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Autonomía de Bancos Centrales: La Experiencia Chilena

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  • Luis Felipe Céspedes
  • Rodrigo Valdés

Abstract

The Central Bank of Chile was granted full autonomy by a Constitutional Organic Law enacted in 1989. In this paper we conduct a selective review of theoretical and empirical literature on the macroeconomic performance and autonomy of the Central Bank, presenting new evidence of the relationship between said autonomy and the coefficient of passthrough from the exchange rate to inflation. Then we analyze, from various standpoints, how the autonomy has functioned in practice in Chile, what were the issues in discussion before its adoption and how these have unfolded afterwards. We also compare the autonomy of the Central Bank of Chile with that of other central banks and we examine the role played by central banks’ capital. From the analysis we conclude that the Central Bank of Chile’s experience with autonomy has had very positive results.

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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 358.

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Date of creation: Feb 2006
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Handle: RePEc:chb:bcchwp:358

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  1. Guy Debelle & Stanley Fischer, 1994. "How independent should a central bank be?," Working Papers in Applied Economic Theory 94-05, Federal Reserve Bank of San Francisco.
  2. Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
  3. Francisco Rosende, 1993. "La Autonomía del Banco Central de Chile: Una Evaluación Preliminar," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 30(91), pages 293-326.
  4. Claudia Helene Dziobek & John W. Dalton, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 05/72, International Monetary Fund.
  5. Devereux, Michael B & Engel, Charles M & Storgaard, Peter Ejler, 2002. "Endogenous Exchange Rate Pass-Through When Nominal Prices Are Set in Advance," CEPR Discussion Papers 3608, C.E.P.R. Discussion Papers.
  6. Herman Bennett C. & Norman Loayza O., 2000. "Policy Biases when the Monetary and Fiscal Authorities have Different Objectives," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 3(2), pages 53-72, August.
  7. Peter Stella, 1997. "Do Central Banks Need Capital?," IMF Working Papers 97/83, International Monetary Fund.
  8. V. V. Chari & Lawrence J. Christiano & Patrick J. Kehoe, 1991. "Optimal fiscal and monetary policy: some recent results," Staff Report 147, Federal Reserve Bank of Minneapolis.
  9. Francisco Rosende, 1989. "Elementos para el Diseño de un Marco de Análisis de la Autonomía del Banco Central," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 26(77), pages 25-38.
  10. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," IDB Publications 6467, Inter-American Development Bank.
  11. Nicolás Eyzaguirre & Rodrigo Vergara, 1993. "Reflexiones en Torno a la Experiencia de Autonomía del Banco Central de Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 30(91), pages 327-348.
  12. Bindseil, Ulrich & Manzanares, Andrés & Weller, Benedict, 2004. "The role of central bank capital revisited," Working Paper Series 0392, European Central Bank.
  13. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
  14. Agustin Carstens & Luis I. Jacome H., 2005. "Latin American Central Bank Reform: Progress and Challenges," Macroeconomics 0509022, EconWPA.
  15. César Calderón & Klaus Schmidt-Hebbel, 2003. "Macroeconomic Policies and Performance in Latin America," Working Papers Central Bank of Chile 217, Central Bank of Chile.
  16. José Pablo Arellano, 1989. "Comentarios al Proyecto de Ley del Banco Central," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 26(77), pages 91-96.
  17. Juan Andrés Fontaine, 1989. "Banco Central: Autonomía para Cautelar la Estabilidad," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 26(77), pages 65-74.
  18. Daniel Tapia, 1993. "Experiencia del Banco Central Autónomo," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 30(91), pages 349-356.
  19. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
  20. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  21. Luis F. Céspedes & Claudio Soto, 2005. "Credibility and Inflation Targeting in an Emerging Market: The Case of Chile," Working Papers Central Bank of Chile 312, Central Bank of Chile.
  22. Rodrigo Caputo & Felipe Liendo, 2005. "Monetary Policy, Exchange Rate and Inflation Inertia in Chile: a Structural Approach," Working Papers Central Bank of Chile 352, Central Bank of Chile.
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