Hidden Bibliographic Details
| Other authors / contributors: | García S., Pablo (García Silva)
International Monetary Fund. Office of the Executive Director - Southern Cone Countries.
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| ISBN: | 9781484336595
1484336593
1484355318
9781484355312
9781484331460
148433146X
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| Notes: | Title from PDF title page (IMF Web site, viewed May 15, 2013).
"Office of the Executive Director - Southern Cone Countries"--Page 2 of pdf.
"May 2013"--Page 2 of pdf.
Includes bibliographical references (pages 27-29).
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| Summary: | "This paper recounts Chile's experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and relatively rigid exchange rate severely constrained the monetary policy response to the shock, aggravating the fall in domestic demand. During the 2008-09 crisis, a full-fledged inflation targeting framework allowed the authorities to implement a significant countercyclical response. We argue that domestic stability considerations lay behind the policy regime switch toward capital account liberalization from 1999 onwards"--Abstract.
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| Standard no.: | 10.5089/9781484355312.001
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