Seigniorage is the ability of a central bank to capture real resources from the economy through the creation of nominal primary money. This article investigates the conditions of financial vulnerability in foreign currency of the BCB that would limit its essential functions as lender of last...

Seigniorage is the ability of a central bank to capture real resources from the economy through the creation of nominal primary money. This article investigates the conditions of financial vulnerability in foreign currency of the BCB that would limit its essential functions as lender of last...

This paper examines relationships between size and risk in financial markets. Based on the work of Makridakis / Taleb [2009] and Taleb / Tapiero [2009], presents the problems of excessive risk and imbalances caused by the size of firms. Markets mixed on firm growth traps externalities can...

Traditional risk definitions, based on supervisor’s point of view, don’t behold explicitly the existence and interaction of other important risks such as derivative credit risks from other unsecured risk by debtors of bank system in economies partially “dollarized”. One of these critical...

This paper aims to carry out a preliminary analysis of the arbitrage pricing theory in Argentine capital market, with special emphasis on inflation as a variable of interest for an emerging country, an underdeveloped financial market, and a period under analysis with inflationary trends and...

Durante los últimos años el análisis del riesgo de crédito y su dinámica se ha convertido en un tema de alta importancia para la estabilidad del sistema financiero. Es por esto que resulta vital estudiar los co-movimientos que se presentan entre este riesgo y el ciclo económico. En este...

This paper aims to carry out a preliminary analysis of the arbitrage pricing theory in Argentine capital market, with special emphasis on inflation as a variable of interest for an emerging country, an underdeveloped financial market, and a period under analysis with inflationary trends and...

Currencies in developing countries are not freely convertible; they show higher inflation and volatility levels and show periods of sharp appreciation and depreciation. These characteristics not only are a challenge for economic authorities, but also call attention to their ability to fully...

This paper analyzes the changes in the monetary policy transmission mechanism in Peru. A strong conclusion that emerges from this research is that both, the direct interest rate channel and the expectations channel have become more important in the recent years, especially after the Inflation...

The aim of this research is to evaluate to what extent the actual level and dynamics of financial dollarization prevalent in Latin America can be explained by the portfolio approach proposed by Ize and Levi Yeyati (2003). Inasmuch as the result of a portfolio optimization is sensible to the...