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The evolution of macroprudential policy use in Chile, Latin America and the OECD

Carlos Madeira ()

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This study compares the use of macroprudential policies and capital flow management in Chile versus other countries. I find that Chile made a lower net tightening of its macroprudential policies relative to 1990 than the other country groups, whether in terms of its overall index or any of its subcategories. This is explained in part because Chile had already adopted tight macroprudential policies after the Banking Law of 1986; therefore, it started the 1990s with a more conservative level of financial regulation than most countries. However, Chile still presents a restrictive Loan to Value regulation, close to the OECD average. In terms of Financial Openness and Capital Controls, Chile was very closed until the Asian crisis. Chile is more open with respect to capital inflows relative to all the country groups, although it is still more closed than the OECD and Advanced Economies for outflows.

Date: 2022-07
New Economics Papers: this item is included in nep-ban, nep-cba, nep-fdg, nep-mon and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:958

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