Monetary policy in Latin America: Where are we going?

Christian Daude, 10 December 2012

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Inflation targeting has served countries in Latin America well . They have achieved macroeconomic stability by reducing inflation and the pass-through of external shocks such as oil price and exchange rate fluctuations (cf. Mishkin and Schmidt-Hebbel 2007).

Topics: Macroeconomic policy, Monetary policy
Tags: Brazil, Central Banks, Chile, Colombia, foreign exchange, inflation targeting, Latin America, Mexico, Peru

Capital controls: A meta-analysis approach

Carmen M Reinhart, Kenneth Rogoff, Nicolas Magud, 24 March 2011

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Academics, financial-market participants, and policymakers have once again demonstrated an interest in capital controls. In the present context, the discussion has largely focused on emerging markets’ measures to curb capital inflows and/or to skew their composition away from more volatile types of flows – including the carry trade and portfolio flows.

Topics: International finance, Macroeconomic policy
Tags: capital controls, Chile, exchange-rate policy, Malaysia

Are capital controls effective?

Eduardo Levy Yeyati, 20 January 2011

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“Not only are they ineffective but, in addition, they raise domestic interest rates.” This type of internally inconsistent commentary is not unusual when discussing capital controls – a subject marked with strong beliefs and weak data.

Topics: International finance
Tags: Argentina, capital controls, Chile, protectionism, US

Incentive effects of unemployment insurance savings accounts: Evidence from Chile

Gonzalo Reyes, Jan van Ours, Milan Vodopivec, 9 February 2010

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Unemployment insurance offers financial compensation to workers for income loss due to unemployment – providing they satisfy certain requirements. While such programmes usually provide solid protection against the hardship of job loss, the evidence shows that this protection is typically produced at a cost of increased disincentives to work.

Topics: Labour markets
Tags: Chile, savings accounts, Unemployment insurance

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