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Mostrando ítems 121-130 de 158
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 ...
Corporate saving in global rebalancing
The increase in global imbalances in the last decade posed a theoretical challenge for international macroeconomics. Why did some less developed countries with a higher need for capital like China lend to richer countries? The inconsistency of standard dynamic open-economy models with actual global ...
Financial reforms and capital flows: insights from general equilibrium
How are capital flows affected by financial reforms that relax credit constraints and raise the ability of domestic firms to borrow? At first glimpse one might be tempted to dismiss the question as trivial. If some domestic firms are credit constrained (which we assume to be the case!) relaxing their ...
Global information spillovers
The amount of information produced in an economy varies over time. Stock prices in particular are informative but their degree of informativeness changes over time. Agents do not produce the same amount of information in every macroeconomic state of the world or in anticipation of every state. Although ...
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 ...
Global imbalances and external adjustment after the crisis
Over five years have passed since the most intense phase of the global financial crisis. As has been widely documented the pre-crisis period was characterized by increased dispersion in current account deficits and surpluses facilitated by a benign global financial environment characterized by low ...
A global safe asset for and from emerging market economies
International capital flows are fickle. Short-term debt funding is especially subject to sudden stops. Sudden flight into safe-haven currencies can cause large disruptions and sharp currency movements ultimately leading to a crisis. When markets shift from a risk-on to a risk-off mood cross-country ...
Household saving and labor informality: the case of Chile
Banco Central de Chile en el 2007 y tenemos entre 2.533 y 1.740 observaciones de hogares urbanos de Chile, dependiendo de la definición de ahorro y la definición de informalidad escogida. Realizamos regresiones de MCO y probit. Nuestra regresión de corte...
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) ...
The labor wedge and business cycles in Chile
Estudios recientes han documentado la importancia de la brecha laboral para explicar la magnitud de las fluctuaciones cíclicas de la economía Chilena. Ninguno de estos estudios, sin embargo, ha profundizado en las fluctuaciones de la brecha laboral y sus posibles fuentes. En este artículo damos un ...