Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile
Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while strengthening policy credibility. Under the floating regime, Chile’s economic ad...
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Banco Central de Chile
2021
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oai-20.500.12580-61342021-10-19T18:23:32Z Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile Albagli, Elías Calani Cadena, Miguel Mauricio Hadzi-Vaskov, Metodij Marcel Cullel, Mario Ricci, Luca Antonio TIPO DE CAMBIO MERCADO FINANCIERO INFLACIÓN Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while strengthening policy credibility. Under the floating regime, Chile’s economic adjustment to external shocks appears significantly improved, and its exchange-rate passthrough has substantially declined. Our results reinforce the case that moving to a clear and credible floating regime can be associated with a reduction in the fear of floating via economic transformation (like smaller balancesheet mismatches, a larger hedging market, and a lower exchange-rate passthrough). Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while strengthening policy credibility. Under the floating regime, Chile’s economic adjustment to external shocks appears significantly improved, and its exchange-rate passthrough has substantially declined. Our results reinforce the case that moving to a clear and credible floating regime can be associated with a reduction in the fear of floating via economic transformation (like smaller balancesheet mismatches, a larger hedging market, and a lower exchange-rate passthrough). 2021-10-19T14:25:36Z 2021-10-19T14:25:36Z 2021-10 Artículo 0717-6686 978-956-7421-69-5 978-956-7421-70-1 (pdf) https://hdl.handle.net/20.500.12580/6134 en Series on Central Banking Analysis and Economic Policies; no. 28 Serie Banca Central, análisis y políticas económicas; no. 28 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 413-470 application/pdf Banco Central de Chile |
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Banco Central |
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Banco Central |
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English |
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TIPO DE CAMBIO MERCADO FINANCIERO INFLACIÓN |
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TIPO DE CAMBIO MERCADO FINANCIERO INFLACIÓN Albagli, Elías Calani Cadena, Miguel Mauricio Hadzi-Vaskov, Metodij Marcel Cullel, Mario Ricci, Luca Antonio Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile |
description |
Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while strengthening policy credibility. Under the floating regime, Chile’s economic adjustment to external shocks appears significantly improved, and its exchange-rate passthrough has substantially declined. Our results reinforce the case that moving to a clear and credible floating regime can be associated with a reduction in the fear of floating via economic transformation (like smaller balancesheet mismatches, a larger hedging market, and a lower exchange-rate passthrough). |
format |
Artículo |
author |
Albagli, Elías Calani Cadena, Miguel Mauricio Hadzi-Vaskov, Metodij Marcel Cullel, Mario Ricci, Luca Antonio |
author_facet |
Albagli, Elías Calani Cadena, Miguel Mauricio Hadzi-Vaskov, Metodij Marcel Cullel, Mario Ricci, Luca Antonio |
author_sort |
Albagli, Elías |
title |
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile |
title_short |
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile |
title_full |
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile |
title_fullStr |
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile |
title_full_unstemmed |
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile |
title_sort |
comfort in floating: taking stock of twenty years of freely floating exchange rate in chile |
publisher |
Banco Central de Chile |
publishDate |
2021 |
url |
https://hdl.handle.net/20.500.12580/6134 |
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