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The publications of CEMLA

CEMLA focuses its activities on the monetary, financial and banking fields, where it promotes research, organizes international meetings and seminars and analyses experiences that are systematized through the administration of technical assistance and training programs oriented to capacity-building and updating of the staff of its associated and collaborating members.

One of the Center's main objectives is to inform about the evolution of economic trends inside and outside the Latin American and Caribbean region, as well as to publish main international and regional facts in monetary, banking, and exchange policies. Its books, reviews and bulletins contain a wide stock or information for analysis and represent a permanent source of data for people interested in these matters.

CEMLA's publications comprise two types: Periodical (Boletín, Monetaria, and Money Affairs) and Non-periodical (Research and Discussion Papers).

The Centre produces publications in printed and electronic formats.

What's new

Volumen LXIII, Número 2

Remittances to Latin America and the Caribbean in 2016: A New Record

In 2016, remittance flows to Latin America and Caribbean reached new record levels that had a very positive impact on millions of recipient households. The most important aspects characterizing the behavior of such inflows were: i) remittances amounted to usd 70,369 million, after having accumulated increases for 7 consecutive years; ii) the annual growth of these inflows was 7.2%, which represents the highest growth rate recorded in the past 10 years, iii) the increase in remittances was generalized throughout all the different subregions; and iv) stemmed from, among other factors, higher employment, average wages and, consequently, the total wage bill for migrant workers from the region in the main destination countries.

Monetaria, volume IV, number 2

Volumen LXIII, número 1

International Spillovers of Monetary Policy

Since 2005 CEMLA's Central Banks have conducted joint research activities to bolster economic research on topics of mutual interest. Annual or multiannual joint research activities have been developed in the following topics: i) Estimation and use of nonobservable variables in the region; ii) The development of dynamic stochastic general equilibrium models; iii) The transmission mechanism of monetary policy; iv) Economic policy responses to the financial crisis; v) Inflationary dynamics, persistence and price and wage formation; vi) Capital flows and its macroeconomic impact; vii) Asset pricing, global economic conditions and financial stability; viii) Monetary policy and financial stability in small

Monetaria, volume IV, number 1

Payments and Securities Clearance and Settlement Systems in Jamaica

Jamaica has a well-developed payment and settlement system that was enhanced by major Payment System reform initiated by the Bank of Jamaica in 2005.

Remittances to Latin America and The Caribbean in 2015-2016: Accelerating their Growth

For the second year in a row, remittance flows to Latin America and the Caribbean (lac) in 2016 exceeded previous record levels, reaching usd 65,657 million with a growth rate of 5.9% on the previous year.

The Role of Payment Systems and Services in Financial Inclusion

Electronic retail payment systems and services (ERPS) consist of different systems and platforms, payment products and services that allow firms, individuals, government and other economic agents to transfer money on a daily basis without having to use cash.


Volumen LXII, número 4

Are We Ignoring Supply Shocks? A Proposal for Monitoring Cyclical Fluctuations
Research Paper 21

Although there are several mechanisms within modern theoretical models acknowledging that supply shocks can account for an important part of output fluctuations, even in the short-run, policy practitioners continue endorsing the idea that only demand shocks explain them.



Comparing the Transmission of Monetary Policy Shocks in Latin America: A Hierarchical
Panel VAR

Fernando J. Pérez Forero
Award 2015

This paper assesses and compares the effects of monetary policy shocks across Latin American countries that put in practice the inflation targeting scheme (Brazil, Chile, Colombia, Mexico, and Peru).


Solo un décimo del ingreso que generan los mexicanos inmigrantes en Estados Unidos se envía a México como remesas

Nota de Remesas 4

En su conjunto, los trabajadores inmigrantes de origen mexicano que residen y laboran en Estados Unidos envían a sus familiares en México como remesas solo una décima parte del ingreso total que generan en ese país.

Financial Inclusion in Latin America and the Caribbean: Access, Usage and Quality

Documento de Investigación 19

This study presents a general overview of nancial inclusion in Latin America and the Caribbean. We employ data for the three dimensions: access, use and quality, which outline a complete picture of the nature and characteristics of nancial inclusion in the region.

CEMLA, A Key Institution in latin america
60º Anniversary

The second meeting of Central Bank Technicians of the American Continent was held in 1950 in the city of Santiago, Chile. At this forum the delegation from Banco de México, led by Agustín Luna Olmedo, Head of the Economics Studies Department, presented a project for establishing a body that would be called Institute for Latin American Economic Stud- ies. All indications point to the outstanding in uence in the idea for the project of the Deputy Director of that bank, Rodrigo Gó- mez, and the Spanish economist, Javier Márquez, who had trav- elled from England to Mexico in 1939 to live in the country for the rest of his productive life.


Financial Education and Inclusion in Latin American and the Caribbean
Programs of Central Banks and Financial Superintendencies

Financial education and inclusion have captured the interest of different international players, as well as global and regional forums. Governments in the region and around the world have also identified financial education and inclusion policies as a tool for promoting economic growth and social equality within a context of financial stability.

Central Bank Cooperation at the Beginning of the 21st Century
CEMLA 60th Anniversary Conference

The Conference on Central Bank Cooperation at the Beginning of the 21st Century was held on July 19 and 20, 2012, as part of celebrations to commemorate the 60th anniversary of the Center for Latin American Monetary Studies (CEMLA). On these days, authorities from our associate and collaborating institutions, international organizations and special guests, gathered at CEMLA's offices in Mexico City to debate different aspects of central bank cooperation.


Inflation Targeting and Financial Stability. A Perspective from the Developing World
Inter-American Development Bank and CEMLA

This study discusses recent experiences with inflation targeting (IT), the challenges that it faces since the global financial crisis, and ways to address them. The discussion is conducted from the perspective of upper middle-income countries.









Submission process for

CEMLA receives articles or essays (papers in general) for peer-review refereeing on a continuous basis. Any person may submit original papers to be published in Monetaria provided the author or owner of its rights authorizes CEMLA to submit the article for peer-review refereeing and grants the Center translating, editing and publishing rights if accepted for publication.

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