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El crédito bancario durante la crisis financiera del 2008: una comparación internacional
Estimamos empíricamente los principales determinantes del crecimiento del crédito bancario durante la crisis financiera del 2008. Utilizando una muestra de más de 80 países, encontramos que un mayor auge de crédito bancario antes de la crisis y un menor crecimiento del PIB de los socios comerciales ...
Competition and stability in banking
Banking went from being one of the most regulated sectors in the economy after the crisis in the 1930s to a more lightly regulated sector with the liberalization process that started in the 1970s in the United States. The previous period was marked by few crises with much more instability in the second ...
The supply-side origins of U.S. inflation
In recent years, we have not seen much of a negative correlation
between inflation, the time series plotted in figure 1, and measures of
resource slack, based on real GDP plotted in figure 2. This flattening
of the Phillips curve in many countries across the world has startled
monetary policymakers. ...
The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006 ...
El trabajo a tiempo parcial en Chile
La evolución del trabajo a tiempo parcial en Chile y sus determinantes constituyen el tema de este artículo. Se testean algunas hipótesis encontradas en la literatura internacional para determinar si el trabajo a tiempo parcial es inestable, si la hora trabajada es peor remunerada, y si se toma como ...
Debt- and equity-led capital flow episodes
Our earlier work has helped to switch the focus of studies of extreme capital flow movements toward the use of data on gross inflows (mainly driven by foreigners) and outflows (mainly driven by domestics) rather than relying on net flows (the sum of the two) (Forbes and Warnock 2012). The old focus ...
An anatomy of credit booms and their demise
Episodes in which credit to the private sector rises significantly above its long-run trend (that is 'credit booms') are often associated with periods of economic turbulence. Until recently however efforts at developing methodologies for identifying credit booms and characterizing the economic ...
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 ...
Extracting information on economic activity from business and consumer surveys in an emerging economy (Chile)
El presente artículo discute la medida en que las encuestas de percepción a empresas y consumidores contienen información útil para predecir la actividad económica en Chile. Las encuestas utilizadas son las correspondientes a los índices IMCE e IPEC, para las empresas y consumidores, respectivamente. ...
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 ...