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External vulnerability and preventive policies
Emerging market economies endure significant macroeconomic volatility. The large correlation between external factors, e.g., terms of trade and world interest rate shocks, and domestic macroeconomic volatility is highly suggestive of their key role, but it does not explain the mechanism through which ...
Current account and external financing
Are international capital markets a source of stable and reliable financing for emerging market economies, or a source of instability? Is the pattern of capital flows from poor to rich countries observed in the past decade sustainable? What is the optimal degree of capital account openness both for ...
La emisión de dinero en Chile: colección de monedas y billetes del Banco Central de Chile
Difunde al público general, con motivo de la celebración del octogésimo aniversario del Banco, la colección de billetes y monedas que mantiene la Institución, la que forma parte de la identidad nacional y del patrimonio cultural de Chile.
Commodity prices and macroeconomic policy
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 ...
Credibility of emerging markets, foreign investors’ risk perceptions, and capital flows
Emerging market economies (EMEs) are constantly exposed to shocks that originate in world capital markets, posing serious challenges to policymakers. By dealing with these shocks —Covid-19 representing the most recent event— several lessons have been learned in terms of the ways they
propagate as ...
Macroeconomic and financial stability: challenges for monetary policy
On September 2008, Lehman Brothers filed for bankruptcy and the world became aware that the financial crisis that had been unfolding for months was far more serious than expected. Months later, it became clear that the financial crisis of 2008-2009 was the worst economic downturn since the Great ...
General equilibrium models for the Chilean economy
General equilibrium theory and modeling have proved to be useful for understanding economic interactions between markets and agents and the determination of prices and quantities. Applied general equilibrium models (GEM) have been developed and used to address a wide range of theoretical questions and ...
Iconografía de monedas y billetes chilenos: colección de monedas y billetes del Banco Central de Chile
Presenta de manera cronológica el análisis iconográfico del dinero que ha circulado en Chile, a partir de la primera emisión monetaria en 1749 hasta la actualidad, presente en la colección de monedas y billetes del Banco Central de Chile.