This paper surveys the theoretical and empirical literature on the role of state-owned banks and also presents some new results and a robustness analysis. The paper shows that state-owned banks located in developing countries have fiscal costs because they are characterized by lower returns than...

(Disponible en idioma inglés únicamente) En este trabajo presentamos una panorámica general de la situación de internet en América Latina y sostenemos que si bien los países latinoamericanos se han incorporado relativamente tarde, en principio pueden ponerse al día con mayor rapidez y a...

(Disponible en idioma inglés únicamente) La obra publicada recientemente ha hecho hincapié en la importancia de los costos y la infraestructura de transporte para explicar el comercio internacional, el acceso a los mercados y los aumentos del ingreso per cápita. Para la mayoría de los...

En este trabajo se construye y emplea una nueva base de datos para evaluar la relación que hay entre la propiedad de los bancos y el desempeño de los mismos, y se obtienen distintos indicadores para países en desarrollo y para países industrializados. Se descubre que los bancos propiedad del...

(Disponible en idioma inglés únicamente) Desarrollamos un modelo en el que la elasticidad del crédito a las sacudidas exógenas depende de la regulación de los derechos de los acreedores. Mostramos que un aumento de la protección a los acreedores reduce la elasticidad de la oferta de...

We suggest that foreign banks may represent a trade-off for their developing country hosts. A portfolio model is developed to show that a more diversified international bank may be one of lower, overall risk and less susceptible to funding shocks but may react more to shocks that affect expected...

This paper tests the efficiency of different structures of bank ownership in terms of its ability to target manufacturing sectors in need of credit. We find that state- owned banks do not play a significant role in the development of industries that rely more on external finance and/or that have...

In this paper we estimate the early effect of the European Monetary Union (EMU) on trade. We use a panel data set that includes the most recent information on bilateral trade for 22 developed countries from 1992 through 2002. During this period 12 European countries formally entered into a...

This paper studies the relationship between creditor protection and credit volatility. During the negative phase of the business cycle, credit contracts more in countries with poor creditor protection. For similar shocks to business conditions, credit is more volatile in countries where...

This paper examines whether bank ownership (public versus private, domestic versus foreign) is correlated with bank lending behavior over the business cycle. The paper finds that state-owned banks may play a useful credit-smoothing role because their lending is less responsive to macroeconomic...