Commodities and commodity markets play a central role in the global economy. Hence commodity market developments are widely chronicled and followed. Commodities are a key input to all countries’ production and a key output of many emerging economies so fluctuations in commodity prices may contribute ...

En este artículo analizo algunos aspectos de la experiencia del Banco Central en la etapa inicial de su autonomía y en especial durante el período 1989-1991 en que me correspondió presidirlo. Para ello utilizo un enfoque de economía política. Dos razones principales justifican esta opción. La primera ...

Quisiera agradecer a Rodrigo Vergara por esta invitación para celebrar los 25 años del Banco Central como institución autónoma en un panel en que estamos presentes todos los que hemos precedido a Rodrigo en la Presidencia del Banco. Me parece que es una muy buena oportunidad para tener una visión del ...

Cuando a mediados de los noventa tomé mis primeros cursos de monetaria la autonomía del Banco Central ya era parte fundamental del paisaje económico de Chile. Para ese entonces como había señalado Roberto Zahler algunos años antes al asumir la presidencia del Banco Central ya se observaba 'entre los ...

The securitization boom in the United States mortgage market from 2000 to 2005 was enormous (figure 1). According to the Securities Industry and Financial Markets Association (SIFMA) new issuance of securities backed by mortgages that were not insured by the U.S. government rose by a factor of twelve ...

At the heart of the debate on how the 2007–09 global financial crisis spread from the United States to the rest of the world lies the global banks. Using a large sample composed of advanced and emerging economies since the 1980s Abiad and others (2013) show that the effect of financial linkages on ...

The profitability of currency carry trades in and of itself is 'economic' evidence against the uncovered interest parity (UIP) condition. There is a wide variety of 'statistical' evidence against UIP. Yet the relationship between these two types of evidence and their implications for time variation ...

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 ...

This paper provides an extremely stylized model of the workings of a global economy where one of its key driving factors is economic agents’ continuous struggle to find assets to park financial resources. This struggle naturally comes with euphoria and disappointments as many of the 'parking lots' are ...

Vittorio Corbo is one of Latin America’s outstanding economists and like some of his peers in the region his contributions and his influence includes academia but goes well beyond academia. While academic economists in developed countries tend to focus more narrowly on research and teaching the diversity ...