External vulnerability and preventive policies: an overview

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dc.contributor.authorCaballero, Ricardo J.
dc.contributor.authorCalderón, César
dc.contributor.authorCéspedes, Luis Felipe
dc.date.accessioned2019-11-01T00:03:17Z
dc.date.available2019-11-01T00:03:17Z
dc.date.issued2006
dc.descriptionEmerging 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.
dc.file.nameBCCh-sbc-v10-p001_014
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 01-14
dc.identifier.isbn956-7421-23-4
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3705
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 10
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectMACROECONOMÍAes_ES
dc.subjectTASAS DE INTERÉSes_ES
dc.titleExternal vulnerability and preventive policies: an overview
dc.type.docArtículo

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