Reúne trabajos de investigación sobre la banca central y economía en general, con énfasis en temas y políticas relacionados con la conducción económica de los países en desarrollo.

Colecciones en esta comunidad

Publicaciones recientes

  • Thumbnail

    Credibility of emerging markets, foreign investors’ risk perceptions, and capital flows 

    Aguirre R., Álvaro; Fernández, Andrés; Kalemli-Ozcan, Sebnem (Banco Central de Chile, 2023-08-09)
    Emerging market economies (EMEs) are constantly exposed to shocks that originate in world capital markets, posing serious challenges to policymakers. By dealing with these shocks —Covid-19 representing the most recent ...
  • Thumbnail

    The international financial system after Covid-19 

    Obstfeld, Maurice (Banco Central de Chile, 2023-08-09)
    In March of 2020, international markets seized up with a violence unequaled since the Global Financial Crisis (GFC) nearly a dozen years before. As economies around the world locked down in the face of the potentially ...
  • Thumbnail

    Exchange rate puzzles and policies 

    Itskhoki, Oleg; Mukhin, Dmitry (Banco Central de Chile, 2023-08-09)
    What is the optimal exchange rate policy? Should exchange rates be optimally pegged, managed, or allowed to freely float? What defines a freely floating exchange rate? Do open economies face a trilemma constraint in choosing ...
  • Thumbnail

    International risk spillovers: implications for emerging markets’ monetary policy frameworks with an application to Chile 

    Kalemli-Özcan, Sebnem (Banco Central de Chile, 2023-08-09)
    Among the factors behind international spillovers, U.S. monetary policy developments retain a major influence. Such developments drive the global financial cycle as strongly demonstrated by Rey (2013), Miranda-Agrippino ...
  • Thumbnail

    Global drivers and macroeconomic volatility in EMEs: a dynamic-factor, general-equilibrium perspective 

    Bajraj, Gent; Fuentes D., Miguel; García S., Benjamín; Lorca, Jorge; Paillacar, Manuel; Wlasiuk, Juan M.; Fernández, Andrés (Banco Central de Chile, 2023-08-09)
    A common view held by academics as well as policymakers assigns an important role to global factors as drivers of fluctuations in economic activity in emerging market economies (EMEs). This follows naturally from the fact ...
  • Thumbnail

    Sovereign-Debt Crises and Floating-Rate Bonds 

    Aguiar, Mark; Amador, Manuel; Alves Monteiro, Ricardo (Banco Central de Chile, 2023-08-09)
    The choice of sovereign-debt maturity in countries at risk of default represents a complex set of competing forces. The tradeoffs reflect the underlying frictions present in international sovereign-debt markets. The primary ...
  • Thumbnail

    How important is the commodity supercycle? 

    Fernández, Andrés; Schmitt-Grohé, Stephanie; Uribe, Martín (Banco Central de Chile, 2023-08-09)
    World commodity prices are known to display long cycles. These cycles have a periodicity of 20 to 30 years and are called commodityprice supercycles. Figure 1 displays the time paths of eleven commodity prices deflated by ...
  • Thumbnail

    KFstar and portfolio inflows: a focus on Latin America 

    Burger, John D.; Warnock, Francis E.; Cacdac Warnock, Veronica (Banco Central de Chile, 2023-08-09)
    Policymakers faced with volatile capital flows may desire a method to identify the level of flows likely to persist in the medium run. In a series of papers (Burger, Warnock, and Warnock, henceforth BWW, 2018, 2022), we ...
  • Thumbnail

    Cross-border corporate control: openness and tax havens 

    Aminadav, Gur; Fonseca, Luís; Papaioannou, Elias (Banco Central de Chile, 2023-08-09)
    Cross-border corporate control is a major facet of globalisation. In roughly one out of four listed controlled companies in 2012, control was exercised by a foreign entity or family/individual. Controlling—and passive—ownership ...
  • Thumbnail

    The reversal problem: development going backwards 

    Olaberria, Eduardo; Reinhart, Carmen M. (Banco Central de Chile, 2023-08-09)
    The Covid-19 pandemic triggered the most synchronous economic downturn in more than a century. Ninety percent of countries posted a decline in real per-capita GDP in 2020, a share that surpassed any other year since 1900, ...

Más