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Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean
Jácome, Luis; Vázquez, Francisco - EconWPA - 2005
panel regressions, the paper finds a negative relationship between legal central bank independence (CBI) and inflation. This … result holds for three alternative measures of CBI, and after controlling for international inflation, banking crises, and … paper fails, however, to find a causal relationship running from CBI to inflation. …
Persistent link: https://www.econbiz.de/10005126338
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Latin American Central Bank Reform: Progress and Challenges
Carstens, Agustin; Luis I. Jacome H. - EconWPA - 2005
reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …
Persistent link: https://www.econbiz.de/10005126474
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Equity Returns and Inflation: The Puzzlingly Long Lags
Lothian, James R.; McCarthy, Cornelia H.. - EconWPA - 2001
equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass. …
Persistent link: https://www.econbiz.de/10005124935
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Latin American Progress under Structural Reform
Jr, Thomas M Fullerton; Sprinkle, Richard L - EconWPA - 2004
Subsequent to the economic difficulties of the 1980s, many Latin American governments reluctantly began to introduce market-oriented reform measures. In many cases, the new measures were adopted only as a means of participating in debt-relief programs such as the Brady Initiative. In no case,...
Persistent link: https://www.econbiz.de/10005550976
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Confessions of an International Forecaster
Jr, Thomas M Fullerton - EconWPA - 2004
Impacts of the availability of low cost computing power on macroeconometric forecasting and research in Latin America are widespread. One of the most immediate effects of the adoption of microcomputing hardware was more rapid adoption of new econometric estimation techniques. Easier development...
Persistent link: https://www.econbiz.de/10005556372
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Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility
Feige, Edgar L.; Šošiæ, Vedran; Faulend, Michael; … - EconWPA - 2002
We examine the extent, causes and consequences of the use of foreign currency as a co-circulating medium of exchange and store of value in Latin America. Using new estimates of the amount of foreign currency in circulation in the form of US dollars, we obtain unique measures of currency...
Persistent link: https://www.econbiz.de/10005556619
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Does China have an impact on foreign direct investment to Latin America?
Garcia-Herrero, Alicia; Santabarbara, Daniel - EconWPA - 2005
We analyze empirically whether the emergence of China as a large recipient of FDI has affected the amount of FDI received by Latin American countries. For the longest time span possible given data availability (from 1984 to 2001), we do not find a substitution from Latin American inward FDI to...
Persistent link: https://www.econbiz.de/10005556626
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A discrete martingale model of pension fund guarantees in
Fischer, Klaus P. - EconWPA - 1998
contributions in terms of options theory of this paper are: i) we adapt the binomila model of options to exchange to relate the …
Persistent link: https://www.econbiz.de/10005561592
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Persistence Characteristics of Latin American Financial Markets
KYAW, NYO NYO A.; LOS, CORNELIS A.; ZONG, SIJING - EconWPA - 2004
Static time series models usually assume stationarity, normality, and independence for the increments of financial rates of return. This paper investigates the empirical characteristics of financial rates of return from Latin American stock and currency markets and documents that their empirical...
Persistent link: https://www.econbiz.de/10005561684
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Do European Stock Markets Affect Latin American Stock Markets?
Rivas, Andrés; Verma, Rahul; Rodriguez, Antonio; … - EconWPA - 2005
In this study, we examine the response of Latin American stock markets to movements in European stock markets using VAR models. Our results vary depending on the openness of the country in terms of international trade. We find evidence that Latin American stock markets are responsive to changes...
Persistent link: https://www.econbiz.de/10005561729