Download or read book Chile Central Bank Transparency Code Review written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-16 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Central Bank of Chile (CBC) has implemented broadly advanced transparency practices. This reflects the CBC’s strong public commitment to transparency, which is anchored in the law and has been designated by the CBC as a strategic objective to fulfill its mandate. This policy has earned the CBC the broad trust of its stakeholders and has paid significant dividends for the CBC in terms of safeguarding its autonomy and ensuring its policy effectiveness.
Download or read book Chile written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Central Bank Transparency Code Findings Of The Pilot Reviews written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2023-03-15 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
Download or read book Chile written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-10-21 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on key findings of the Detailed Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies on Chile. The assessment reveals a high degree of compliance with the Transparency Code, including in the objectives and responsibilities of the central bank. The target and instrument autonomy of the Central Bank of Chile is strong by virtue of being enshrined in the constitution. The process for monetary policy formulation, implementation, and communication is highly transparent.
Download or read book Chile Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-11-11 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strong fiscal institutions have contributed to Chile’s macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF’s Fiscal Transparency Code and confirms that many elements of sound fiscal transparency practices are already in place. Chile’s practices meet the principles of the code at a good or advanced level for 21 out of the 36 principles. This is a good score, compared to the average for Latin American Countries and Emerging Market Economies. On a further nine principles, Chile meets the basic standard of practice. Chile’s fiscal transparency practices are very strong for fiscal forecasting and budgeting, followed by fiscal reporting, while fiscal risk analysis and management demonstrate more mixed results. Further improvements could be achieved relatively easily through the publication of some internal analyses or through a more timely or user-friendly publication of already available information.
Download or read book Chile written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-08-01 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an update to the Report on the Observance of Standards and Codes on Fiscal Transparency for Chile. Chile has completed the first stage of the migration of its fiscal statistics to the IMF’s Government Finance Statistics Manual (GFSM 2001). A main result of this migration is the production of the operating statement, corresponding to flow transactions, for the central government, the general government, and the consolidated public enterprises. However, the treatment of interest payments on inflation-indexed bonds and on debt owed to the central bank differs from that in GFSM 2001.
Download or read book Central Bank Communication and Monetary Policy Surprises in Chile written by Mr.Andrea Pescatori and published by International Monetary Fund. This book was released on 2018-07-06 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.
Download or read book Quasi Fiscal Implications of Central Bank Crisis Interventions Case Studies written by John Hooley and published by International Monetary Fund. This book was released on 2023-06-02 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents case studies of central bank crisis interventions during the Covid-19 and the Global Financial Crises in four jurisdictions (Canada, Chile, the United Kingdom, and the United States). The paper serves as an Annex to the main IMF Working Paper WP/23/114 ‘Quasi-Fiscal Implications of Central Bank Crisis Interventions.’
Download or read book Chile 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Chile written by International Monetary and published by International Monetary Fund. This book was released on 2021-04-23 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chilean economy has been hit by the pandemic while recovering from the social unrest in late 2019, requiring substantial adjustment of economic policies and the appropriate use of existing policy buffers. Following a sharp decline in mid-2020, economic activity started recovering in 2020H2 in the wake of ample policy stimulus. Inflation remains near the policy target, with inflation expectations anchored, and the current account balance has improved amid a sharp drop in imports and relatively resilient exports. Fiscal and monetary policies remain guided by the structural fiscal balance rule and the inflation-targeting framework, respectively. Beyond the pandemic-related risks, there is uncertainty stemming from a series of elections and the outcome of a New Constitution process—scheduled to finish in mid-2022—which are expected to shape the public discourse and influence the policy agenda.
Download or read book Update The Monetary And Financial Policies Transparency Code written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-05-13 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper responds to a request made by the Executive Board at the time of the 2017 Review of the Standards and Codes Initiative (RSCI) for a revision and update of the 1999 Monetary and Financial Policies Transparency Code (MFPT). Directors asked staff that the new code remove the overlap on financial policies covered by other standards, expand the transparency standards to broader set of activities undertaken by many central banks since the Global Financial Crisis, and reorient the transparency standards to facilitate risk-based assessments to support policy effectiveness and address macroeconomic risks.
Download or read book Chile Review Under the Flexible Credit Line Arrangement Press Release Staff Report and Statement by the Executive Director for Chile written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic hit the Chilean economy while it was recovering from the 2019 social unrest. The authorities’ swift and strong economic policy efforts and Chile’s very strong institutional frameworks helped buffer the economic and social consequences. The ongoing economic recovery continues to be supported by ample policy stimulus, a rapid vaccination process, well-anchored inflation expectations, a resilient export base, and continued market confidence.
Download or read book An Index for Transparency for Inflation Targeting Central Banks Application to the Czech National Bank written by Rania A. Al-Mashat and published by International Monetary Fund. This book was released on 2018-10-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.
Download or read book New Zealand written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2024-05-14 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New Zealand economy slowed considerably in 2023, following a period of strong growth, and some previous significant imbalances are finally correcting. Tight monetary policy has put inflation on a meaningful downward path but remains high. Some of the overvaluation in housing prices has also reversed. The external balance is slowly improving, though the current account deficit is still large. An ambitious agenda of broad-based reforms is underway by the new coalition government.
Download or read book Transparency in Government Operations written by Mr.J. D. Craig and published by International Monetary Fund. This book was released on 1998-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
Download or read book OECD Public Governance Reviews The Regulation of Lobbying and Influence in Chile Recommendations for Strengthening Transparency and Integrity in Decision Making written by OECD and published by OECD Publishing. This book was released on 2024-05-17 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lobbying and influence activities are legitimate acts of democratic participation and enable different groups to provide input and expertise to the policymaking process. This report looks at Chile’s existing framework to ensure equity, integrity and transparency in public decision-making processes, and assesses its resilience to the risks of undue influence by special interest groups.
Download or read book Issues in the Governance of Central Banks written by and published by . This book was released on 2009 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s. The need to deal with chronic inflation in the 1970s and 1980s prompted the identification of price stability as a formal central bank objective and led to a significant reworking of governance arrangements. The current global financial crisis could have equally important implications for central banks, particularly with respect to their role in fostering financial stability. Although it is too early to know how central banking will change as a result, the report takes an important first step in identifying governance questions that the crisis poses.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
