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Financial intermediation and growth: causality and causes
Do better functioning financial intermediaries -financial intermediaries that are better at ameliorating information asymmetrics and facilitating transactions- exert a causal influence on economic growth? Providing evidence on causality has implications for policymakers and economists. For instance, ...
Caracterización de la estructura de tasas de interés reales en Chile
Este artículo caracteriza la estructura de tasas de interés reales en Chile y su evolución a través del tiempo, entregando una herramienta para el estudio sistemático de los determinantes de dicha estructura. Se utilizan datos de tasas de licitación y transacción de papeles del Banco Central de Chile ...
Cobertura cambiaria e inversion internacional de portafolio: una perspectiva local
¿Debe realizarse cobertura cambiaria? La respuesta depende de quién haga la pregunta y, desde su punto de vista, del efecto que tenga la cobertura sobre el riesgo y la rentabilidad esperada de la inversión. Aquí se considera a un inversionista de portafolio internacional establecido en el país. Es ...
Targeting inflation in an economy with staggered price setting
After experiencing high and persistent inflation rates in the 1970s and early 1980s, most industrialized economies entered the new century with a sustained record of flow, stable inflation rates. Many commentators attribute the new environment to good luck, in the form of no major supply shocks (at ...
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 ...
Credibility and inflation targeting in Chile
After a long history of high and volatile inflation, the Central Bank of Chile began implementing its monetary policy in the early 1990s by announcing yearly targets for inflation. This new framework was the first step toward a full-fledged inflation-targeting setup, although the Central Bank continued ...
Assessing the flexibility of the labor market in Chile: An international perspective
The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set ...
Inflation targeting versus price-path targeting: looking for improvements
The world’s central banks have undergone dramatic changes in the past fifteen years. Increases in independence and transparency have been coupled with a shift in focus. Price stability is now the paramount objective for the vast majority of modern central bankers. Combined, these changes in central ...
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 ...
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 ...