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Some measures of financial fragility in the chilean banking system: an early warning indicators application
The regulatory framework of the chilean financial system includes a number of regulations that seek to maintain the financial stability of banks. On one hand, the Central Bank of Chile in its role as regulator and, on the other hand, the Superintendency of Banks in its role as supervisor have set a ...
Overshootings and reversals: the role of monetary policy
Does tight monetary policy stabilize the currency after a collapse?. Does the effect of high interest rates on the exchange rate depend on the condition of the banking system? The East Asian crises and other recent currency crises have put these questions at the center of economic policymaking decisions.
Policy rules and external shocks
The decade since 1990 has been a period of innovation in monetary policy. Around the world, many countries have adopted inflation targeting as their basic policy framework. Different countries have tried different techniques for achieving inflatio targets, such as different choices of policy instruments.
Inflation targeting: an overview
After the emergence of a consensus in the 1980s on the harmful effects of inflation, the last decade of the twentieth century witnessed a market reduction in inflation rates across the world. By the end of the 1980s, empirical evidence collected from large cross-country analyses and numerous case ...
Why are capital flows so much more volatile in emerging than in developed countries?
One of the most studied subjects in open macroeconomics is what determines capital flows. In general, most papers are concerned with estimating the following regression. where the left-hand side is some measurement of capital flows, either as a percentage of gross domestic product (GDP) or as changes, ...
Tax incentives for retirement savings: simulation results in the presence of liquidity constraints and heterogeneous consumers in an OLG-GE model
The overlapping generations general equilibrium (OLG-GE) framework constitutes an important tool for policy evaluation. One of its strengths is that it considers that at any given time the population is composed of workers of different ages and, therefore, whith different time horizons. This has two ...
Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
The turbulence in financial markets is Southeast Asia in 1997-98 and the crisis in Mexico in 1994-95 have renewed interest among policymarkers in the issues of capital account liberalization and financial sector reform. In all the East Asian cases and in Mexico, as well as in many other earlier episodes ...
The monetary transmission mechanism and the evaluation of monetary policy rules
This paper explores the connection between the monetary transmission mechanism -the channel through which a change in monetary policy affects the economy- and the choice of monetary policy rules to guide central bank decisions. Differente views of the monetary transmission mechanism are readily apparent ...
The monetary transmission mechanism in the United Kingdom: pass-through and policy rules
A number of recent papers have used policy simulations from small empirical macroeconomic models to assess the efficacy of inflation targeting or, more precisely, inflation forecast targeting (Svensson, 1997a). These include Rudebush and Svensson (1999). The models used to undertake these simulations ...
Japanese banking problems: implications for Southeast Asia
During the late 1980s, Japanese banks substantially increased their global presence. In part the expansion was undertaken to help service Japanese companies that were increasingly involved in foreign direct investment. However, this expansion also can be attibuted to Japan's positio as the world's ...