Substantial attention has been paid in recent years to the risk of maturity mismatch in emerging markets. Although this risk is microeconomic in nature, the evidence advanced thus far has taken the form of macro correlations. This paper empirically evaluates this mechanism at the micro level by...

(Disponible en idioma inglés únicamente) Las economías latinoamericanas están expuestas a una considerable vulnerabilidad a factores externos. Los desequilibrios internos y las sacudidas en los términos de intercambio a menudo se ven exacerbados por situaciones repentinas de apuro...

Using a new database on the currency composition of assets and liabilities, this paper explores the determinants and consequences of currency mismatches in Chilean non-financial firms. As in previous firm level studies for Chile, we find that in periods following a depreciation firms with higher...

Much has been written recently about the problems for emerging markets that might result from a mismatch between foreign-currency denominated liabilities and assets (or income flows) denominated in local currency. In particular, several models, developed in the aftermath of financial crises of...

(Disponible en idioma inglés únicamente) Durante los últimos años se le ha dedicado una atención considerable al riesgo de descalce de los vencimientos en los mercados emergentes. Aunque este riesgo es de naturaleza microeconómico, los elementos de juicio obtenidos hasta ahora han tomado...

Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. This paper explores ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the response...

People and their jobs: What could be more basic to a person's well being? Where people work determines how they live, how their families live, and how economies perform. The quantity and quality of jobs available has implications for individuals and countries alike. That is why the problems with...

Credit supplied by the banking sector is the most important funding source for firms and households in Latin America and the Caribbean. Unfortunately, credit is scarce, costly and volatile. Without deep and stable credit markets, the region will be hard pressed to achieve high and sustainable...

Using a new database on the currency composition of assets and liabilities, this paper explores the determinants and consequences of currency mismatches in Chilean non-financial firms. As in previous firm level studies for Chile, we find that in periods following a depreciation firms with higher...

Substantial attention has been paid in recent years to the risk of maturity mismatch in emerging markets. Although this risk is microeconomic in nature, the evidence advanced thus far has taken the form of macro correlations. This paper empirically evaluates this mechanism at the micro level by...