We analyze the long-run impact of emerging-market sovereign bond yields on corporate bond yields, finding that the average pass-through is around one. The pass-through is larger in countries with greater sovereign risks and where sovereign bonds are more liquid. It is also greater for corporate...

Los bancos centrales de America Latina han avanzado considerablemente en la creacion de un entorno de estabilidad de precios que propicie el crecimiento economico sostenible. Examinamos estos logros y analizamos los desafios que aun tienen por delante los bancos centrales de la region. En los...

Latin America's central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high...

We study the process of external adjustment to large terms-of-trade level shifts-identified with a Markov-switching approach-for a large set of countries during the period 1960-2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a...

Introduction : book in brief / Marcos Chamon, David Hofman, Nicolás E. Magud, and Alejandro Werner. Why intervene? / Marcos Chamon and NIcolás E. Magud -- A taxonomy of intervention / Oscar A. Hendrick, Nicolás E. Magud, and Asad Qureshi -- The effectiveness of intervention / Marcos Chamon,...