Usando datos a nivel de empresa correspondientes a aproximadamente 1.000 bancos e instituciones financieras no bancarias en 22 paises en los ultimos 15 anos, estudiamos el impacto de la aplicacion prolongada de una politica monetaria expansiva en la conducta relacionada con la toma de riesgos....

This paper presents a brief overview of the current state of financial development in Chile, comparing it with other countries. After providing a short summary of the most important financial reforms of past decades, we highlight the main strengths and weaknesses of Chile’s financial markets....

This paper studies empirically the relation between household economic saving (including durable good purchases) and the business cycle using Chilean data. The data show that the relation between household saving and the business cycle is given by the durable consumption dynamics.Consequently, a...

This paper seeks to evaluate the benefit that the regime of inflation targeting brought in the nineties. The paper concentrates in measuring, through matching estimators, to what extent can the process of inflationary deceleration of the period be attributed exclusively to this scheme. Results...

This paper presents stylized facts of international business cycle relevant for the Chilean economy. First, we analyze key empirical regularities in the business cycles of industrialized economies (US, Europe, and Japan). Second, we describe the interaction between these countries and their...