Series on Central Banking, Analysis, and Economic Policies

The Book Series on "Central Banking, Analysis, and Economic Policies" of the Central Bank of Chile publishes new research on central banking and economics in general, with special emphasis on issues and fields that are relevant to economic policies in developing economies. The volumes are published in Spanish or English. Policy usefulness, high-quality research, and relevance to Chile and other economies are the main criteria for publishing books. Most research published by the Series has been conducted in or sponsored by the Central Bank of Chile.

Book manuscripts are submitted to the Series editors for a review process with active participation by outside referees. The Series editors submit manuscripts for final approval to the Editorial Board of the Series and to the Board of the Central Bank of Chile. Final publication will be both in paper and electronic format.

The views and conclusions presented in the books are exclusively those of the authors and do not necessarily reflect the position of the Central Bank of Chile or of the Board members.

How to order:

The price per issue is 15,000 pesos (VAT included) or US$40 (for payment in foreign currency).

Payments can be made by credit cards (VISA, Mastercard, Diners or Magna only) or by check extended to Banco Central de Chile and addressed to:

Banco Central de Chile
Departamento Publicaciones
Huérfanos 1175
Santiago

Please address any further inquires to telephones (56-2) 670 2888 or 670 2245 or fax (56-2) 670 2231

Foreword

Carlos Massad Former Governor
Central Bank of Chile

Preface

Anne Krueger First Deputy Managing Director International Monetary Fund

Editors

Norman Loayza World Bank
Luis Felipe Céspedes Banco Central de Chile

Editorial Board

Ricardo Caballero Massachusetts Institute of Technology
Vittorio Corbo Centro de Estudios Públicos
Jorge Desormeaux Banco Central de Chile
Sebastián Edwards University of California, Los Angeles
Jordi Galí CREI, Universitat Pompeu Fabra
Gian Maria Milesi-Ferretti International Monetary Fund
Carmen Reinhart University of Maryland
Andrea Repetto Universidad Adolfo Ibañez
Andrés Solimano CEPAL

Assitant Editor

Consuelo Edwards Banco Central de Chile