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Stocks, flows, and valuation effects of foreign assets and liabilities: do they matter?
Globalization has changed the way countries interact along several dimensions. Financial integration and its underpinnings are probably among the most important. Although cross-border capital flows and external debt have been closely monitored, until recently little was known about the stocks of foreign ...
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) ...
Monetary policy under flexible exchange rates: an introduction to inflation targeting
Both policymakers and economists increasingly accept that the main medium- to long-run goal of monetary policy is the pursuit of price stability, defined as maintaining a low and stable rate of inflation. A high and variable inflation rate is socially and economically costly.
Ciclo económico, riesgo y costo del crédito en Chile desde una perspectiva de modelos VAR estructurales
Este trabajo estudia la interacción entre el ciclo económico y el mercado de crédito en Chile. Los resultados se obtienen con la identificación de shocks mediante un modelo VAR estructural que reproduce el mecanismo de transmisión estándar empírico de la política monetaria que se ha encontrado en otros ...
Large hoardings of international reserves: are they worth it?
Several Asian economies have accumulated large stocks of international reserves over the last few years. This motivates the question we address in this paper from an empirical point of view. Are these large increases in reserves an efficient crisis-prevention strategy? Or are they second-best to other ...
Complementariedad entre un impuesto de tasa plana y subsidios monetarios para mejorar la distribución del ingreso en Chile
Este estudio analiza políticas redistributivas de Chile asociadas al establecimiento de un impuesto a la renta del tipo flat tax, y la ampliación del 'ingreso ético familiar', utilizando un modelo de equilibrio general computable dinámico combinado con microsimulaciones. Los resultados muestran que, ...
Anchors aweigh: how fiscal policy can undermine 'good' monetary policy
Policymakers have long understood that if fiscal policy runs amuck and monetary policy is forced to raise seigniorage revenues big inflations result. Latin American policymakers understand this outcome better than most. This message is implicit in Cagan’s (1956) initial study of hyperinflation and the ...
Expectations, learning and monetary policy: an overview of recent research
The conduct of monetary policy in terms of interest rate or other rules has been extensively studied in recent research. This literature gives a central role to forecasts of future inflation and output, and the question of whether monetary policy should be forward- ooking has been subject to discussion ...
Policy responses to external shocks: the experiences of Australia, Brazil, and Chile
Open economies, particularly emerging markets and commodityintensive economies, deal with large external shocks. These are typically of a financial nature in the case of the former and real—in that they affect the terms of trade—in the case of the latter. Alternative policy reactions and policy setups ...
Cuando los flujos de capital se detienen
El volumen de información que se produce en una economía varía con el tiempo. Se produce más información cuando trae más beneficios, como cuando los agentes prevén un estado en el que muchas empresas arriesgan la quiebra. Las medidas de información basadas en los precios bursátiles comunican hechos ...