Macro Policies and Public Debt in Chile

Sebastian Claro, Claudio Soto

Research output: Chapter in Book/Report/Conference proceedingChapter


This note characterises the evolution of Chile's public debt, and discusses its implications for the management of the country's monetary policy. Historically, the main issuer of public debt in Chile was the central bank. The government, in turn, has recently started to engage in a more active debt policy, with the aim of deepening the market for risk-free securities and diversifying its funding sources. In general, the soundness and predictability of fiscal policy and the high degree of coordination between the government and the central bank has meant that the debt policy of the fiscal authority has posed no major challenge for the conduct of monetary policy. Moreover, the government's positive net asset position government has played an important role, allowing the central bank to fulfill its price and financial stability objectives in spite of a negative equity position. Full publication: <a href=>Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies</a>
Original languageAmerican English
Title of host publicationFiscal policy, public debt and monetary policy in emerging market economies
Place of PublicationBasel, Switzerland
PublisherBank for International Settlements
Number of pages9
ISBN (Electronic)92-9197-152-9
ISBN (Print)92-9131-152-9
StatePublished - 2012

Publication series

NameBIS Paper No. 67g


  • Monetary policy
  • fiscal policy
  • public debt


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