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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 ...
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 ...
Ciclo económico, riesgo y costo del crédito en Chile desde una perspectiva de modelos VAR estructurales
Este trabajo estudia la interacción entre el ciclo económico y el mercado de crédito en Chile. Los resultados se obtienen con la identificación de shocks mediante un modelo VAR estructural que reproduce el mecanismo de transmisión estándar empírico de la política monetaria que se ha encontrado en otros ...
Captial controls and foreign exchange policy
The question of whether capital controls should be part of the tool box for policymakers to deal with capital flows has become one of the central issues in the international economic policy debate. It was one of the key policy issues in the G20 under the French Presidency in 2011 and it has been covered ...
Large hoardings of international reserves: are they worth it?
Several Asian economies have accumulated large stocks of international reserves over the last few years. This motivates the question we address in this paper from an empirical point of view. Are these large increases in reserves an efficient crisis-prevention strategy? Or are they second-best to other ...
La crisis financiera global y contagio a mercados emergentes
Estudiamos el efecto de los vínculos entre bancos en el contagio de los ciclos productivos con un enfoque específico en la propagación de la crisis de 2007-2009 desde los países avanzados hacia los emergentes. En una muestra de pares de países compuesta de 17 economías avanzadas y 11 emergentes entre ...
Preferencia de los bancos centrales por el largo plazo
Los bancos centrales suelen preferir tasas de interés de largo plazo como meta o como diagnóstico de política. Este artículo describe dos episodios históricos en que esto ha sucedido —Estados Unidos en 1942-51 y el Reino Unido en la década de 1960— y utiliza un modelo de dinámica inflacionaria para ...
The credit channel and monetary transmission in Brazil and Chile: a structured VAR approach
The widespread adoption of inflation-targeting regimes by emerging market economies has generated considerable interest in the channels through which monetary policy shocks affect output inflation and other relevant aggregates in such economies. Yet there is a paucity of empirical research for emerging ...
La demanda residencial de energía eléctrica en Chile
En un contexto energético como el Chileno, con una demanda creciente y una oferta estocástica de energía, es importante conocer los determinantes de la demanda por energía eléctrica de los hogares. En particular, es necesario identificar con precisión su elasticidad precio con el objetivo de poder ...
International reserve management and the current account
This paper assesses the costs and benefits of active international reserve management. The first part outlines and appraises various channels through which international reserve management may enhance economic performance, focusing on two important channels: it lowers the real exchange rate volatility ...