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Capital controls in Chile: were they effective?
Controls on international capital flows have no place in a world without policy distortions and markt failures. Capital controls can only be justified as second-best measures to compensate for nonremovable policy distortions, including inadequate regulation and supervision of the financial and corporate ...
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 ...
Local impacts of trade liberalization: evidence from the chilean agricultural sector
Protectionist trade policies aim at shielding some sectors— typically but not exclusively manufacturing—from international competition. In doing so they may produce unintended consequences. In particular they tend to create some taxed sectors that use protected inputs usually in the agricultural sector ...
Teorías y métodos de medición del producto de tendencia: una aplicación al caso de Chile
Este artículo presenta una revisión de las teorías de determinación del producto de tendencia. Se discuten alternativas metodológicas para derivar el producto de tendencia de la economía Chilena, utilizando información histórica trimestral para el período 1986-2001. Entre los métodos considerados ...
General equilibrium dynamics of external shocks and policy changes in Chile
This paper explores Chile’s macroeconomic dynamics with the help of a general equilibrium model parameterized for the Chilean economy. The model is based on microanalytic foundations, and its basic relations are derived from intertemporal optimization by a group of forward-looking agents endowed with ...