This paper explores the impact of international financial integration on credit markets in Latin America, using a cross-country dataset covering 17 countries between 1996 and 2008. It is found that financial integration amplifies the impact of international financial shocks on aggregate credit...

(Disponible en idioma inglés únicamente) Presentamos una explicación alternativa de la caída del programa de convertibilidad de Argentina, basándonos en la vulnerabilidad del país a las paradas repentinas de los flujos de capitales. Las paradas repentinas por lo general van acompañadas de...

This paperuses a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available. It tests whether real exchange rate fluctuations have a significant impact on employment, and analyze whether the impact...

Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...

The literature on aid effectiveness has focused more on recipient policies than the determinants of aid allocation yet a consistent result is that political allies obtain more aid from donors than non-allies. This paper shows that aid allocated to political allies is ineffective for growth,...

Using a sample of 32 developed and developing countries we analyze the empirical characteristics of Sudden Stops in capital flows and the relevance of balance-sheet effects in the likelihood of their occurrence. We find that large real exchange rate (RER) fluctuations accompanied by Sudden Stops...

Specific information on trade and financial markets across international borders is costly to acquire. Sellers and buyers rely instead on information obtained from partner behavior in other countries. Three channels are identified through which information is disseminated in import and equity...

El dinero se utiliza como una reserva de valor, un medio de intercambio y una unidad de cuenta. Los más recientes análisis sobre la elección de moneda en un escenario internacional se han enfocado en la denominación de reservas—el rol de reserva de valor. Sin embargo, la información...

This paper surveys the recent literature on fiscal sustainability, with particular emphasis on emerging market countries. It discusses the main elements that differentiate emerging market countries from industrial countries and then discusses how probabilistic models can help to evaluate fiscal...

(Disponible en idioma inglés únicamente) La información específica sobre el comercio y los mercados financieros a través de las fronteras nacionales es costosa. Los vendedores y compradores prefieren emplear información deducida del comportamiento de sus socios en otros países. Se...