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An anatomy of credit booms and their demise
Episodes in which credit to the private sector rises significantly above its long-run trend (that is 'credit booms') are often associated with periods of economic turbulence. Until recently however efforts at developing methodologies for identifying credit booms and characterizing the economic ...
Monetary policy at the zero lower bound: the Chilean experience
The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically ...
Relación entre el dólar el precio del cobre y el ipsa en distintas escalas de tiempo: una aproximación a través de wavelet
En este estudio se analiza la relación de causalidad para diferentes plazos de tres variables relevantes de la economía Chilena: el tipo de cambio peso dólar el precio del cobre y el índice de precios selectivos de acciones IPSA. Para ello se realiza una descomposición mediante la transformada de ...
Debt- and equity-led capital flow episodes
Our earlier work has helped to switch the focus of studies of extreme capital flow movements toward the use of data on gross inflows (mainly driven by foreigners) and outflows (mainly driven by domestics) rather than relying on net flows (the sum of the two) (Forbes and Warnock 2012). The old focus ...
Capital inflows and books in asset prices: evidence from a panel of countries
Policymakers and academics often believe that large capital inflows are associated with booms in asset prices and therefore with a higher risk of financial crisis. The belief is supported by the theoretical works of Krugman (1998) Caballero and Krishnamurthy (2006) Aoki Benigno and Kiyotaki (2009) ...
La crisis financiera global y contagio a mercados emergentes
Estudiamos el efecto de los vínculos entre bancos en el contagio de los ciclos productivos con un enfoque específico en la propagación de la crisis de 2007-2009 desde los países avanzados hacia los emergentes. En una muestra de pares de países compuesta de 17 economías avanzadas y 11 emergentes entre ...