Banco Central de ChileRevista Economía Chilena
Published Issues
Volume 13 Nº 2 August 2010
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| Articles |
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| The Great Recession and the Great Depression: Reflections and Lessons Barry Eichengreen The Great Recession that started in 2008 has drawn constant comparisons with the Great Depression that unfolded in 1929. This paper documents how the response of policy makers in the current episode has been markedly different from the one observed in the 1920s and 1930s and to what extent this different behavior has followed the lessons from the historical analysis of the Great Depression. The historical account is also used to discuss probable changes to the world’s economic landscape regarding both trade and financial globalization. |
| Inflation Targeting in Financially Stable Economies: Has it been Flexible Enough? Mauricio Calani C. / Kevin Cowan L. / Pablo García S. The financial crisis and recession of 2008-2009 required significant policy responses by central banks. For formal inflation targeters (IT), a natural question arises about whether IT frameworks were flexible enough to address this unprecedented policy environment. We address this question by assessing the policy responses to the crisis of nine IT central banks that did not face systemic problems in their financial systems. We document substantial deviations of actual policy responses from prescriptions of conventional monetary policy reaction functions, a fact which we more easily reconcile with a decline in the persistence of monetary policy. We also provide evidence on the overall impact of non-monetarypolicy measures on the exchange rate and money market. |
| Recessions and Financial Disruptions in Emerging Marketes: A Bird's Eye View Stijn Claessens / M. Ayhan Kose / Marco E. Terrones This paper provides an overview of the implications of recession and financial disruption episodes in emerging markets. We report three major findings. First, compared to advanced countries, recessions and financial disruptions in emerging markets are often more costly. Second, recessions associated with financial disruption episodes, such as credit crunches, equity price busts and financial crises, tend to be deeper than other recessions in emerging markets. Third, the temporal dynamics of macroeconomic and financial variables around these episodes in emerging markets are different from those in advanced countries. In light of these broad observations, the paper provides a review of recessions and financial market disruptions in Chile. |
| Competition and Stability in Banking Xavier Vives T. In this paper, I review the state of the art of the academic, theoretical and empirical, literature on the potential trade-off between competition and stability in banking. There are two basic channels through which competition may increase instability: by exacerbating the coordination problem of depositors/investors on the liability side and fostering runs/panics; and by increasing incentives to take risk, and thus the probability of failure. The competition-stability trade-off is characterized and the implications of the analysis for regulation and competition policy discussed. Optimal regulation may depend on the intensity of competition. |
| Research Notes |
| ¿Tienen los Terremotos un Impacto Inflacionario
en el Corto Plazo? Evidencia para una Muestra de Países Ercio Muñoz S. / Alfredo Pistelli M |
| Auge, Colapso y Recuperación de los Precios de Materias Primas
entre 2002 y 2010: ¿Qué Hay Detrás? Eduardo López E. / Víctor Riquelme P |
| Books review |
| Fault Lines: How Hidden Fractures Still Threaten the World Economy
de Raghuram Rajan Eric Parrado H. |
| This Time is Different: Eight Centuries of Finantial Folly
de Carmen M. Reinhart y Kenneth S, Rogoff Klaus Schmidt-Hebbel D. |
| Publications Review |
| Catastro de publicaciones recientes y Resúmenes de artículos seleccionados |