Central Banking In Latin America

Author : Mr. Luis Ignacio Jácome
Publisher : International Monetary Fund
Page : 57 pages
File Size : 53,9 Mb
Release : 2015-03-17
Category : Business & Economics
ISBN : 9781498350662

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Central Banking in Latin America: From the Gold Standard to the Golden Years by Mr. Luis Ignacio Jácome Pdf

This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.

Author : Mr.Yan Carriere-Swallow,Luis I. Jacome H.,Mr.Nicolas E Magud,Alejandro M. Werner
Publisher : International Monetary Fund
Page : 128 pages
File Size : 40,8 Mb
Release : 2016-09-30
Category : Business & Economics
ISBN : 9781475543360

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Central Banking in Latin America by Mr.Yan Carriere-Swallow,Luis I. Jacome H.,Mr.Nicolas E Magud,Alejandro M. Werner Pdf

Latin America’s central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high and volatile, achieving durable price stability will require making central banks more independent. Where inflation targeting regimes are well-established, remaining challenges surround assessments of economic slack, the communication of monetary policy, and clarifying the role of the exchange rate. Finally, macroprudential policies must be coordinated with existing objectives, and care taken to preserve the primacy of price stability.

Author : Luis I. Jacome H.,Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Mr.Krishna Srinivasan
Publisher : International Monetary Fund
Page : 272 pages
File Size : 46,6 Mb
Release : 2016-10-04
Category : Business & Economics
ISBN : 9781513591766

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Challenges for Central Banking by Luis I. Jacome H.,Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Mr.Krishna Srinivasan Pdf

In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.

Author : Fernando Ferrari-Filho,Liuz F. de Paula
Publisher : Edward Elgar Publishing
Page : 261 pages
File Size : 54,7 Mb
Release : 2023-01-17
Category : Business & Economics
ISBN : 9781802203981

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Central Banks and Monetary Regimes in Emerging Countries by Fernando Ferrari-Filho,Liuz F. de Paula Pdf

This book focuses on the recent trends of monetary policy in Latin America. It analyzes how the actions of central banks and the monetary regimes of some Latin American countries have affected the economic performance of these countries, mainly in response to the international financial crisis (IFC) and COVID-19 crisis.

Author : Yan Carrière-Swallow
Publisher : Unknown
Page : 128 pages
File Size : 47,9 Mb
Release : 2016
Category : Banks and banking, Central
ISBN : OCLC:1322778310

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Central Banking in Latin America by Yan Carrière-Swallow Pdf

Author : Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Luis I. Jacome H.,Mr.Krishna Srinivasan
Publisher : International Monetary Fund
Page : 21 pages
File Size : 47,8 Mb
Release : 2016-09-29
Category : Business & Economics
ISBN : 9781475539677

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Excerpt: Challenges for Central Banking by Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Luis I. Jacome H.,Mr.Krishna Srinivasan Pdf

This paper provides a regional perspective on these challenges by including chapters authored by central bankers from Latin America, as well as IMF experts. The paper also provides a panoramic overview of the policy progress made to date and the challenges that lie ahead for central banks in the region. It places the subject in historical context by looking at how central banks in the region have evolved over the past century and outlines the challenges ahead in a more financially integrated global economy. Since the global financial crisis, central banking has been undergoing a massive renovation. The crisis brought to light fundamental challenges for central bankers in terms of purpose, instruments, and what we hope to achieve. An overarching theme that connects us in both advanced and emerging market economies alike is that of setting monetary policies in an increasingly financially integrated world and addressing the underlying challenges that this presents. Looking forward, concerns have shifted to the challenges of price stability in a world of globally integrated capital markets.

Author : Frank M. Tamagna
Publisher : Unknown
Page : 348 pages
File Size : 51,7 Mb
Release : 1965
Category : Banks and banking
ISBN : UTEXAS:059173025466748

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Central Banking in Latin America by Frank M. Tamagna Pdf

Author : Mr. Luis Ignacio Jácome,Samuel Pienknagura
Publisher : International Monetary Fund
Page : 55 pages
File Size : 48,6 Mb
Release : 2022-09-16
Category : Business & Economics
ISBN : 9798400219030

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Central Bank Independence and Inflation in Latin America—Through the Lens of History by Mr. Luis Ignacio Jácome,Samuel Pienknagura Pdf

We study the link between central bank independence and inflation by providing narrative and empiricial evidence based on Latin America’s experience over the past 100 years. We present a novel historical dataset of central bank independence for 17 Latin American countries and recount the rocky journey traveled by Latin America to achieve central bank independence and price stability. After their creation as independent institutions, central bank independence was eroded in the 1930s at the time of the Great Depression and following the abandonement of the gold exchange standard. Then, by the 1940s, central banks turned into de facto development banks under the aegis of governments, sawing the seeds for high inflation. It took the high inflation episodes of the 1970s and 1980s and the associated major decline in real income, and growing social discontent, to grant central banks political and operational independence to focus on fighting inflation starting in the 1990s. The empirical evidence confirms the strong negative association between central bank independence and inflation and finds that improvements in independence result in a steady decline in inflation. It also shows that high levels of central bank independence are associated with reductions in the likelihood of high inflation episodes, especially when accompanied by reductions in central bank financing to the central government.

Author : Luis Ignacio Jácome
Publisher : Unknown
Page : 58 pages
File Size : 46,7 Mb
Release : 2015
Category : Electronic
ISBN : 1498351387

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Central Banking in Latin America by Luis Ignacio Jácome Pdf

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 43,7 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:732599532

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Central Bank Involvement in Banking Crises in Latin America by Anonim Pdf

Author : MissEva Gutierrez
Publisher : International Monetary Fund
Page : 31 pages
File Size : 40,6 Mb
Release : 2003-03-01
Category : Business & Economics
ISBN : 9781451847406

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Inflation Performance and Constitutional Central Bank Independence by MissEva Gutierrez Pdf

This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is likely to be better enforced than ordinary statutes owing to its higher legal rank. Our empirical analysis finds that in a sample of Latin American and Caribbean countries, those countries that entrench the independence of the central bank in the constitution have a better inflation performance.

Author : Luis Ignacio Jácome
Publisher : INTERNATIONAL MONETARY FUND
Page : 49 pages
File Size : 51,7 Mb
Release : 2008-05-01
Category : Electronic
ISBN : 1451869940

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Central Bank Involvement in Banking Crises in Latin America by Luis Ignacio Jácome Pdf

This paper reviews the nature of central bank involvement in 26 episodes of financial disturbance and crises in Latin America from the mid-1990s onwards. It finds that, except in a handful of cases, large amounts of central bank money were used to cope with large and small crises alike. Pouring central bank money into the financial system generally derailed monetary policy, fueled further macroeconomic unrest, and contributed to simultaneous currency crises, thereby aggravating financial instability. In contrast, when central bank money issuance was restricted and bank resolution was timely executed, financial disturbances were handled with less economic cost. However, this strategy worked provided appropriate institutional arrangements were in place, which highlights the importance of building a suitable framework for preventing and managing banking crises.

Author : Luis I. Jacome H.,Tahsin Saadi Sedik,Mr.Simon Townsend
Publisher : International Monetary Fund
Page : 32 pages
File Size : 43,5 Mb
Release : 2011-11-01
Category : Business & Economics
ISBN : 9781463923976

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Can Emerging Market Central Banks Bail Out Banks? A+L4848 Cautionary Tale From Latin America by Luis I. Jacome H.,Tahsin Saadi Sedik,Mr.Simon Townsend Pdf

This paper investigates whether developing and emerging market countries can implement monetary policies similar to those used by advanced countries during the recent global crisis - injecting significant amounts of money into the financial system without facing major short-run adverse macroeconomic repercussions. Using panel data techniques, the paper analyzes episodes of financial turmoil in 16 Latin America during 1995-2007. The results show that developing and emerging market countries should be cautious because injecting money on a large scale into the financial system may fuel further macroeconomic instability, increasing the chances of simultaneous currency crises.

Author : Ms.Liliana Rojas-Suárez,Mr.Steven Riess Weisbrod
Publisher : International Monetary Fund
Page : 120 pages
File Size : 51,8 Mb
Release : 1994-10-01
Category : Business & Economics
ISBN : 9781451853971

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Financial Market Fragilities in Latin America by Ms.Liliana Rojas-Suárez,Mr.Steven Riess Weisbrod Pdf

This paper has two objectives: first, by reviewing the recent experience of five Latin American countries with the restructuring of their financial sectors, it derives lessons regarding the most effective ways to resolve banking difficulties in developing countries. Second, the paper analyzes current policy challenges associated with the health of financial systems in Latin America, including: (a) designing policies to respond to the recent large inflows of capital that maintain long-run macroeconomic stability and healthy financial systems; and (b) evaluating the impact of capital markets competition on the soundness of banking systems.

Author : Luis Ignacio Jácome
Publisher : International Monetary Fund
Page : 50 pages
File Size : 49,6 Mb
Release : 2001-12
Category : Business & Economics
ISBN : UCSD:31822029878733

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Legal Central Bank Independence and Inflation in Latin America During the 1990s by Luis Ignacio Jácome Pdf

This paper reviews central banks’ legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of political and economic independence, incorporates provisions of central banks’ financial autonomy, accountability, and lender-of-last-resort. The paper finds a moderate negative correlation between increased central bank independence and inflation during 1999–2001 in 14 Latin American countries. Dissagregating the index, the same analysis suggests that economic independence is the key component driving the observed negative correlation between legal central bank independence and inflation.