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Policy Responses to Sudden Stops in Capital Flows: The Case of Chile in 1998

Author

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  • Rodrigo O. Valdes

Abstract

This chapter revisits the sudden stop in capital flows episode experienced by Chile in 1998. It documents the macroeconomic environment, the macro framework in place, and the shocks that hit it. The chapter examines the policy reaction to the shocks, evaluating its most likely consequences and analyzing key policy constraints faced at the time. Finally, it describes how the economy adjusted and compares the Chilean episode with a few other recent sudden stop cases.

Suggested Citation

  • Rodrigo O. Valdes, 2008. "Policy Responses to Sudden Stops in Capital Flows: The Case of Chile in 1998," Research Department Publications 2016, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:2016
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    Cited by:

    1. is not listed on IDEAS
    2. Manuel Marfán & Juan Pablo Medina & Claudio Soto, 2009. "Overoptimism, Boom-Bust Cycles and Monetary Policy in Small Open Economies," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 14, pages 563-600, Central Bank of Chile.
    3. Rodrigo Valdés, 2007. "Inflation Targeting in Chile: Experience and Selected Issues," Economic Policy Papers Central Bank of Chile 22, Central Bank of Chile.

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    Keywords

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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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