This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing "unconventional" monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

Unlike outside investors, controlling groups have the option to trade on inside information, and can exercise it at the expense of the former. In this paper, a simple theoretical model rationalizes the relationship between corporate governance and insider trading decisions through reputational...

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level--the first such data in the region--and results from a homogeneous corporate governance questionnaire, the book examines...

This document surveys of the recent developments in the literature of monetary policy analysis for emerging countries. In particular, we describe papers analyzing how the following characteristics impose non-trivial restrictions for policy design in these economies: financial frictions and...

We use stock returns to grade presidential economic performance. In efficient markets, asset prices are unique in that they impound the long term effects of changes in the environment, including government policy. To purge national returns of state-of-the-world conditions that do not result from...

We study second-best macroeconomic policies for open economies subject to intertemporal sustainability problems and where agents may face liquidity constraints. If the private sector has biased expectations of future incomes, fiscal policies could offset the consequent distortions, according to...