Country Analysts

Andrés Velasco
Former Finance Minister
Igal Magendzo
Former Manager of Macro Analysis, Central Bank
Robert Funk
Former President, Political Science Association

In The News


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Recent Country Insights

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Consequences of the awakening
CHILE - Report 24 Jan 2020
The effects of the protest that began on October 18th on the Chilean economy haven’t been as devastating as we’d feared. November’s Monthly Index of Economic Activity (IMACEC) was positive, given the context. The seasonally adjusted non-mining IMACEC increased 0.9% in monthly terms, after falling...

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Chile’s awakening
CHILE - Report 17 Dec 2019 1 response
The economic effects of the protests that began on October 18th have been devastating. The social situation in Chile makes any projection highly uncertain. The Imacec in October was as unfavorable as it was surprising. Considering that the demonstrations affected only 12 days of the month, ou...

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CHILE: Piñera makes more promises
CHILE - In Brief 11 Dec 2019 1 response
As part of the continuing attempts to respond to the long list of political and social grievances that Chile’s protests have brought to the fore, President Sebastián Piñera announced a third package of reforms, this time aimed at combatting ‘abuse’. He promised to forgive debt and interest for ex...

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On the Central Bank intervention in the FX market
CHILE - In Brief 29 Nov 2019
Yesterday the Central Bank of Chile announced a foreign exchange intervention plan of up to US$ 20,000 million, US$ 10,000 million of sales in the spot market and US$ 10,000 million of sales of hedging instruments. International reserves are approximately US$ 40,000 million. The statement publish...

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​Chile’s constitutional deal
CHILE - In Brief 16 Nov 2019 1 response
After nearly a month of almost daily protest intermixed with sporadic violence (mostly arson and looting), practically the entire political spectrum has come together to agree on a process for designing and approving a new constitution. The agreement, signed by representatives of almost every pol...

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CHILE: ​New cabinet, old problem
CHILE - In Brief 29 Oct 2019
Sebastián Piñera continued with his efforts to address the ten-day old protest movement by announcing a major cabinet shuffle. This was not unexpected. The ouster of Interior Minister (and presidential cousin) Andres Chadwick was one of the principal demands of last Friday’s million-person march....

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Medium-term effects of a long-term protest
CHILE - Report 28 Oct 2019
To the deteriorated external environment, we must add the wave of protests. So far, we do not see reasons for major concern, at least from a medium-term macroeconomic perspective, although October’s Index of Economic Activity (IMACEC) will certainly be considerably lower than it might have been. ...

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CHILE: Piñera's offer. Too little, too late?
CHILE - In Brief 23 Oct 2019
President Sebastián Piñera took to national television on Tuesday night to announce a series of measures that seek to do two things; to respond to the demands of protesters who have been on the streets since last Friday, and to save his skin. Whether he succeeded is not, at this point, entirely c...

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​Regarding the recent disturbances in several cities in Chile
CHILE - In Brief 21 Oct 2019
The impact on financial markets so far has been limited. At 10:50 am the Chilean peso depreciated about 2% against the dollar, in a context in which the exchange rate in several other countries were also increasing, although by somewhat smaller magnitudes. Short-term rates fell 6bp and longer-ter...

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