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

Author

Listed:
  • 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.

Suggested Citation

  • Carlos J. Garcia T., 2010. "Impacto de los mercados de valores en Chile: una perspectiva macroeconómica," Serie de Documentos de Trabajo 09, Superintendencia de Valores y Seguros.
  • Handle: RePEc:svs:svssdt:2010-9
    as

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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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    References listed on IDEAS

    as
    1. Mark Gertler & Simon Gilchrist & Fabio M. Natalucci, 2007. "External Constraints on Monetary Policy and the Financial Accelerator," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 295-330, March.
    2. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    3. Jordi Galí & J. David López-Salido & Javier Vallés, 2007. "Understanding the Effects of Government Spending on Consumption," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 227-270, March.
    4. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
    5. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October.
    6. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Equilibrio General; Mercado de Valores; Regulación;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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