Trigésima segunda sesión Seminario Interno FEN

El pasado viernes 05 de Agosto se llevó a cabo la trigésima segunda sesión del seminario interno de FEN donde se expone trabajos en progreso de académicos y avances de tesis de estudiantes. Este evento fue desarrollado en las dependencias del Departamento de Administración, Facultad de Economía y Negocios, Universidad de Chile. 

En esta oportunidad Sebastian Edwards y Juan Marcos Wlasiuk, alumnos de la Facultad de Economía y Negocios, Universidad de Chile, apoyados por Roberto Álvarez, quién es académico de la Facultad de Economía y Negocios, Universidad de Chile, presentaron su tesis titulada “Commodity Boom and Latin American Economic Growth: Was This Time Really Different?”, la cual se trata de:  In this paper, we study the impact of commodity prices on economic growth with particular focus on the experience of Latin America during the recent boom of commodities. We also explore whether changes in the policy framework have reduced the exposure to changes in commodity prices. We find that long-run growth is negatively affected by increases in commodity prices, but short-run effects are, in general, positive. During the recent boom, the impact of commodity prices was qualitatively different in Latin America with respect to both, previous episodes and the rest of the world. Our evidence suggests that this time was really different in Latin America. In terms of heterogeneous effects, we find that the impact of increases in commodity prices tend to be higher for countries with low fiscal procyclicality. Regarding the ER regime, pegged have been historically more expansionary during boom periods, but we do not find significant differences between countries with pegged ER and the rest of the countries in the period 2002-2014. Finally, we do not find evidence that capital account openness tends to amplify cycles attributable to changes in commodities prices. On the contrary, countries with lower financial openness tend to be more affected by commodity prices shocks.