Latin American Journal of Central Banking最新文献_第6页

Evaluating core inflation measures: A statistical inference approach 评估核心通胀指标：一种统计推断方法

Latin American Journal of Central Banking Pub Date : 2023-06-26 DOI: 10.1016/j.latcb.2023.100099

Juan Carlos Castañeda, Rodrigo Chang

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引用次数: 1

The effect of credit composition on entrepreneurship 信贷结构对创业的影响

Latin American Journal of Central Banking Pub Date : 2023-06-24 DOI: 10.1016/j.latcb.2023.100103

Ali Nassiri Aghdam, Shahin Behdarvand, Mohammad Ghasemi Sheshdeh

{"title":"The effect of credit composition on entrepreneurship","authors":"Ali Nassiri Aghdam, Shahin Behdarvand, Mohammad Ghasemi Sheshdeh","doi":"10.1016/j.latcb.2023.100103","DOIUrl":"https://doi.org/10.1016/j.latcb.2023.100103","url":null,"abstract":"<div><p>In this study, we aim to assess the relevance of credit composition to entrepreneurship empirically in light of the Schumpeterian perspective. The results of such an analysis can imply whether central banks should continue with the so-called neutrality principle or undertake an active credit policy. We employ a panel data model to quantify the effect of credit composition on entrepreneurship in 54 high- and middle-income economies from 2001 to 2016. To capture credit composition, we disaggregate total credit as credit to non-financial and financial businesses as well as credit to households and mortgages, and we hypothesize that the larger share of credit for non-financial businesses and households would be associated with greater entrepreneurship. The results indicate that credit composition is important for both high- and middle-income economies, but the effective composition of credit is different in the two sub-samples, which is why the effectiveness of credit allocation should not be taken for granted and active remedies are required. This paper corroborates the Schumpeterian view on the ties between credit allocation and entrepreneurship in both high- and middle-income economies.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"4 4","pages":"Article 100103"},"PeriodicalIF":0.0,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50204477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Labor market flows: Evidence for Chile using microdata from administrative tax records 劳动力市场流动：智利使用行政税务记录微观数据的证据

Latin American Journal of Central Banking Pub Date : 2023-06-23 DOI: 10.1016/j.latcb.2023.100102

Elías Albagli , Alejandra Chovar , Emiliano Luttini , Carlos Madeira , Alberto Naudon , Matias Tapia

引用次数: 5

Redundancy of Centrality Measures in Financial Market Infrastructures 金融市场基础设施中集中措施的冗余

Latin American Journal of Central Banking Pub Date : 2023-06-16 DOI: 10.1016/j.latcb.2023.100098

Constanza Martínez-Ventura , Ricardo Mariño-Martínez, Javier Miguélez-Márquez

引用次数: 0

Exposures to climate change's physical risks in Chile 智利面临气候变化的物理风险

Latin American Journal of Central Banking Pub Date : 2023-06-01 DOI: 10.1016/j.latcb.2023.100090

Magdalena Cortina , Carlos Madeira

引用次数: 2

Machine learning methods for inflation forecasting in Brazil: New contenders versus classical models 巴西通货膨胀预测的机器学习方法:新竞争者与经典模型

Latin American Journal of Central Banking Pub Date : 2023-06-01 DOI: 10.1016/j.latcb.2023.100087

Gustavo Silva Araujo , Wagner Piazza Gaglianone

{"title":"Machine learning methods for inflation forecasting in Brazil: New contenders versus classical models","authors":"Gustavo Silva Araujo , Wagner Piazza Gaglianone","doi":"10.1016/j.latcb.2023.100087","DOIUrl":"https://doi.org/10.1016/j.latcb.2023.100087","url":null,"abstract":"<div><p>In this paper, we explore machine learning (ML) methods to improve inflation forecasting in Brazil. An extensive out-of-sample forecasting exercise is designed with multiple horizons, a large database of 501 series, and 50 forecasting methods, including new ML techniques proposed here, traditional econometric models and forecast combination methods. We also provide tools to identify the key variables to predict inflation, thus helping to open the ML black box. Despite the evidence of no universal best model, the results indicate that ML methods can, in numerous cases, outperform traditional econometric models in terms of mean-squared error. Moreover, the results indicate the existence of nonlinearities in the inflation dynamics, which are relevant to forecasting inflation. The set of top forecasts often includes forecast combinations, tree-based methods (such as random forest and xgboost), breakeven inflation, and survey-based expectations. Altogether, these findings offer a valuable contribution to macroeconomic forecasting, especially, focused on Brazilian inflation.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"4 2","pages":"Article 100087"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49881158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Exchange rate volatility and the effectiveness of FX interventions: The case of Chile 汇率波动与外汇干预的有效性:以智利为例

Latin American Journal of Central Banking Pub Date : 2023-06-01 DOI: 10.1016/j.latcb.2023.100086

Alejandro Jara, Marco Piña

引用次数: 1

The impact of monetary policy on a labor market with heterogeneous workers: The case of Chile 货币政策对劳动力市场异质性的影响:以智利为例

Latin American Journal of Central Banking Pub Date : 2023-06-01 DOI: 10.1016/j.latcb.2023.100092

Carlos Madeira , Leonardo Salazar

引用次数: 1

Policy responses to COVID-19 in Uruguay 乌拉圭应对COVID-19的政策

Latin American Journal of Central Banking Pub Date : 2023-06-01 DOI: 10.1016/j.latcb.2023.100085

Elizabeth Bucacos , Patricia Carballo , Miguel Mello , Jorge Ponce

引用次数: 2

Untangling crises: GFC and COVID-19 through the lens of a DSGE model 化解危机:通过DSGE模型透视全球金融危机和COVID-19

Latin American Journal of Central Banking Pub Date : 2023-06-01 DOI: 10.1016/j.latcb.2023.100091

Rogelio De La Peña , Ignacio García

引用次数: 1