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On current account surpluses and the correction of global imbalances
The United States has run an increasingly large current account deficit over the last few years. J. P. Morgan forecasts that in 2007 the deficit will reach almost one trillion dollars, or 7 percent of GDP. This unprecedented situation has generated concern among analysts and policymakers. Many argue ...
Financial diversification, sudden stops, and sudden starts
The financial crises of the second half of the 1990s have led to renewed interest in the causes and consequences of international capital flows. Sudden stops, defined as large drops in net capital inflows, have received particular attention, given the collapses in output and investment commonly ...
Análisis del tipo de cambio en la práctica
Este trabajo examina las principales herramientas con que se analiza el tipo de cambio en la formulación y análisis de la política macroeconómica en el Banco Central de Chile (BCCh). Para tal efecto, primero se describen las principales metodologías con las que se construyen indicadores de tipo de ...