En este trabajo se extiende una medida de jure (de acuerdo a derecho) de restricciones a los flujos de capitales, elaborada inicialmente por Miniane (2004) para 34 economías, a un grupo de 181 países para el período 1996-2005. Asimismo, reconociendo las falencias de esta medida, se proponen...

This article develops an international comparison, characterization and econometric evaluation about the development of Chilean FX derivatives market using a unique database of exchange rate operations performed by residents against domestic and international counterparts. The level of activity...

In this paper we provide evidence of exchange rate predictability for a selected emerging market economy (EME) at intermediate horizons, arguably, the most relevant for policy purposes. This is important because the existing literature on exchange rate predictability has mainly focused on...

Several empirical studies have found that the exchange rate pass-through (ERPT) into import prices is not complete and declined during the 1990s. In this paper we carry out a reexamination of these findings using a unique database of disaggregated import prices both at the border and wholesale...

It is accepted that standard macroeconomic variables are not capable of predicting ex ante the majority of short term changes in exchange rates. Lettau and Ludvigson (2001) find that fluctuations in the common long-term trend in consumption, asset wealth, and labour income (hereby,...

Empirical evidence against both risk-sharing across countries and the uncovered interest rate parity (UIP) condition have been extensively documented. This paper investigates the empirical implications of imperfectly integrated financial markets resulting from these two issues. Under this asset...

It is well documented that macroeconomic fundamentals are little help in predicting changes in the nominal exchange rates compared to the predictions made by a simple random walk. Letta and Ludvigson (2001) find that fluctuations in the common long-term trend in consumption, asset wealth, and...

This document presents the international evolution of the foreign exchange markets, including the Over the Counter (OTC) derivatives activity, between 1998 and 2013. The main data source is the Triennial Central Bank Survey of foreign exchange and derivatives market activity coordinated by the...