| Common Factors in Latin America’s Business Cycles |
Aiolfi, M., L. Catão y A. Timmermann |
2006 |
IMF Working Paper N° 06/49. |
This paper constructs new business cycle indices for Argentina, Brazil, Chile, and Mexico based on
common dynamic factors extracted from a comprehensive set of sectoral output, external data, and fiscal
and financial variables spanning over a century. The constructed indices are used to derive a business
cycle chronology for these countries and characterize a set of new stylized facts. In particular, we
show that all four countries have historically displayed a striking combination of high business cycle
and persistence relative to benchmark countries, and that such volatility has been time-varying, with
important differences across policy regimes. We also uncover a sizeable common factor across the four
economies which has greatly limited scope for regional risk sharing. |
| Dedollarization, Indexation and Nominalization: the Chilean Experience |
Herrera, L.O. y R. Valdés |
2006 |
The Journal of Policy Reform 8(4): 281-312.
|
This paper revisits the Chilean experience with dollarization, indexation and nominalization in the
1958-2003 period. The purpose is to understand how Chile generally avoided dollarization and actually
de-dollarized in the 1980s in order to draw some lessons for other countries. We find that many policies
that Chile pursued are not easy to implement elsewhere. Some key characteristics of the Chilean
process are related to initial institutional conditions and developments, whereas others are connected
to macroeconomic performance and specific regulations. Indexation plays a key role in explaining how
dollarization can be avoided. |
| La Reforma de los Bancos Centrales Latinoamericanos |
Jacome, L.I. y A. Carstens |
2006 |
El Trimestre Económico 72, Nº 288: 683-732. |
|
Banco Central de Chile