la paridad cubierta de tasas de interés (PCI) como una realidad tanto teórica como empírica que nace de la condición de no arbitraje de los mercados internacionales. No obstante esta no se cumplió durante la crisis financiera mundial del año 2008 para las principales monedas ...
Inflation targeting in the context of IMF-Supported adjustment programs
For the last few years, the staff of the Iternational Monetary Fund (IMF) has been engaged in assessing the functioning and effectiveness of inflation targeting in IMF member countries that have adopted this scheme as their monetary policy anchor. This involvement was restricted to the IMF's surveillance ...
Indexation, inflation, and monetary policy: an overview
Indexation policies and practices are common in many markets and economies. In most cases, price adjustment mechanisms arise in private contracts as a consequence of high and pervasive inflation. Sometimes governments also play an important role in promoting the use of indexation in their issues of ...
Credit stabilization through public banks: the case of Banco Estado
A novel element in the policy mix that responded to the 2008- 2009 financial crisis was the explicit role given to BancoEstado a publicly-owned commercial bank to alleviate the contraction in domestic credit provided by the banking sector. In order to aid its mission BancoEstado was capitalized by 500 ...
Labor market distortions, employment and grwth: the recent chilean experience
From 1984 to 1998, the Chilean economy grew at a rate of 5.4 percent per capita, putting it among the world’s most successful economies in the past twenty years. This performance can undoubtedly be attributed to the market-oriented structural reforms that took place in the 1970s, 1980s, and early ...
Monetary policy under inflation targeting: an introduction
With the end of intermediate exchange rate regimes, countries are either abandoning domestic monetary policy (by choosing super-hard pegs or relinquishing their national currencies altogether) or strengthening independent monetary policymaking (by adopting floating exchange rates, of either the clean ...
Optimal management of indexed and nominal debt
In standard macroeconomics, fiscal policy involves choices about expenditures, taxes, and debt issue. The different kinds of public spending may be distinguished with respect to their interactions with private decisions. For example, some public activities influence private production and some interact ...
Estimación de la estructura de tasas nominales de Chile: aplicación del modelo dinámico nelson-siegel
En este artículo se propone una versión discreta y dinámica del modelo de Nelson y Siegel para la estimación de la estructura de tasas de interés, la que se obtiene asumiendo como válida la Hipótesis de Expectativas en Logaritmo, además de una modelación explícita para la dinámica de los factores del ...
A global safe asset for and from emerging market economies
International capital flows are fickle. Short-term debt funding is especially subject to sudden stops. Sudden flight into safe-haven currencies can cause large disruptions and sharp currency movements ultimately leading to a crisis. When markets shift from a risk-on to a risk-off mood cross-country ...
The relationship between exchange rates and inflation targeting revisited
For decades, the exchange rate was at the center of macroeconomic policy debates in emerging markets. Many countries used the nominal exchange rate to bring down inflation, –others—mostly in Latin America—used the exchange rate to implicitly tax the export sector. Currency crises were common and usually ...