Overoptimism boom-bust cycles and monetary policy in small open economies

In the 1990s several emerging market economies such as Chile Mexico and a number of southeast Asian countries displayed episodes of peaking growth rates combined with increasing current account deficits and appreciating currencies which ended with abrupt reversions in capital flows and recessions. I...

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Autores principales:	Marfán, Manuel, Medina, Juan Pablo, Soto, Claudio
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA DESARROLLO ECONÓMICO MOVIMIENTOS DE CAPITAL
Acceso en línea:	https://hdl.handle.net/20.500.12580/3766
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spelling	oai-20.500.12580-37662021-04-24T11:04:23Z Overoptimism boom-bust cycles and monetary policy in small open economies Marfán, Manuel Medina, Juan Pablo Soto, Claudio POLÍTICA MONETARIA DESARROLLO ECONÓMICO MOVIMIENTOS DE CAPITAL In the 1990s several emerging market economies such as Chile Mexico and a number of southeast Asian countries displayed episodes of peaking growth rates combined with increasing current account deficits and appreciating currencies which ended with abrupt reversions in capital flows and recessions. In all cases optimism about future prospects was strong prior to the recessions. Mexico was negotiating both its entrance into the North America Free Trade Agreement (NAFTA) and its membership in the Organization for Economic Cooperation and Development (OECD). Chile had undergone a smooth transition to democracy. Investors were increasingly enthusiastic about the prospects of harvesting the benefits of the market reforms introduced both in the previous period and under the new democracy. The southeast Asian economies in turn had their own reasons for optimism based on their impressive growth record of previous years. In all cases optimism was grounded on reasonable arguments but the prospects of future economic growth could not be estimated accurately. 2019-11-01T00:04:27Z 2019-11-01T00:04:27Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3766 eng Series on Central Banking Analysis and Economic Policies no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 563-600 application/pdf CHILE MÉXICO SUDESTE ASIÁTICO Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA DESARROLLO ECONÓMICO MOVIMIENTOS DE CAPITAL
spellingShingle	POLÍTICA MONETARIA DESARROLLO ECONÓMICO MOVIMIENTOS DE CAPITAL Marfán, Manuel Medina, Juan Pablo Soto, Claudio Overoptimism boom-bust cycles and monetary policy in small open economies
description	In the 1990s several emerging market economies such as Chile Mexico and a number of southeast Asian countries displayed episodes of peaking growth rates combined with increasing current account deficits and appreciating currencies which ended with abrupt reversions in capital flows and recessions. In all cases optimism about future prospects was strong prior to the recessions. Mexico was negotiating both its entrance into the North America Free Trade Agreement (NAFTA) and its membership in the Organization for Economic Cooperation and Development (OECD). Chile had undergone a smooth transition to democracy. Investors were increasingly enthusiastic about the prospects of harvesting the benefits of the market reforms introduced both in the previous period and under the new democracy. The southeast Asian economies in turn had their own reasons for optimism based on their impressive growth record of previous years. In all cases optimism was grounded on reasonable arguments but the prospects of future economic growth could not be estimated accurately.
format	Artículo
author	Marfán, Manuel Medina, Juan Pablo Soto, Claudio
author_facet	Marfán, Manuel Medina, Juan Pablo Soto, Claudio
author_sort	Marfán, Manuel
title	Overoptimism boom-bust cycles and monetary policy in small open economies
title_short	Overoptimism boom-bust cycles and monetary policy in small open economies
title_full	Overoptimism boom-bust cycles and monetary policy in small open economies
title_fullStr	Overoptimism boom-bust cycles and monetary policy in small open economies
title_full_unstemmed	Overoptimism boom-bust cycles and monetary policy in small open economies
title_sort	overoptimism boom-bust cycles and monetary policy in small open economies
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3766
work_keys_str_mv	AT marfanmanuel overoptimismboombustcyclesandmonetarypolicyinsmallopeneconomies AT medinajuanpablo overoptimismboombustcyclesandmonetarypolicyinsmallopeneconomies AT sotoclaudio overoptimismboombustcyclesandmonetarypolicyinsmallopeneconomies
_version_	1718346284769738752

Overoptimism boom-bust cycles and monetary policy in small open economies

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