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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Autores principales:	Albagli, Elías, Calani Cadena, Miguel Mauricio, Hadzi-Vaskov, Metodij, Marcel Cullel, Mario, Ricci, Luca Antonio
Formato:	Artículo
Lenguaje:	English
Publicado:	Banco Central de Chile 2021
Materias:	TIPO DE CAMBIO MERCADO FINANCIERO INFLACIÓN
Acceso en línea:	https://hdl.handle.net/20.500.12580/6134
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spelling	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
institution	Banco Central
collection	Banco Central
language	English
topic	TIPO DE CAMBIO MERCADO FINANCIERO INFLACIÓN
spellingShingle	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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Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile

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