This paper presents and evaluates the hypothesis that emerging countries specialized in commodity production are prone to experience non orthogonal commercial and financial shocks. Specifically, we investigate a set of global macroeconomic variables that, in principle, could simultaneously...

Although the international crisis was initially seen as an event limited to a particular segment of the financial systems of central economies, it rapidly escalated and became global through different transmission channels, raising doubts over the hypothesis of the so-called decoupling. Latin...

All severe crises have required a reformulation of the International Financial Architecture (IFA). The G20, abruptly turned into a discussion and action forum to cope with the crisis, focused its work on two areas: first, the coordination of the macroeconomic policies to come out of the crisis...