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Is the foreign exchange derivatives market effective and efficient in reducing currency risk?
Floating foreign exchange rates have gained increased support as a preferred system for reducing the vulnerability of emerging markets to external shocks. The volatility associated with floating exchange rates, however, exposes economic agents to the risk of changes in the valuation of the financial ...
Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japan ...
Capital flow management with multiple instruments
Emerging markets (EMs) are affected by a global financial cycle originating in developed economies (Rey 2013). An increase in risk appetite of developed economies perhaps spurred by easy monetary policy leads to a surge in capital flows to EMs. These foreign capital flows especially foreign portfolio ...
Precio de materias primas y spread soberano en economías emergentes: ¿importa la concentración de las exportaciones?
El spread entre los retornos de bonos soberanos de países emergentes y los instrumentos equivalentes de Estados Unidos tiene un importante rol, dado su amplio uso como indicador del costo del endeudamiento externo y del riesgo país de una economía. En este sentido, la evolución de los spreads puede ...
Response to external and inflation schocks in a small open economy
Monetary policy design has experienced major changes over the last twenty years. These changes had their origin in changes in macroeconomic theory, a better understanding of the importance of achieving and maintaining low inflation, and the abandonment of fixed pegs in favor of floating exchange rate ...
Análisis de los coeficientes beta: evidencia en el mercado de activos Chileno
Este trabajo estima el riesgo sistemático medido por el coeficiente beta del modelo de mercado, aplicando el método de regresión fuzzy lineal de Tanaka e Ishibuchi (1992) mejorado con el método de detección de outliers de Hung y Yang (2006). Las estimaciones se realizan para los índices sectoriales y ...
Indicadores de comercio exterior
Esta publicación contiene información sobre exportaciones e importaciones totales a nivel de país. Comprende dos partes: en la primera, se presenta un análisis del comportamiento global del comercio exterior, algunos estudios especiales sobre sectores de la producción y el intercambio comercial con ...
Acta Comité Ejecutivo N° 1051
Acta mecanografiada