Comfort In Floating Taking Stock Of Twenty Years Of Freely Floating Exchange Rate In Chile

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Comfort In Floating Taking Stock Of Twenty Years Of Freely Floating Exchange Rate In Chile

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Author : Elías Albagli
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-19

Comfort In Floating Taking Stock Of Twenty Years Of Freely Floating Exchange Rate In Chile written by Elías Albagli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-19 with Business & Economics categories.

Chile offers an example of a country that has overcome the fear of floating by reducing balance sheet mismatches, enhancing financial market development, as well as improving monetary, fiscal, and political institutions, and strengthening policy credibility. Under the floating regime, Chile’s economic adjustment to external shocks appears significantly improved, and its exchange rate pass-through has substantially declined. Our results reinforce the case that moving to a clear and credible floating regime can be associated with a reduction in the fear of floating via economic transformation (like smaller balance sheet mismatches, a larger hedging market, and a lower exchange rate pass-through).

The Impact Of Monetary Policyon The Bilateral Exchange Rate

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Author : Mr.Jeronimo Zettelmeyer
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01

The Impact Of Monetary Policyon The Bilateral Exchange Rate written by Mr.Jeronimo Zettelmeyer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-01 with Business & Economics categories.

This paper examines the reaction of the bilateral Ch$/US$ exchange rate to monetary policy actions in Chile and the United States. The approach is to regress the change in the exchange rate following a policy announcement on changes in market interest rates in response to the same announcement. U.S. monetary policy actions that raise the three-month treasury bill rate by 1 percentage point lead to depreciations of the Chilean peso by about 1.5 to 2 percent. The exchange rate also reacts to monetary policy actions in Chile, but the response appears to be smaller, and cannot be estimated with much precision on the available sample.

Miedo A Flotar Y La Pol Tica Cambiaria En Chile Versi N Espa Ol

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Author : Jose De Gregorio
language : en
Publisher:
Release Date : 2004

Miedo A Flotar Y La Pol Tica Cambiaria En Chile Versi N Espa Ol written by Jose De Gregorio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Foreign exchange administration categories.

Understanding Chile S Social Unrest In An International Perspective

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Author : Mr. Luca A Ricci
language : en
Publisher: International Monetary Fund
Release Date : 2021-06-25

Understanding Chile S Social Unrest In An International Perspective written by Mr. Luca A Ricci and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-25 with Business & Economics categories.

We aim to provide a broad descriptive overview of Chile’s social issues, in comparison to other countries and over time, in order to place the recent social unrest in historical and international perspectives which can help prepare the ground for future policy priorities. We follow an eclectic approach, classifying a broad set of indicators along six dimensions—inequality across: i) income; ii) perception; iii) access; iv) opportunity; v) redistribution; and vi) location. The analysis puts forward a set of descriptive findings. First, income inequality declined substantially but remains high, also compared to countries with similar level and path of development. Second, Chile seems to be one of the few countries in Latin America with declining inequality where perceived inequality actually increased. Third, notwithstanding an increase in social spending, access to essential services appears limited, particularly for middle and lower income classes, amid fast growth of out-of-pocket health expenses, relatively faster growth of cost of living for the relatively poorer, and remaining weaknesses in the pension and education systems. Fourth, inequality of opportunity is high, with limited competition. Fifth, fiscal redistribution has improved markedly, but remains low by international standards. Finally, inter-regional inequality has declined substantially over the last two decades, reaching levels similar to the OECD median.

State Dependent Exchange Rate Pass Through

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Author : Mr. Yan Carriere-Swallow
language : en
Publisher: International Monetary Fund
Release Date : 2023-04-28

State Dependent Exchange Rate Pass Through written by Mr. Yan Carriere-Swallow and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-28 with Business & Economics categories.

We estimate how the rate of pass-through from the exchange rate to domestic prices varies across states of the economy and depending on the shocks that drive fluctuations in the exchange rate. We confirm several results from the literature and uncover new facts. Drawing on the experience of a large sample of advanced and emerging market economies over the past 30 years, we document that exchange rate pass-through significantly larger during periods of high inflation and elevated uncertainty. Using a novel identification strategy, we also show that pass-through is higher when exchange rate fluctuations are driven by U.S. monetary policy.

Shocks And Capital Flows

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Author : GASTON. SAHAY GELOS (RATNA.)
language : en
Publisher: International Monetary Fund
Release Date : 2023

Shocks And Capital Flows written by GASTON. SAHAY GELOS (RATNA.) and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.

Inflation Expectations And The Supply Chain

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Author : Elías Albagli
language : en
Publisher: International Monetary Fund
Release Date : 2022-08-12

Inflation Expectations And The Supply Chain written by Elías Albagli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-12 with Business & Economics categories.

We show that firms rely on price changes observed along their supply chain to form expectations about aggregate inflation, and that these expectations have a complete pass-through to sales prices. Leveraging a unique dataset on Chilean firms merging expectation surveys and records from the VAT and customs registries, we document that changes in prices at which firms purchase inputs inform their forecasts of the economy’s inflation. This is the case even if changes in input costs do not determine the inflation outcome. These findings reject the full-information rational-expectations hypothesis and are consistent with firms’ disagreement about future inflation and inattention to macroeconomic news, which we document for Chile. Our results from a firm-level Phillips’ curve estimation suggest that firms’ beliefs about inflation are a key determinant for their price-setting decisions. Therefore, we argue that the channel we highlight in this paper has the potential to lead to dispersion in inflation expectations, price dispersion, and weaken the expectation channel of policies.

Handbook Of Financial Integration

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Author : Guglielmo M. Caporale
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-05-02

Handbook Of Financial Integration written by Guglielmo M. Caporale and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-05-02 with Business & Economics categories.

This comprehensive Handbook deftly examines key aspects of financial integration, providing an overview of contemporary research and new perspectives. Employing state of the art econometric methods to obtain new empirical evidence, it will be critical for designing optimal policies, and appropriate investment and risk management strategies.

Stock Market Liquidity In Chile

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Author : Mr.Luis Brandao-Marques
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-16

Stock Market Liquidity In Chile written by Mr.Luis Brandao-Marques and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-16 with Business & Economics categories.

Chile has a large but relatively illiquid stock market. Global factors such as global risk appetite and monetary policy in advanced economies are key cyclical determinants of liquidity in Chilean equities. Evidence from a cross-section of emerging markets suggests strong protection of minority shareholders can help improve stock market liquitidity. Currently, illiquid in Chilean may have to pay 31⁄2 percent more as cost of equity. Corporate governance should be improved, namely through the adoption of a stewardship code.

What Explains Movements In The Peso Dollar Exchange Rate

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Author : Mr.Yi Wu
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-18

What Explains Movements In The Peso Dollar Exchange Rate written by Mr.Yi Wu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-18 with Business & Economics categories.

This paper examines the factors affecting the weekly peso/dollar exchange rate movements between 1999 and 2013 using an error correction model. The model fits the historical data well. While copper price is the most important determinant of the peso exchange rate over the long run, other factors including interest rate differential, global financial distress, local pension funds’ derivative position, as well as the Federal Reserve’s quantitative easing also affect the peso in the short run. The Central Bank of Chile’s foreign exchange interventions in 2008 and 2011 had a small impact on the peso.