This paper analyzes the impact of external price shocks on fiscal policy in Argentina during the last two decades. The paper evaluates, through VAR models with long-term restrictions, the effects of the terms of trade, and the output gap, in revenues, expenditures and the primary fiscal deficit,...

Peru is experiencing a deep political and fiscal decentralization process, especially since 2002. The newly created regional governments now share power and resources with the existing municipal governments as well as with the national or central government. The national government has...

This paper aims to contribute to the interpretation of the economic history of Uruguay during the first decades of the 20th century. Although there is abundant literature about this period, public finances still need in-depth study. We offer an overview of the fiscal budget of the Central...

This paper is aimed to provide a consistent theoretical framework for the decision making process of a consumer-investor in an environment of risk and uncertainty with constant volatility. In this research, the Wiener and Poisson processes play an essential role in modeling market risk and...

This paper aims to discuss the so-called Guano era from a financial analysis perspective. The target is set on the “Dreyfus contractâ€, as far as it meant a “turning point†in Peruvian’s fiscal policy. The sad end of such story was the Pacific’s war. As a...

La Unión Europea (UE) requiere de una acción rápida, duradera y suficiente ante la crisis sanitaria y económica provocada por el Covid-19. Las respuestas dadas por el Banco Central Europeo (BCE) y el Consejo de la UE han sido efectivas para mitigar la incidencia de la crisis en el corto...