Private capital flows returned to the developing countries in the late 1980s, only a few years after the debt crisis. Underlying this surge in inflows there is a decrease in interest rates and a slowdown in economic activity in the developed countries, and an improvement in economic prospects...

The objective of this paper is to develop an approximation to the issue of cooperation and coordination in the macroeconomic management and in the integration of financial services in Mercosur. The costs and benefits of a macroeconomic coordination and cooperation framework, such as a monetary...

This paper examines the growth and inflation forecasts contained in the Monetary Policy Reports (MPR) of the Central Bank of Chile, comparing them with private forecast, the forecasts made by the Bank during the previous decade, and the forecasts performed by other Central Banks that follow...

This paper presents new sector saving series for Chile. The annual series for 1960-1997 are disaggregated by six sectors: external sector, general government, public enterprises, central banks, private firms, and households. Household saving is disaggregated into mandatory pension saving and...

Este estudio se focaliza en la eficiencia de costos del sistema bancario chileno. Se encuentra evidencia a favor de la existencia de economías de escala en bancos de tamaño pequeño y mediano, no así para los bancos grandes. La inexistencia de evidencia a favor de las economías de ámbito no...

This paper develops and estimates a dynamic stochastic general equilibrium New Keynesian model of a small open economy with partial dollarization. We use Bayesian techniques and Peruvian data to evaluate two forms of dollarization: currency substitution (CS) and price dollarization (PD). Our...

The purpose of this paper is twofold. First, we review the history of indexation in Chile since 1938. We focus on interpreting indexation in the historical, political, and economic context of different stages of Chilean economic development. Second, we analyze the experience of a selected group...

Saving rates display considerable variation across countries and over time. This paper investigates the factors behind these broad saving disparities using a large cross-country time-series data set constructed for the World Bank Saving project. The paper assesses empirically the policy and...

New empirical evidence with regards to the effectiveness and efficiency of Chile’s capital controls is provided here, based on more and better data on the range of controls and a broad assessment of their costs and benefits. The paper concludes that capital controls have been partially...

The aim of the present research is to use a model economy built for Brazil, based on an optimizing dynamic general equilibrium model, in order to perform numerical simulations to derive the ability of the artificial economy to explain the impact of monetary policy interventions on Brazilian...