HISTORICAL linguistics, REFLEXIVES (Grammar), ANAPHORA (Linguistics), LANGUAGE & languages
Abstract
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BARROS-CAMPELLO, ESTHER, PATEIRO-RODRÍGUEZ, CARLOS, VENANCIO SALCINES-CRISTAL, J., and PATEIRO-LÓPEZ, CARLOS
Subjects
*MONETARY policy, *PRICE regulation, *FOREIGN exchange rates, *CENTRAL banking industry, *HISTORY, *GOVERNMENT policy, LATIN American economy
Abstract
In this paper, we discuss the management of monetary policy of the Latin American central banks that have fully established inflation targeting. An optimal monetary rule is estimated for these economies using the Generalized Method of Moments. This analysis allows us to conclude that these central banks have taken into account the economic growth, in addition to price stability. However, only Chile has taken into account the evolution of the exchange rate. Furthermore, Chile, Brazil and Peru have followed an asymmetric behavior, while Colombia and Mexico have adopted a linear monetary policy rule. [ABSTRACT FROM AUTHOR]
This paper looks for empirical evidence to show if a very interventionist government stimulates or not private investment in Latin America. Using the same model as Caballew-Urdiales y López-Gallardo (2012), we extend their analysis from five Latin-American countries to all Latin America. The results from our estimated elasticities show evidence in support of three hypothesis: (1) that tax burden (taxes on income and consumption) has significant effects on privateinvestment; (2) that public investment has a crowding out effect with private investment; (3) and that in order to stimulate private investment, the government should have very little intervention. [ABSTRACT FROM AUTHOR]
Published
2017
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