Showing 1 - 10 of 47
El sistema financiero argentino experimentó fuertes cambios durante la década de los noventa. Las nuevas reglas de la economía transformaron un sistema caracterizado por la “represión financiera” en otro, regido por el mercado y la competencia. Como resultado, aumentó la magnitud de los...
Persistent link: https://www.econbiz.de/10005134835
The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i … central message is that the very nature of the Argentine crisis was not fundamentally different from the pattern of … solvency trap. From this perspective, the 2001 default does not provide for a new “type” of crisis, although crisis management …
Persistent link: https://www.econbiz.de/10005076729
This paper assesses empirically whether global risk aversion (GRA) and some if its determinants (US economic growth and the US long term interest rates) explain developments in Latin American sovereign spreads. We find that GRA is significant and positively related to Latin American sovereign...
Persistent link: https://www.econbiz.de/10005124937
This paper surveys the recent literature analysing fiscal deficit sustainability, most of which focuses on the U.S. and other industrial countries, in an attempt to assess its potential usefulness in the developing country context. Both the accounting approach and the present value constraint...
Persistent link: https://www.econbiz.de/10005125519
We examine both grants and net loans made to low income countries during the last two decades to understand the main reasons that motivated the behaviour of both donors and creditors. We find that the total amount of transfers to HIPCs, as compared to non-HIPCs, have been increasing with their...
Persistent link: https://www.econbiz.de/10005125525
2002. We test for financial contagion from the Argentine crisis and the impact of factors including IMF intervention and … political uncertainty in raising the probability of crisis. The empirical investigation employs a Markov switching model with …
Persistent link: https://www.econbiz.de/10005125532
This paper argues that multilateral financial institutions (MFIs), such as the International Monetary Fund, play an important informational role in international financial markets. By providing low-cost and high quality information, that is otherwise very costly for private lenders to obtain,...
Persistent link: https://www.econbiz.de/10005125541
This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...
Persistent link: https://www.econbiz.de/10005126234
The main objective of this paper is to study the relationship between external public debt and equilibrium real exchange rate in developing countries. Using a extension of Obstfeld & Rogoff (1995) model we show that debt overhang tend to appreciate real exchange rate in the long run (Krugman...
Persistent link: https://www.econbiz.de/10005126240
This paper analyses the 1980s Latin American debt crisis in Argentina, Brazil and Mexico and, in particular, the … examines the crisis<92> features in the three countries, and maps the key macroeconomic and behavioural relationships at its … finance disequilibria as experienced in the debt crisis. Therefore, an original three gap model is introduced that moreover …
Persistent link: https://www.econbiz.de/10005126347