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Capital Account Policies in Chile Macro-Financial Considerations Along the Path to Liberalization

Carriere-Swallow, Yan - 2013

This paper recounts Chile's experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and...

Persistent link: https://www.econbiz.de/10013080858

U.S. Monetary Policy Normalization and Global Interest Rates

Caceres, Carlos - 2016

As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this...

Persistent link: https://www.econbiz.de/10012977769

Global Financial Conditions and Monetary Policy Autonomy

Caceres, Carlos - 2016

Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place along side synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate co-movement is to...

Persistent link: https://www.econbiz.de/10012977862

Central Banking in Latin America : The Way Forward

Carriere-Swallow, Yan - 2016

Latin America's central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high...

Persistent link: https://www.econbiz.de/10012977768

India's Approach to Open Banking : Some Implications for Financial Inclusion

Carriere-Swallow, Yan; Haksar, Vikram; Patnam, Manasa - 2021

We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each...

Persistent link: https://www.econbiz.de/10013226443

Macrofinancial Causes of Optimism in Growth Forecasts

Carriere-Swallow, Yan; Marzluf, José - 2022

We analyze the causes of the apparent bias towards optimism in growth forecasts underpinning the design of IMF-supported programs, which has been documented in the literature. We find that financial variables observable to forecasters are strong predictors of growth forecast errors. The greater...

Persistent link: https://www.econbiz.de/10013306722

Disagreement About Future Inflation : Understanding the Benefits of Inflation Targeting and Transparency

Brito, Steve - 2018

literature on the benefits of inflationtargeting regimes and central bank transparency. The reduction in disagreement that … followsthe adoption of inflation targeting is entirely due to increased central bank transparency.Since the benefits of increased … transparency are non-linear, the gains from inflation targetingadoption have accrued mainly to countries that started from a low …

Persistent link: https://www.econbiz.de/10012925001

Monetary Policy Credibility and Exchange Rate Pass-Through

Carriere-Swallow, Yan - 2017

A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer...

Persistent link: https://www.econbiz.de/10012950431

Inflation and Monetary Policy in a Low-Income and Fragile State : The Case of Guinea

Carriere-Swallow, Yan; Koumtingué, Nelnan Fidèle; … - 2023

Inflation in low-income countries is often high and volatile, driven by external shocks. In addition, inflation in fragile states is affected by highly volatile domestic factors that complicate monetary policy’s ability to deliver price stability. We estimate the drivers of inflation in Guinea...

Persistent link: https://www.econbiz.de/10014355052