Volumen 21: Economic Policies in Emerging-Market Economies Festschrift in Honor of Vittorio Corbo


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 in this 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. Publication is both in paper and electronic format.

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

Book Editors:

Ricardo J. Caballero
Klaus Schmidt-Hebbel.


This Festschrift in honor of Professor Vittorio Corbo assembles frontier research on economic policies in emerging-market economies. This book addresses key policy questions in essays, theoretical models, and empirical research, in the fields of macroeconomics, financial integration, and economic development. The volume’s twelve chapters are organized in five major areas. Two essays on development thinking discuss the relation between global trade and growth, and the evolution of development thinking. Three models develop new interpretations of the recent global financial crisis, focusing on financial markets, capital flows, and financial stability. The book’s third part is comprised by three chapters on fiscal sustainability and fiscal rules. Monetary policy and the exchange rate are the subject of two subsequent chapters. The volume’s final part comprises two chapters on the relation between poverty and economic growth, and between trade liberalization and economic performance.