External vulnerability and preventive policies: an overview

Emerging market economies endure significantly more macroeconomic volatility than industrial countries. Output volatility in emerging market economies is more than twice as large as that in industrial economies, and consumption volatility is three times as large. Recent studies corroborate the view...

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Autores principales:	Caballero, Ricardo J., Calderón, César, Céspedes, Luis Felipe
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	MACROECONOMÍA TASAS DE INTERÉS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3705
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spelling	oai-20.500.12580-37052021-04-24T10:30:53Z External vulnerability and preventive policies: an overview Caballero, Ricardo J. Calderón, César Céspedes, Luis Felipe MACROECONOMÍA TASAS DE INTERÉS Emerging market economies endure significantly more macroeconomic volatility than industrial countries. Output volatility in emerging market economies is more than twice as large as that in industrial economies, and consumption volatility is three times as large. Recent studies corroborate the view that external factors, such as terms-of-trade and world interest rate shocks, play an important role in explaining these differences. For example, Kose (2002) reports that world price shocks—which include both termsof-trade and world real interest rate shocks—account for almost 90 percent of output variation in small open economies. Blankenau, Kose, and Yi (2001) and Neumeyer and Perri (2004) find that interest rate shocks account for 30–55 percent of output fluctuations in emerging market economies. 2019-11-01T00:03:17Z 2019-11-01T00:03:17Z 2006 Artículo 956-7421-23-4 https://hdl.handle.net/20.500.12580/3705 eng Series on Central Banking, Analysis, and Economic Policies, no. 10 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 01-14 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	MACROECONOMÍA TASAS DE INTERÉS
spellingShingle	MACROECONOMÍA TASAS DE INTERÉS Caballero, Ricardo J. Calderón, César Céspedes, Luis Felipe External vulnerability and preventive policies: an overview
description	Emerging market economies endure significantly more macroeconomic volatility than industrial countries. Output volatility in emerging market economies is more than twice as large as that in industrial economies, and consumption volatility is three times as large. Recent studies corroborate the view that external factors, such as terms-of-trade and world interest rate shocks, play an important role in explaining these differences. For example, Kose (2002) reports that world price shocks—which include both termsof-trade and world real interest rate shocks—account for almost 90 percent of output variation in small open economies. Blankenau, Kose, and Yi (2001) and Neumeyer and Perri (2004) find that interest rate shocks account for 30–55 percent of output fluctuations in emerging market economies.
format	Artículo
author	Caballero, Ricardo J. Calderón, César Céspedes, Luis Felipe
author_facet	Caballero, Ricardo J. Calderón, César Céspedes, Luis Felipe
author_sort	Caballero, Ricardo J.
title	External vulnerability and preventive policies: an overview
title_short	External vulnerability and preventive policies: an overview
title_full	External vulnerability and preventive policies: an overview
title_fullStr	External vulnerability and preventive policies: an overview
title_full_unstemmed	External vulnerability and preventive policies: an overview
title_sort	external vulnerability and preventive policies: an overview
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3705
work_keys_str_mv	AT caballeroricardoj externalvulnerabilityandpreventivepoliciesanoverview AT calderoncesar externalvulnerabilityandpreventivepoliciesanoverview AT cespedesluisfelipe externalvulnerabilityandpreventivepoliciesanoverview
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External vulnerability and preventive policies: an overview

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