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On the determinants of chilean economic growth
If looked at since the mid-1980s, Chile’s economic performance has been fairly impressive compared not only with the rest of Latin America, but also with most of the countries in the world. From a long-run perspective, however, Chile did not display such an outstanding performance in the 1960s and ...
Competition and stability in banking
Banking went from being one of the most regulated sectors in the economy after the crisis in the 1930s to a more lightly regulated sector with the liberalization process that started in the 1970s in the United States. The previous period was marked by few crises with much more instability in the second ...
Monetary policy in Chile: a black box?
During the 1990s the Chilean economy gradually cut its inflation rate from figures in the thirties to 4.7 percent in 1998. Central bank authorities have declared that the main objective of monetary policy is to reduce inflation to levels comparableto those in industrial countries. The desgnated ...
Economic growth and the Chilean labor market
Este artículo analiza la dinámica del mercado laboral chileno en diferentes períodos de crecimiento económico. La evidencia muestra una marcada sincronía del crecimiento real del PIB con la tasa de desempleo y la creación de empleos. Específicamente, la tasa de desempleo cae y la creación de empleos ...
Banking market structure and monetary policy
This volume contains several macroeconomic and microeconomic works on the subjects of monetary policy transmission and the regulation of the banking industry. The reason to consider both issues in the same volume lies in the fact that some channels whereby monetary policy reaches the real sector hinge ...
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 ...
Monetary policy under inflation targeting
Inflation targeting cum exchange-rate floating has become the framework of choice in countries pursuing an independent and effective monetary policy. Since its adoption by New Zealand (1990) and Chile (1991), central banks of nearly 25 industrial and emerging economies have implemented an explicit ...
Distress dependence and financial stability
The proper estimation of distress dependence amongst the banks in a system is key to monitoring the stability of the banking system. Financial supervisors recognize the importance of assessing not only the risk of distress i.e. large losses and possible defaults by a specific bank but also the impact ...