Emerging market economies (EMEs) are constantly exposed to shocks that originate in world capital markets, posing serious challenges to policymakers. By dealing with these shocks —Covid-19 representing the most recent event— several lessons have been learned in terms of the ways they propagate as ...

In March of 2020, international markets seized up with a violence unequaled since the Global Financial Crisis (GFC) nearly a dozen years before. As economies around the world locked down in the face of the potentially deadly but completely novel SARS-CoV-2 virus, stock markets fell, firms and governments ...

What is the optimal exchange rate policy? Should exchange rates be optimally pegged, managed, or allowed to freely float? What defines a freely floating exchange rate? Do open economies face a trilemma constraint in choosing between inflation and exchange rate stabilization, unlike divine coincidence ...

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 ...

El Banco Central de Chile ha publicado su Memoria Integrada 2020, reporte que detalla los principales hitos financieros, medioambientales, de relación con la comunidad, con sus trabajadores y el aporte que la institución hace al país a través del cumplimiento de su mandato legal, con el foco puesto ...

El año 2022 fue complejo para el Banco Central porque su meta de inflación de 3% se vio absolutamente sobrepasada, lo que obligó a nuestra institución a tomar drásticas decisiones de política monetaria, como parte de un ciclo de alzas que ya había comenzado el año anterior. Entre enero y octubre, la ...

The Central Bank faced multiple challenges in 2021, especially due to the consequences of the worst period of the pandemic, which continued to affect the normal functioning of the economy. The persistence of the health crisis substantially changed the ways in which people, institutions, and the financial ...

Cross-border corporate control is a major facet of globalisation. In roughly one out of four listed controlled companies in 2012, control was exercised by a foreign entity or family/individual. Controlling—and passive—ownership stakes are often hidden in complex structures, involving pyramids and ...

This volume collects some of the papers presented at the XXV Annual Conference of the Central Bank of Chile, which took place in November 2022 in Santiago, Chile.1 The theme of the conference was Heterogeneity in Macroeconomics: Implications for Monetary Policy. The main objective of this conference ...

The Covid-19 pandemic triggered the most synchronous economic downturn in more than a century. Ninety percent of countries posted a decline in real per-capita GDP in 2020, a share that surpassed any other year since 1900, which includes two world wars and the Great Depression of the 1930s.1 The health ...