Central Bank of Chile (BCCh)
Chilean paper finds room to reduce risk by diversifying investment in Brics
Statistical analysis finds little co-integration of stock market vectors in Latin America and the Bric countries; says this gives investors a good opportunity to diversify, which would reduce risk
Chilean paper finds central bank’s forecasts influence private sector expectations
Working paper finds evidence the private sector updates inflation expectations based on the Central Bank of Chile’s forecasts; suggests more central banks should publish forecasts to aid policy
Chilean board members wary of low inflation
Chilean wage growth is outstripping inflation; board members show concern but hold rates
Chile’s Vergara draws parallels between LatAm and eurozone crises
Governor of the Central Bank of Chile says Latin America’s sovereign debt crisis of the 1980s has similarities with current situation in eurozone; despite ‘lost decade’, better policies resulted
Interest rates ‘too blunt’ to address financial stability, says Chilean governor
Chile’s Rodrigo Vergara says rates are often not the most efficient instrument to tackle financial stability issues
Reducing capital inflows has hidden cost, says Chilean governor
Rodrigo Vergara says emerging markets must beware the costs of using unorthodox monetary policy to mitigate spillover capital inflows from advanced economies
Chile paper investigates CDS and sovereign bond transmission channel
Central Bank of Chile research studies the impact of widening CDS spreads on the sovereign bond market; finds different reactions among ‘normal' and ‘safe-haven' countries
Chilean minutes reveal positive developments
Minutes from the Board of the Bank of Chile’s September monetary policy meeting reveal improved view of external impacts on domestic demand; concern about growth sustainability
Emerging markets in the dark over credit inflows, says Chilean governor
Rodrigo Vergara says the standard inflation-targeting framework may be unable to mitigate credit inflows; says there is uncertainty over alternatives
Central Bank of Chile minutes reveal rate consensus
Minutes of the August monetary policy meeting show unanimity behind decision to leave interest rate unchanged; members discuss keeping the rate level for 'some time'
Chile director presents results of fund management outsourcing
Divisional director at the Central Bank of Chile discusses changes to the management of pension reserve fund; responsibility given to external managers for first time
Central Bank of Chile paper tests inflation forecast models
Working paper compares inflation forecast accuracy of new autoregressive model and “traditional” univariate models; finds improvement in short run but mixed results over longer horizon
Central Bank of Chile holds rates as currency appreciates
Benchmark interest rate left at 5% amid international uncertainty and appreciating peso; first time currency’s gain has been highlighted since dollar-buying programme
Central Bank of Chile paper tests evidence of asset price booms
Researcher finds evidence that capital flows drive asset price booms; identifies factors that mitigate this effect but says capital controls are not effective
Central Bank of Chile paper identifies causes of sudden capital flows
Working paper assesses factors leading to sudden surges of capital in and out of economies; finds the majority of cases are driven primarily by changes in debt flows
Central Bank of Chile paper supports unit root-based inflation forecasts
Working paper argues unit root-based models can create effective inflation forecasts; tests findings based on data from US, Canada and Sweden
Central Bank of Chile paper discusses adaptations to macro-prudential policy
Research highlights importance of considering non-core bank liabilities in setting macro-prudential policy; suggests levy on such liabilities would have counter-cyclical benefits
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
Central Bank of Chile paper examines transmission of shocks
Working paper studies reaction of investors and fund managers to shocks; finds behaviour amplifies crises and transmits shocks
Americas’ regional FSB group discusses vulnerability and regional financial stability
Financial Stability Board Regional Consultative Group for the Americas discusses developments in global economy and methods of assessing vulnerability in fast-growing economies
Central Bank of Chile governor raises inflationary concerns
Rising oil prices and capital flows to emerging economies present a monetary policy dilemma says Rodrigo Vergara
Central Bank of Chile working paper deals with pricing norms
Chilean research relaxes standard assumption in macroeconomics that pricing decisions are taken by single-product firms
Central Bank of Chile paper questions efficiency of forecasts
Research paper finds taking weighted averages of two competing forecasts can introduce inefficiencies
Colombia's Uribe explains why he is still raising rates
Central Bank of Colombia governor, José Darío Uribe, says rapid credit growth and inflation risks outweighed concerns about global economy; adds monetary tightening has worked elsewhere