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International lending of last resort and moral hazard:A model of IMF’s catalytic finance

Corsetti, Giancarlo; Guimarães, Bernardo; Roubini, Nouriel - European University Institute / Department of Economics; … - 2006

This paper analyzes the trade-off between official liquidity provision and debtor moral hazard ininternational financial crises. In the model, crises are caused by the interaction of bad fundamentals,self-fulfilling runs and policies by three classes of optimizing agents: international...

Persistent link: https://www.econbiz.de/10008911499

What Caused the Asian Currency and Financial Crisis?

Corsetti, Giancarlo; Pesenti, Paolo; Roubini, Nouriel - Banca d'Italia - 1998

The paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even though market overreaction and herding caused the plunge of exchange rates, asset prices and economic activity to be more...

Persistent link: https://www.econbiz.de/10005111544

International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance

guimaraes, bernardo; Roubini, Nouriel; Corsetti, Giancarlo - National Bureau of Economic Research (NBER) - 2003

It is often argued that the provision of liquidity by the international institutions such as the IMF to countries … point out that official lending also causes moral hazard distortions: expecting to be bailed out by the IMF, debtor … three classes of optimizing agents: international investors, the local government and the IMF. We show how an international …

Persistent link: https://www.econbiz.de/10005774964

International Lending of Last Resort and Moral Hazard: A Model of the IMF's Catalytic Finance

Corsetti, Giancarlo; Guimarães, Bernardo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 2004

The provision of liquidity by international institutions such as the IMF to countries experiencing balance of payment … problems could prevent liquidity runs but could also cause moral hazard distortions: expecting to be bailed out by the IMF … and policies by three classes of optimizing agents: international investors, the local government and the IMF. We show how …

Persistent link: https://www.econbiz.de/10005067528

Evolution of gender wage gaps in latin america at the turn of the twentieth century: An addendum to new century, old disparities

Ñopo, Hugo; Hoyos, Alejandro - 2010

This paper complements the findings of Atal, Ñopo and Winder (2010) on gender and ethnic wage gaps for 18 Latin American countries circa 2005 by analyzing gender wage gaps for the same countries between circa 1992 and circa 2007. During this span the overall gender earnings gaps dropped about 7...

Persistent link: https://www.econbiz.de/10010333010

Matching as a tool to decompose wage gaps

Ñopo, Hugo - 2004

In this paper I present a methodology that uses matching comparisons to explain gender differences in wages. The approach emphasizes gender differences in the supports of the distributions of observable characteristics and provides useful insights about the distribution of the unexplained gender...

Persistent link: https://www.econbiz.de/10010261756

New century, old disparities: Gender and ethnic gaps in Latin America

Ñopo, Hugo; Atal, Juan Pablo; Winder, Natalia - 2010

This paper surveys gender and ethnic wage gaps in 18 Latin American countries, decomposing differences using matching comparisons as a non-parametric alternative to the Blinder-Oaxaca (BO) decomposition. It is found that men earn 9-27 percent more than women, with high cross-country...

Persistent link: https://www.econbiz.de/10010272647

The persistent gender earnings gap in Colombia, 1994-2006

Hoyos, Alejandro; Ñopo, Hugo; Peña, Ximena - 2010

This paper surveys gender earnings gaps in Colombia from 1994 to 2006, using matching comparisons to examine the extent to which individuals with similar human capital characteristics earn different wages. Three sub-periods are considered: 1994-1998; 2000-2001; and 2002- 2006, corresponding to the...

Persistent link: https://www.econbiz.de/10010276061

Discrimination in Latin America: An elephant in the room?

Chong, Alberto; Ñopo, Hugo - 2007

This paper surveys evidence on discrimination in Latin America and shows that there is a widespread perception of discrimination, especially against the poor, the uneducated and those who lack connections. The channels through which discrimination occurs may be built on the basis of economic...

Persistent link: https://www.econbiz.de/10010278236

Gender and racial wage gaps in Brazil 1996-2006: Evidence using a matching comparisons approach

Marques Garcia, Luana; Ñopo, Hugo; Salardi, Paola - 2009

This paper explores the evolution of Brazilian wage gaps by gender and skin color over a decade (1996-2006), using the matching comparison methodology developed by Ñopo (2008). In Brazil, racial wage gaps are more pronounced than those found along the gender divide, although both noticeably...

Persistent link: https://www.econbiz.de/10010278245

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