In this paper are examined the consequences of a financial system organized on the grounds of the issue of non-contingent claims by banks and the policy implications that this kind of system implies in order to obtain macroeconomic stability. In particula

Allocative issues, either in a static or in a dnamic context, have been traditionally at the center of the analysis of impacts of economics integration. For a change, this article intends to underline the practical importance of the monetary and macroecon

Similar to other emerging countries, during the first half of the 90s the Chilean economy experienced a sharp increase in capital inflows. This situation was troublesome for the Central Bank, who had to choose between monetary targets and exchange rate ta