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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

Joint BIS-CEMLA book
Integrated inflation targeting: Another perspective from the developing world
Pierre-Richard Agénor and Luiz A. Pereira da Silva

This book provides a thorough assessment of recent experiences with inflation targeting (IT), the challenges it has faced since the global financial crisis, and ways in which these challenges have been, or should be, addressed. The discussion is conducted from the perspective of middle-income countries (MICs).

Monetaria, number 1, January-June 2018

  • Asymmetries of the Exchange Rate Pass-through to Domestic Prices in Costa Rica during the Exchange Rate Flexibility Period
    Carlos Brenes Soto and Manfred Esquivel Monge
  • Corporate Firms’ Financial Conditions and Investment in Latin America: Determinants and Measurement
    Óscar Carvallo Valencia, Jonathan Barboza Pineda, and Ignacio Garrón Vedia
  • The Demand for Credit at the Individual Level: The Credit Registry (RCC) Meets the National Household Survey (ENAHO)
    Nikita Céspedes Reynaga
  • Inventory Adjustments to Demand Shocks under Flexible Specifications
    Carlos R. Barrera Chaupis

Monetaria, volume V, number 2, July-December

  • A Systemic Measure of Liquidity Risk
    Carolina Pagliacci and Jennifer Peña
  • How Disruptive are Fintechs?
    Mario Bergara and Jorge Ponce
  • Variance Decomposition of Prices in an Emerging Economy
    Fernando Borraz and Joaquín Saldain
  • Patterns and Drivers of Corporate Bonds in Latin America
    Adrian Robles, Bennett Sutton, and Svetlana Vtyurina

Monetary Policy and Financial Stability in Latin America and the Caribbean
Joint Research Program

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 deve loped in the following topics: 1) Estimation and use of nonobservable variables inthe region; 2) The development of dynamic stochastic general equilibrium models; 3) The transmission mechanism of monetary policy...

Monetaria, volume V, number 1, January-June 2017

  • Application of the Government of Jamaica Zero-coupon Curve to Modeling Yield Curve Risk
    Oma Coke
  • Inflation and Public Debt
    José Pablo Barquero Romero and Kerry Loaiza Marín
  • Anchoring of Inflation Expectations in Mexico
    M. A. Acosta
  • Estimating and Forecasting Default Risk: Evidence from Jamaica
    Andrene Senior, and Sherene A. Bailey

The Federal Reserve’s Interest Rate Normalization:
Does It Matter Who Borrows from Abroad in EME?

Central Bank Award Rodrigo Gómez, 2017

In this study, Victoria Nuguer builds a small open economy model with banks and exporting firms. She observes that an increase in the foreign interest rate makes borrowing more expensive and brings the econ­omy into a recession. When natural nonhedged firms borrow from abroad, an increase in the foreign interest rate prompts more volatility in the emerging economy than when naturally hedged firms borrow from abroad. Thus, she proposes a nonconventional policy in which the financial authority lends to nonhedged firms when foreign borrowing is more expensive. Finally, she ob­serves that households are better-off with the policy than without it.

Remittances to Latin America and the Caribbean in 2017:
Greater Growth Dynamism

Program of Remittances and Financial Inclusion

In 2017, the income of Latin America and the Caribbean (LAC) from remittances received from abroad rebounded, benefitting millions of recipient households and helping to fund their living, education and health expenditures, as well as investment in improvements to housing and family businesses In general, the main aspects characterizing the evolution of said income"


Financial Decisions of Households and Financial Inclusion: Evidence for Latin America and the Caribbean
Joint Research Program

Over the last few decades the interest in understanding household financial decision making has been growing. This interest has partly been due to its close relation with two phenomena of particular importance to developing economies: financial inclusion and financial literacy. A set of recent macroeconomic studies have shown how financial inclusion is positively related to financial stability, economic growth, equality and poverty reduction.

Volumen LXIII, número 4, octubre-diciembre de 2017

Financial Decisions and Financial Capabilities in the Andean Region
María José Roa, Ignacio Garrón, and Jonathan Barboza
The Journal of Consumer Affairs

This paper analyzes the importance of numerical abilities, conscientiousness, and financial literacy for individuals' financial decision making and participation in formal financial markets. Our analysis is based on the Financial Capabilities Survey, which was applied in four countries of the Andean Region: Bolivia, Colombia, Ecuador, and Peru. The empirical analysis underlines the centrality of numerical abilities, different subfacets of conscientiousness (propensity to plan, perseverance, and scrupulosity), and financial literacy in developing a propensity to save and borrow, and in participating in the formal financial sector.

Currency Mismatch in the Banking Sector in Latin America and the Caribbean
Martin Tobal Banco de México and CEMLA
International Journal of Central Banking (IJCB)

Existing literature uses data based on the residence principle to proxy for currency mismatch. Nonetheless, these data are frequently not disaggregated by currency and cannot identify mismatches in the domestic market. This paper circumvents these issues by constructing a new data set on foreign currency assets and liabilities in the banking sector in Latin America and the Caribbean. The new data reveal a reduction in long foreign currency positions, with several countries taking short positions after 2006. Moreover, employing a methodology that accounts for time-varying unobservable characteristics, this reduction is shown to be partially explained by the implementation of prudential policies.

Bank capital buffers around the world: Cyclical patterns and the effect of market power
Oscar Carvallo Valencia (CEMLA) and Alberto Ortiz Bolaños (CEMLA and EGADE Business School)
Journal of Financial Stability

We examine the effect of competition and business cycles on bank capital buffers around the world. We use a dataset of 3461 banks from 25 developed and 54 developing countries over the 2001–2013 period. Banks tend on average to exhibit pro-cyclical behavior. But capital buffers seem to be more pro-cyclical in developing countries. Our results show that more competition leads to higher buffers in developed countries but to lower buffers in developing ones. This evidence suggests that the “competition-stability” thesis adheres in developed economies, whereas “competition-fragility” makes more sense in developing countries. This asymmetric result may have important policy implications, particularly with regard to new, globally-negotiated capital adequacy standards.

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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