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El miedo a flotar y la política cambiaria en Chile
Este artículo revisa las políticas de manejo cambiario en Chile, poniendo particular énfasis en el régimen de tipo de cambio flotante implementado en 1999 y los dos episodios de intervención cambiaria posteriores a este. Se presenta evidencia de las favorables condiciones existentes en Chile para ...
Exchange rate interventions and insurance: is fear of floating a cause for concern?
Fear of floating has recently come to be seen as one of the central de facto characteristics of exchange rate regimes in emerging markets, after first being identified by Calvo and Reinhart (2002). The interpretation of this phenomenon is still open to question. Does the optimal monetary regime for ...
The relationship between exchange rates and inflation targeting revisited
For decades, the exchange rate was at the center of macroeconomic policy debates in emerging markets. Many countries used the nominal exchange rate to bring down inflation, –others—mostly in Latin America—used the exchange rate to implicitly tax the export sector. Currency crises were common and usually ...
Exchange rate structural fiscal balance and copper price: a puzzle
Chile’s exchange rate shows a strong volatility to copper price fluctuations. This correlation is essentially because copper is our main export product therefore increases in the price of copper imply higher returns from copper export volumes both for private and the stateowned mining company Codelco. ...
Trilemmas and tradeoffs: living with financial globalization
This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. I present the case that those EMEs able to exploit a flexible exchange rate are far better positioned than those that devote ...