Americas Office Publications

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

Displaying 111-120 of 150
Publication BIS Working Paper No 668 31 Oct 2017
Financial and real shocks and the effectiveness of monetary and macroprudential policies in Latin American countries
This work compares the impact of monetary and macroprudential policies on financial and real sectors in four Latin American countries: Chile, Colombia, Mexico and Peru, and explores the commonalities and differences in the reaction to shocks to both the…
Authors: Javier Garcia-Cicco, Markus Kirchner, Julio A Carrillo, Diego Rodríguez, Fernando Perez, Rocío Gondo, Carlos Montoro and Roberto Chang
Publication BIS Working Paper No 659 31 Aug 2017
Effects of capital controls on foreign exchange liquidity
The literature on capital controls has focused on their use as tools to manage capital and improve macroeconomic and financial stability. However, there is a lack of analysis of their effect on foreign exchange (FX) market liquidity. In particular,…
Author: Carlos Cantú
Publication BIS Working Paper No 638 17 May 2017
Assessing fiscal policy through the lens of the financial and the commodity price cycles
We assess the link between fiscal policy and credit and commodity price booms and busts. We do so by investigating the impact of financial and commodity price cycles on the identification of episodes of fiscal consolidation and stimulus and the size of…
Authors: Enrique Alberola-Ila and Ricardo Sousa
Publication BIS Working Paper No 632 03 May 2017
The impact of macroprudential housing finance tools in Canada
This paper combines loan-level administrative data with household-level survey data to analyze the impact of recent macroprudential policy changes in Canada using a microsimulation model of mortgage demand of first-time homebuyers. Policies targeting the…
Authors: Jason Allen, Timothy Grieder, Tom Roberts and Brian Peterson
Publication BIS Working Paper No 633 03 May 2017
The impact of warnings published in a financial stability report on loan-to value ratios
This paper shows how central bank communications can play a role in macroprudential supervision. We document how specific warnings about real estate markets, published in the Central Bank of Chile's Financial Stability Reports of 2012, affected ...
Authors: Andrés Alegría, Rodrigo Alfaro and Felipe Córdova
Publication BIS Working Paper No 634 03 May 2017
Evaluating the impact of macroprudential policies on credit growth in Colombia
Macroprudential tools have been used around the world to counter potential risks and imbalances in the financial sector. Colombia is a good example of a country that has employed a variety of regulatory measures to manage systemic risks in the economy…
Authors: Esteban Gómez, Angélica Lizarazo, Juan Carlos Mendoza and Andrés Murcia Pabón
Publication BIS Working Paper No 635 03 May 2017
Prudential policies and their impact on credit in the United States
We analyze how two types of recently used prudential policies affected the supply of credit in the United States. First, we test whether the U.S. bank stress tests had any impact on the supply of mortgage credit. We find that the first Comprehensive…
Authors: Paul Calem, Ricardo Correa and Seung Jung Lee
Publication BIS Working Paper No 636 03 May 2017
The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data
This paper summarises the results of a joint research project by eight central banks in the Americas region to evaluate the effectiveness of macroprudential tools and their interaction with monetary policy. In particular, using meta-analysis techniques,…
Authors: Leonardo Gambacorta and Andrés Murcia Pabón
Publication BIS Working Paper No 619 23 Mar 2017
Volatility risk premia and future commodities returns
This paper extends the empirical literature on Volatility Risk Premium (VRP) and future returns by analyzing the predictive ability of Commodities Currencies VRP and commodities VRP. The empirical evidence throughout this paper provides support for a…
Authors: José Renato Haas Ornelas and Roberto Baltieri Mauad
Publication BIS Working Paper No 616 23 Mar 2017
Macro policy responses to natural resource windfalls and the crash in commodity prices
Policy prescriptions for managing natural resource windfalls are based on the permanent income hypothesis: none of the windfall is invested at home and saving in an intergenerational SWF is dictated by smoothing consumption across different generations…
Author: Frederick van der Ploeg

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