Americas Office Publications

Browse through the latest research produced by, or in collaboration with, the Americas Office.

Displaying 101-110 of 153
Publication BIS Working Paper No 778 05 Apr 2019
Does informality facilitate inflation stability?
Informality is an entrenched structural trait in emerging market economies, despite of the progress achieved in macroeconomic management. Informality determines the behavior of labour markets, financial access and the productivity of the overall economy…
Authors: Enrique Alberola-Ila and Carlos Urrutia
Publication BIS Working Paper No 741 28 Aug 2018
Reserve requirements and capital flows in Latin America
The experience of a number of central banks in emerging economies indicates that capital flows can pose a dilemma. For example, raising policy rates can attract more capital inflows by raising deposit rates. It has been suggested, however, that raising…
Authors: Michael Brei and Ramon Moreno
Publication BIS Working Paper No 717 04 May 2018
Financial and price stability in emerging markets: the role of the interest rate
The Global Financial Crisis opened a heated debate on whether inflation target regimes must be relaxed and allow for monetary policy to address financial stability concerns. Nonetheless, this debate has focused on the ability of the interest rate to "lean…
Authors: Lorenzo Menna and Martin Tobal
Publication BIS Working Paper No 718 04 May 2018
Breaking the trilemma: the effects of financial regulations on foreign assets
In this paper we analyze the effects of financial constraints on the exchange rate through the portfolio balance channel. Our contribution is twofold: First, we construct a tractable two-period general equilibrium model in which financial constraints…
Authors: David Perez-Reyna and Mauricio Villamizar-Villegas
Publication BIS Working Paper No 719 04 May 2018
Channels of US monetary policy spillovers to international bond markets
We document significant US monetary policy (MP) spillovers to international bond markets. Our methodology identifies US MP shocks as the change in short-term treasury yields within a narrow window around FOMC meetings, and traces their effects on…
Authors: Elias Albagli, Luis Ceballos, Sebastián Claro and Damian Romero
Publication BIS Working Paper No 720 04 May 2018
Could a higher inflation target enhance macroeconomic stability?
Recent international experience with the effective lower bound on nominal interest rates has rekindled interest in the benefits of inflation targets above 2 per cent. We evaluate whether an increase in the inflation target to 3 or 4 per cent could improve…
Authors: José Dorich, Nicholas Labelle St-Pierre, Vadym Lepetyuk and Rhys R Mendes
Publication BIS Working Paper No 707 14 Mar 2018
Global imbalances from a stock perspective. The asymmetry between creditors and debtors
After the recent crisis, a reduction was observed in global current account (flow imbalances). Still, global disequilibria as measured in terms of countries' net foreign assets (stock imbalances), kept increasing. This paper studies whether ...
Authors: Enrique Alberola-Ila, Ángel Estrada and Francesca Viani
Publication BIS Working Paper No 690 12 Jan 2018
Nonlinear state and shock dependence of exchange rate pass through on prices
This paper examines the nature of the pass-through of exchange rate shocks on prices along the distribution chain, and estimates its short and long-term path. It uses monthly data from a small open economy and a smooth transition auto-regressive vector…
Authors: Hernán Rincón-Castro and Norberto Rodríguez-Niño
Publication BIS Working Paper No 686 08 Jan 2018
Determinants of bank profitability in emerging markets
We analyse key determinants of bank profitability based on the evolution of balance sheets of 534 banks from 19 emerging market economies. We find that higher long-term interest rates tend to boost profitability, while higher short-term rates reduce…
Authors: Emanuel Kohlscheen, Andrés Murcia Pabón and Julieta Contreras
Publication BIS Working Paper No 673 17 Nov 2017
Loan-to-value policy and housing finance: effects on constrained borrowers
This paper explores the effects on constrained borrowers of an LTV limit implemented on September 2013 on two major segments of housing finance in Brazil. LTV (hard) limits and related policies entail identification challenges, since constrained…
Authors: Douglas Kiarelly Godoy de Araujo, João Barata R B Barroso and Rodrigo Barbone Gonzalez

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