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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 ...
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 ...
Monetary policy responses to external spillovers in emerging market economies
Despite the remarkable progress made in many emerging and middle-income economies over the last few decades the continuing liberalization in financial markets and the integration into the global financial system these countries remain highly vulnerable to real and financial shocks coming from the U.S. ...
Jobless recoveries during financial crises: is inflation the way out?
The slow rate of employment growth relative to that of output is a sticking point in the recovery from the financial crisis episode that started in 2008 in the U.S. and Europe (a phenomenon labeled 'jobless recovery'). The issue is a particularly burning one in Europe where some observers claim that ...
Análisis del uso de beneficios en el seguro de cesantía chileno
Este documento busca caracterizar el comportamiento de uso de los beneficios del Seguro de Cesantía Chileno. A partir de datos administrativos se observa que solo el 35% de los individuos elegibles solicita alguno de los beneficios que el Seguro contempla. Los resultados sugieren que parte importante ...
Can economic perception surveys improve macroeconomic forecasting in Chile?
Comparamos el momento, la representatividad, los cuestionarios y la agregación de las respuestas de cinco encuestas de percepción económica chilenas en sus proyecciones macroeconómicas, observando las deficiencias de los índices agregados que combinan preguntas con diferente enfoque y perspectiva ...
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 ...
Propagación de información entre países
La reciente reversión de los flujos de capital hacia los mercados emergentes ha puesto de manifiesto la importancia permanente del problema de las paradas repentinas. Este trabajo analiza estos episodios en economías emergentes desde 1991. Se observa que la frecuencia y la duración de las paradas ...
Heterodox central banking
In response to the current global crisis the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures including purchasing a wide range of securities lending to financial institutions intervening in foreign exchange markets and paying interest on reserves. ...
Sources of uncertainty in conducting monetary policy in Chile
Monetary policy is made in an environment of substantial uncertainty. Consequently, academic researchers have sought to formally demonstrate the implications of uncertainty, as well as the ways in which central banks can manage it. The theoretical literature on uncertainty distinguishes between three ...