Policy Responses to External Shocks: The Experiences of Australia, Brazil and Chile

Luis Cespedes, Ilan Goldfajn, Phil Lowe and Rodrigo Valdés

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: Open economies, particularly emerging markets and commodity-intensive economies, deal with large external shocks. Interestingly enough, policy reactions and policy set-ups may dampen or amplify the consequences of these shocks, affecting the magnitude of the shock. This paper revisits the recent experience of policy frameworks and reactions in three countries: Australia, Brazil and Chile. In particular, we analyse and evaluate alternative policy set-ups and policy reactions to the Asian crisis in the period 1997-98, and to the lower world growth and higher risk aversion in 2001-2002.

Date: 2005-05
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (4)

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Chapter: Policy Responses to External Shocks: The Experiences of Australia, Brazil, and Chile (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:321

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