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Impacto de los mercados de valores en Chile: una perspectiva macroeconómica

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Author Info

  • Carlos J. Garcia T.

    (Ilades – Universidad Alberto Hurtado)

Abstract

En este estudio desarrollamos y estimamos un modelo de equilibrio general para ver la relevancia del mercado accionario a nivel agregado en la economía chilena para el período 1997/2009. El modelo es del tipo nuevo Keynesiano que además de la rigidez estándar en precios incorpora fricciones en el sector financiero. El modelo está compuesto de una microestructura que permite analizar diferentes sectores y agentes económicos. Dos conclusiones importantes obtenemos. Primero, en términos estadístico las fluctuaciones de este mercado son relevantes en explicar fluctuaciones en sectores del consumo, la inversión, la importación de bienes intermedios, etc. Si bien la relevancia o ocurrencia de los shocks puede ser limitada, su estructura resulta importante en entender el comportamiento macro: la relevancia de las fricciones financieras y por tanto la discusión sobre reformas y regulación del sector. Segundo, la estabilización por parte del banco central es importante para explicar el impacto final de este mercado en la economía.

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File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/serie_doc9_carlos_garcia.pdf
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Bibliographic Info

Paper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 09.

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Length: 55 pages
Date of creation: Apr 2010
Date of revision:
Handle: RePEc:svs:svssdt:2010-9

Contact details of provider:
Postal: Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile
Phone: (56 2) 473 4000
Web page: http://www.svs.cl/
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Related research

Keywords: Equilibrio General; Mercado de Valores; Regulación;

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References

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  1. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
  2. J. Galí & D. López-Salido & J. Vallés, 2003. "Understanding the effects of government spending on consumption," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
  3. Mark Gertler & Simon Gilchrist & Fabio Natalucci, 2001. "External constraints on monetary policy and the financial accelerator," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  4. Andrew Levin & Christopher J. Erceg & Dale W. Henderson, 1999. "Optimal Monetary Policy with Staggered Wage and Price Contracts," Computing in Economics and Finance 1999 1151, Society for Computational Economics.
  5. Ben Bernanke & Mark Gertler & Simon Gilchrist, 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," NBER Working Papers 6455, National Bureau of Economic Research, Inc.
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