We document significant US monetary policy (MP) spillovers to international bond markets. Our methodology identifies US MP shocks as the change in short-term treasury yields within a narrow window around FOMC meetings, and traces their effects on international bond yields using panel...

This note characterises the evolution of Chile's public debt, and discusses its implications for the management of the country's monetary policy. Historically, the main issuer of public debt in Chile was the central bank. The government, in turn, has recently started to engage in a more active...

This note discusses the elements of prudential financial policies and supervisory practices in Chile that can be considered macroprudential. While showing similar macroeconomic volatility as that of the median of emerging market economies (EMEs), financial volatility, at least in two of the...

We document significant US monetary policy spillovers to domestic bond markets in a sample of 24 countries, including 12 developed and 12 emerging market economies. We rely on an event study methodology where US monetary policy changes are identified as the response of short-term US treasury...

International financial integration and a high co-movement in risk premia have caused long-term interest rates in developing countries to become highly correlated with long-term interest rates in the main financial centres. Arguably, this reveals a limit to monetary policy independence. We...

This paper asks the question as to whether the choice of the exchange rate regime matters for post-conflict economic recovery and macro stabilization. Though an important aspect of the macroeconomic agenda for post-conflict, it has however, been largely ignored by the literature. We identify...