En este trabajo se desarrolla un indicador de sostenibilidad de la deuda externa y se aplica a un conjunto amplio de países emergentes. Los resultados del modelo teórico indican que el tipo de cambio real juega un papel fundamental para garantizar la sostenibilidad de la deuda. Cuando se...

La economía de Guatemala muestra una peligrosa dependencia a la economía de Estados Unidos. Este artículo tiene por objeto analizar el uso del modelo de síntesis neoclásica en el estudio del impacto derivado por el incremento de las tasas de interés estadounidenses sobre la economía...

Spanish Abstract: Desde finales del 2014 hasta enero del 2016 el peso mexicano se ha depreciado un 30 por ciento con respecto a la divisa estadounidense, por lo que se esperaría que en el largo plazo las exportaciones mexicanas sean más atractivas para el mercado de Estados Unidos. No...

Capital inflows dynamics towards developing countries during the last decades again has posited in the center of the debate the discussion on its benefits and costs. The objective of this work is to analyze the behavior of capital flows over 1970 and 2002, their volatility and effects on the...

This paper analyzes the management of surges in capital inflows to Emerging Markets. It reviews the main policy tools, including fiscal and monetary policy, exchange rate policy, foreign exchange market intervention, domestic prudential regulation, and capital controls. A key conclusion is that,...

In recent years, Bolivia has accumulated a significant level of international reserves due to favorable external environment and the exchange rate regimen (crawling peg). In this context arises the question of: Which one is the optimal level of international reserves? According to the...

The aim of this paper is to identify the different shocks that could affect the current account in the argentine case, such as the terms of trade (the Harberger-Laursen-Metzler effect-HLM), supply shocks (productivity), demand shocks (real exchange rate and public consumption /current GDP) and...

The aim of this paper is to identify the different shocks that could affect the current account in the argentine case, such as the terms of trade (the Harberger-Laursen-Metzler effect- HLM), supply shocks (productivity), demand shocks (real exchange rate and public consumption /current GDP) and...

The purpose of this paper is to contrast the Keynesian partial equilibrium framework of the Current Account with the modern intertemporal general equilibrium approach where the Current Account imbalances reflect, and act as a buffer, against both real and monetary shocks. The document will try...