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Latin America's access to international capital markets: good behavior or global liquidity?
Latin America has had an active presence in international markets since independence in the early nineteenth century. Participation has been quite volatile, though. International borrowing financed the wars of independence in the early 1800s, but the boom that started in 1822 with a loan to Colombia ...
What drives the current account in commodity exporting countries?: the cases of Chile and New Zealand
As capital markets have become increasingly integrated, savings and investment within countries have tended to become less correlated, in what is known as the Feldstein-Horioka (1980) correlation, with the corollary that savings-investment gaps (that is, current accounts) have tended to become more ...
¿Son mejores los sistemas financieros basados en el sistema bancario o los basados en el mercado bursátil?
Por más de un siglo, los economistas y quienes tienen a cargo la política económica han debatido las ventajas relativas a los sistemas financieros basados en el mercado bursátil con respecto a los basados en el sistema bancario. Recientemente, sin embargo, quienes han propuesto un desarrollo del sistema ...
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 ...
Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely ...