Central Banking, Analysis, and Economic Policies Book Series, 2016
La creación de un banco central autónomo tuvo su origen en la Ley Orgánica Constitucional (LOC) d... more La creación de un banco central autónomo tuvo su origen en la Ley Orgánica Constitucional (LOC) del Banco Central de Chile (BCCh) del 10 de octubre de 1989. Esta ley fijó al BCCh el claro objetivo de velar por la estabilidad de precios y de los pagos internos y externos del país. Para poder cumplir con estos objetivos, le otorgó poderes para tomar decisiones técnicas independientes en el ejercicio de sus funciones. Desde el punto de vista patrimonial, la ley le concedió un patrimonio propio y la capacidad de administrar sus finanzas con total independencia del Gobierno.
The World Bank (henceforth ‘The Bank’) introduced adjustment lending in 1979 to assist member cou... more The World Bank (henceforth ‘The Bank’) introduced adjustment lending in 1979 to assist member countries in their adjustment to the second oil shock. With the debt crisis that emerged in the post 1982 period, adjustment lending grew in importance (Stern, 1983). Increased recognition on the part of many developing countries of the need for structural reforms contributed to the expansion of adjustment lending. The Bank periodically evaluates the effectiveness of the adjustment programmes it supports as well as their design and implementation (World Bank, 1988a and 1990a). It also carries out a continuous research programme on different aspects of the economic development problems facing developing countries. From these evaluations and the findings of its research programme the Bank derives lessons for the design and implementation of programmes.
... Chile, economic policy and international economic relations since 1970. Post a Comment. CONTR... more ... Chile, economic policy and international economic relations since 1970. Post a Comment. CONTRIBUTORS: Author: Corbo, Vittorio. PUBLISHER: Pontificia Universidad Católica de Chile, Instituto de Economâia, Oficina de Publicaciones (Santiago, Chile). SERIES TITLE: ...
Latin America suffered a series of external shocks in the second half of the 1990s. The first sho... more Latin America suffered a series of external shocks in the second half of the 1990s. The first shock, which followed the initiation of the 1997 Asian crisis, took the form of a sharp deterioration in the terms of trade, due to a sharp fall in the price of primary commodities in international markets. Following the Russian crisis, the region received a second external shock in the form of higher costs and reduced access to foreign financing. The external crisis surfaced in Brazil in early 1999, following a severe attack on its currency which forced the country to abandon the defence of its peg exchange-rate system and adopt a floating exchange rate. The response to the crisis was twofold. First, macroeconomic policies were altered to avoid excessive current account deficits that could not be financed, and, second, protective measures were introduced to mitigate the effects of a capital flow reversal. When the crisis came, Latin American countries were better prepared than at the time of the debt crisis of the early 1980s, as a result of the deep reforms implemented in recent years. The policy response to these shocks was more appropriate.
Central Banking, Analysis, and Economic Policies Book Series, 2016
La creación de un banco central autónomo tuvo su origen en la Ley Orgánica Constitucional (LOC) d... more La creación de un banco central autónomo tuvo su origen en la Ley Orgánica Constitucional (LOC) del Banco Central de Chile (BCCh) del 10 de octubre de 1989. Esta ley fijó al BCCh el claro objetivo de velar por la estabilidad de precios y de los pagos internos y externos del país. Para poder cumplir con estos objetivos, le otorgó poderes para tomar decisiones técnicas independientes en el ejercicio de sus funciones. Desde el punto de vista patrimonial, la ley le concedió un patrimonio propio y la capacidad de administrar sus finanzas con total independencia del Gobierno.
The World Bank (henceforth ‘The Bank’) introduced adjustment lending in 1979 to assist member cou... more The World Bank (henceforth ‘The Bank’) introduced adjustment lending in 1979 to assist member countries in their adjustment to the second oil shock. With the debt crisis that emerged in the post 1982 period, adjustment lending grew in importance (Stern, 1983). Increased recognition on the part of many developing countries of the need for structural reforms contributed to the expansion of adjustment lending. The Bank periodically evaluates the effectiveness of the adjustment programmes it supports as well as their design and implementation (World Bank, 1988a and 1990a). It also carries out a continuous research programme on different aspects of the economic development problems facing developing countries. From these evaluations and the findings of its research programme the Bank derives lessons for the design and implementation of programmes.
... Chile, economic policy and international economic relations since 1970. Post a Comment. CONTR... more ... Chile, economic policy and international economic relations since 1970. Post a Comment. CONTRIBUTORS: Author: Corbo, Vittorio. PUBLISHER: Pontificia Universidad Católica de Chile, Instituto de Economâia, Oficina de Publicaciones (Santiago, Chile). SERIES TITLE: ...
Latin America suffered a series of external shocks in the second half of the 1990s. The first sho... more Latin America suffered a series of external shocks in the second half of the 1990s. The first shock, which followed the initiation of the 1997 Asian crisis, took the form of a sharp deterioration in the terms of trade, due to a sharp fall in the price of primary commodities in international markets. Following the Russian crisis, the region received a second external shock in the form of higher costs and reduced access to foreign financing. The external crisis surfaced in Brazil in early 1999, following a severe attack on its currency which forced the country to abandon the defence of its peg exchange-rate system and adopt a floating exchange rate. The response to the crisis was twofold. First, macroeconomic policies were altered to avoid excessive current account deficits that could not be financed, and, second, protective measures were introduced to mitigate the effects of a capital flow reversal. When the crisis came, Latin American countries were better prepared than at the time of the debt crisis of the early 1980s, as a result of the deep reforms implemented in recent years. The policy response to these shocks was more appropriate.
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