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Distress dependence and financial stability
The proper estimation of distress dependence amongst the banks in a system is key to monitoring the stability of the banking system. Financial supervisors recognize the importance of assessing not only the risk of distress i.e. large losses and possible defaults by a specific bank but also the impact ...
Riding the roller coaster: fiscal policies of nonrenewable resource exporters in Latin America and the Caribbean
In the last decade the prices of nonrenewable resources which constitute a critical source of fiscal revenue in many Latin American and Caribbean countries recorded sharp swings correlated with economic growth developments in the world and in the region. Similar episodes in the past led to boom and ...
Liquidity and foreing asset management challenges for Latin America countries
The Global Financial Crisis put to the fore the challenges of managing liquidity and foreign assets at times of heightened volatility. Earlier concerns of some observers regarding the costs of precautionary hoarding notwithstanding the Global Financial Crisis (GFC) validated the buffer value of ...
Dinámica de tasas de interés de mercado en tiempos de turbulencia financiera
La importante baja de la tasa de política monetaria (TPM) durante el año 2009 ha compensado el alza de las tasas de colocación causada por la mayor incertidumbre nacional e internacional. Este artículo concluye lo anterior al examinar la evolución de las tasas de interés de colocación de consumo y ...
International aspects of the zero lower bound constraint
Large negative aggregate demand shocks can drive down an economy’s equilibrium real interest rate and if the central bank is committed to stabilizing inflation monetary policy may be hampered by the zero lower bound on nominal interest rates –the economy may be in a 'liquidity trap.' The policy dilemma ...
Trade with asymmetric information
Events in financial markets before and during the crisis of late 2008 have stimulated renewed interest in modeling trade with asymmetric information. Robert Shimer’s contribution to this volume joins the literature focusing on trade in securities that are claims on mortgages where issuers of the ...
The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006 ...
Política monetaria y la enfermedad holandesa: rigidez de precios y de salarios
Mediante un modelo de economía pequeña y abierta, especializada en la producción de materias primas y que exhibe fricciones exógenas en la fijación de precios y salarios, estudiamos la respuesta óptima de la política monetaria y cambiaria tras un shock positivo (negativo) en el precio del producto ...
Managing sudden stops
Sudden stops are when capital inflows dry up abruptly. The banker’s aphorism—'It’s not speed that kills but the sudden stop'— has been popularly invoked since at least the Mexican crisis in 1994. Awareness then rose with impetus from the Argentine crisis (1995) the Asian crisis (1997) the Russian ...
Unemployment dynamics in Chile: 1960-2015
Como proxy del mercado laboral de Chile, analizamos los flujos del mercado laboral de la Región Metropolitana de Santiago a lo largo de los últimos cincuenta años. Siguiendo la literatura, calculamos las tasas con que se encuentra y se pierde un empleo (tasas de riesgo) en los movimientos desde y hacia ...