CEMLA has played an important role in our region in the area of dissemination of information and experiences among central banks. Over the years, the organization has organized several seminars on statistical methodologies and theoretical approaches. In addition, the CEMLA regularly publishes and distributes empirical studies by central bank researchers in the region and organizes seminars and conferences to discuss the empirical findings.
But in spending more, and being prepared to borrow more, they also tend in the process to affect asset values for both real and financial assets, which then reinforces the trend in wealth, and so on. So it is not possible, in a very simple analysis such as the one presented here, to disentangle all that.