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The 1997-98 liquidity crisis: Asia versus Latin America
Four years after its outbreak, the Asian crisis continues to confound experts: a region whose countries had long been considered paragons of successful economic development is mired in financial collapse and deep recession. By contrast, Latin America -with the important exceptions of Brazil and Ecuador- ...
Dinámica de ajuste de precios: evidencia de datos microeconómicos para Chile
Este trabajo caracteriza la dinámica de ajustes de precios en Chile usando datos a nivel de establecimientos para los productos de la canasta del IPC. Nuestros resultados muestran que las rigideces nominales son más bajas cuando están medidas a nivel microeconómico que cuando están estimadas con datos ...
Imperfect knowledge and the pitfalls of optimal control monetary policy
Sixty years ago, Milton Friedman questioned the usefulness of the optimal control approach because of policymakers’ imperfect knowledge of the economy and favored instead a simple rule approach to monetary policy (1947, 1948). These are still live issues, despite the development of powerful techniques ...
Causes and consequences of indexation: a review of the literature
Automatic price adjustment mechanisms, or indexation, have arisen in a variety of economies with distinct macroeconomic environments and in different moments in time. Examples include the labor market indexation implemented in various European countries in the postwar era, the indexation of financial ...
Quantity and quality of economic growth
Most cross-country studies of economic growth, including my earlier research, focus on the determinants of narrow economic variables. The variables most often studied are the growth rate of per capita gross domestic product (GDP) and the ratio of investment to GDP. In this study, my focus is on the ...
Is the foreign exchange derivatives market effective and efficient in reducing currency risk?
Floating foreign exchange rates have gained increased support as a preferred system for reducing the vulnerability of emerging markets to external shocks. The volatility associated with floating exchange rates, however, exposes economic agents to the risk of changes in the valuation of the financial ...
Estimaciones de la Nairu para Chile
El objetivo de este ensayo es estimar la tasa de desempleo que no acelera la inflación (Nairu) para Chile. Su medición permite construir la brecha de desempleo, medida complementaria de actividad y brecha de producto, que los bancos centrales usan en forma regular junto a los demás indicadores que ...
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 ...
Securitización de hipotecas y desarrollo económico: un ensayo sobre la Caja Hipotecaria de Chile
Este ensayo recorre los primeros cincuenta años de la Caja de Crédito Hipotecario de Chile desde su creación en 1855. Durante la segunda mitad del siglo XIX, las operaciones crediticias de la Caja activaron la rápida expansión del regadío del Valle Central y posibilitaron el concomitante aumento de ...
Currency mismatches in chilean nonfinancial corporations
The potential financial vulnerability that can occur when private sector or government agents acquire high levels of foreign currency debt has been at the center of discussion since the financial crises that affected the countries of Southeast Asia in the late 1990s. To the extent that a mismatch is ...