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Sovereign debt, volatility, and insurance
International capital inflows should, in theory, enable emerging market economies to reduce the volatility of private and public consumption in the presence of income volatility, in addition to allowing foreign savings to finance domestic capital accumulation. Access to international financial markets ...
Recessions and financial disruptions in emerging markets: a bird's eye view
The global financial crisis of 2008–09 led to massive interruptions in cross-border financial and trade flows. As a result of the crisis virtually all of the advanced economies and many emerging market countries experienced recessions over the past two years. These recessions coincided with various ...
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 ...
Assessing the flexibility of the labor market in Chile: An international perspective
The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set ...
Government spending and the real exchange rate: a cross-country perspective
There is no consensus about the economic implications of real exchange rate (RER) misalignments. Some authors argue that keeping the real exchange rate away from its equilibrium level creates distortions in the relative prices of tradable and nontradable goods generating misleading signals to economic ...
Pegs downward wage rigidity and unemployment: the role of financial structure
A characteristic of the current crisis in Europe is that countries in its periphery have found themselves increasingly cut off from international financial markets. In the present study we ask how such changes in the financial structure influence the welfare consequences of maintaining a fixed exchange ...
Procyclicality of fiscal policy in emerging countries: the cycle is the trend
Economic research on fiscal policy has shown that while developed economies tend to run countercyclical fiscal policies Latin American countries have been characterized by procyclical policies. One of the explanations given to this phenomenon is that high external debt causes severe constraints on the ...
Goverment size misallocation and the resource curse
Structural transformation is a reallocation of labor across sectors. In this paper I investigate the impact of structural transformation in an open economy on sectoral and aggregate productivity with a particular focus on the role of government. While there are potentially many sources of structural ...
Domestic financial frictions and the transmission of foreign shocks in Chile
In the early 90’s a literature emerged emphasizing the role of external factors in explaining business cycle fluctuations in emerging countries. In particular changes in the terms of trade and world interest rates are generally viewed as the main external factors affecting these economies. Additionally ...
The link between labor cost inflation and price inflation in the Euro Area
To gauge inflationary pressures, policymakers generally pay close
attention to labor cost developments. A key reason has been the widely
held view that labor cost inflation (i.e., wage inflation adjusted for
productivity developments) is one of the main causes of price inflation.
From a theoretical ...