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Introduction -- The costs and benefits of protecting creditor rights: theory and evidence / Atilano Jorge Padilla and … Alejandro Requejo -- Information sharing in credit markets: theory and evidence / Tullio Jappelli and Marco Pagano -- The … -- Enforcement, contract design and default: exploring the financial markets of Costa Rica / Alexander Monge-Naranjo, Javier Cascante …
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This paper assesses the effects of total public debt (external and domestic) on social expenditure worldwide and in Latin America using an unbalanced panel of around 50 countries for the period 1985-2003. The most robust and important finding is that higher debt ratios do reduce social...
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This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. We show that the introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by...
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