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¿Cómo funcionan y se pueden enfrentar los shocks bursátiles en economías abiertas y emergentes?

En este estudio buscamos evidencia de la existencia de una relación entre fluctuaciones macroeconómicas y mercados bursátiles en economías pequeñas y abiertas con diferentes grados de desarrollo (Australia, Chile, Colombia, Nueva Zelandia y Perú). Utilizando modelos de equilibrio general, se encuentra que las fluctuaciones en los mercados bursátiles no se trasmiten a través de cambios en la riqueza y por tanto del consumo privado, sino que los cambios se traspasan al resto de la economía a través del financiamiento de la inversión privada que realizan los intermediarios financieros (bancos). En consecuencia, los shocks en los mercados bursátiles son transmitidos por los bancos hacia el sector real de la economía a través de una menor oferta de crédito. Finalmente, se concluye que la política monetaria podría mejorar en términos de bienestar si se incorporaran las fluctuaciones exógenas (no proveniente de la tecnología) del precio de los activos financieros dentro de una regla monetaria tipo Taylor.

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Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv259.

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Length: 37 pages
Date of creation: Aug 2010
Date of revision:
Handle: RePEc:ila:ilades:inv259
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  1. Gertler, Mark & Karadi, Peter, 2011. "A model of unconventional monetary policy," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 17-34, January.
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