Understanding the drivers of international production fragmentation is an important issue for Latin American and Caribbean countries because participation in global production networks can help mitigate instability due to dependence on natural resources and can provide opportunities for further...

This paper studies volatility spillovers in credit default swaps (CDS) between the corporate sectors and Latin American countries. Daily data from October 14, 2006, to August 23, 2021, are employed. Spillovers are computed both for the raw data and for filtered series which factor out the effect...

Interventions designed to support small and medium enterprises (SMEs) are popular among policy makers, given the role SMEs play in job creation around the world. Business support interventions in low- and middle-income countries (LMICs) are often based on the assumption that market failures and...

We analyse the risk of mafia capture of firms operating in the legal economy. Specifically, we study the relationship between firm performance and mafia infiltration. To overcome possible endogeneity concerns we exploit the abrupt drop in revenues caused by the (unexpected) Covid-19 related...