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Monetary Policy Challenges in Emerging Markets : Sudden Stop, Liability Dollarization, and Lender of Last Resort

Calvo, Guillermo A. - 2011

The paper argues that Emerging Market economies (EMs) face financial vulnerabilities that weaken the effectiveness of a domestic Lender of Last Resort (LOLR). As a result, monetary policy is inextricably linked to the state of the credit market. In particular, the central bank should be ready to...

Persistent link: https://www.econbiz.de/10013126221

Real Exchange Rates, Dollarization and Industrial Employment in Latin America

Galindo, Arturo José - 2011

This paperuses a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available. It tests whether real exchange rate fluctuations have a significant impact on employment, and analyze whether the impact...

Persistent link: https://www.econbiz.de/10013126241

Targeting Inflation in a Dollarized Economy : The Peruvian Experience

Armas, Adrián - 2011

This discusses the unique experience of Peru`s Central Bank with inflation targeting in an economy characterized by a high degree of financial dollarization. The paper outlines how Peru has taken financial dollarization into consideration in the design of monetary policy, then deals with...

Persistent link: https://www.econbiz.de/10013126327

Corporate Dollar Debt and Depreciations : Much Ado About Nothing?

Bleakley, C. Hoyt - 2011

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...

Persistent link: https://www.econbiz.de/10013126337

Living with Dollarization and the Route to Dedollarization

Galindo, Arturo José - 2011

Financial dollarization in Latin America has been growing over time in spite of a major reduction in inflation and a shift toward central bank independence. After discussing the key stylized facts of dollarization and dedollarization in the region, we discuss the risks this process poses to the...

Persistent link: https://www.econbiz.de/10013126343

Why Should Emerging Economies Give Up National Currencies? A Case for Institutions Substitution

Mendoza, Enrique G. - 2011

Financial contagion and Sudden Stops of capital inflows experienced in emerging-markets crises may originate in an explosive mix of lack of policy credibility and world capital market imperfections that afflict emerging economies with national currencies. Hence, this paper argues that abandoning...

Persistent link: https://www.econbiz.de/10013126419

How Do Crises Affect Schooling Decisions? Evidence from Changing Labor Market Opportunities and a Policy Experiment

López Bóo, Florencia - 2011

Argentina over 12 years, emphasizing the recession/crisis years of 1998-2002. In “typical” years deteriorating job rates boost …

Persistent link: https://www.econbiz.de/10013126146

No Education, No Good Jobs? Evidence on the Relationship between Education and Labor Market Segmentation

Pages, Carmen - 2011

This paper assesses labor market segmentation across formal and informal salaried jobs and self-employment in three Latin American and three transition countries. It looks separately at the markets for skilled and unskilled labor, inquiring if segmentation is an exclusive feature of the latter....

Persistent link: https://www.econbiz.de/10013126165

Entrepreneurship, Entrepreneurial Values, and Public Policy in Argentina

Anchorena, Jose F. - 2012

This paper uses datasets from six surveys to describe entrepreneurship in Argentina. While the quantity of … entrepreneurship in Argentina is high, its quality is low, given the high proportion of informal and necessity entrepreneurs. Income is … is, however, transmitted inter- generationally. Although it is found that Argentina promotes entrepreneurial values more …

Persistent link: https://www.econbiz.de/10013099928

The Politics of Federalism in Argentina : Implications for Governance and Accountability

Ardanaz, Martin - 2012

national level in Argentina, a highly decentralized middle-income democracy, Argentina. The Argentine political system makes …

Persistent link: https://www.econbiz.de/10013104033