The current discussion of Inflation Targeting (IT) in emerging economies deals with the effects that nominal exchange rate movements have on the overall inflation rate. The literature has focused in the analysis of the advantages and disadvantages that IT has with respect to other monetary...

This dissertation is the collection of three essays aimed to evaluate the empirical performance of dynamic stochastic general equilibrium (DSGE) models in explaining the behavior of macroeconomic dynamics in emerging countries. Chapter 1, which is joint work with M. Uribe and R. Pancrazzi,...

This thesis studies the role of banks in the transmission of nominal shocks into credit markets in emerging countries. It builds on the lending channel hypothesis, which states that, due to imperfections in capital markets, banks may not be able to completely offset a negative shock to deposits...

The recent global economic crisis has created new conditions and situations for the economic environment and therefore, in this context the rethinking of the institutional system is mandatory. The present paper seeks to propose an empirical model and aims at capturing the interdependencies...

The paper focuses on the elements that have prevented the governments of developing countries to establish a sustainable infrastructure. The focus on investments in the infrastructure of developing countries should be more significant. The analysis of the infrastructure development in developing...

La evolución de los ratings soberanos es profundamente asimétrica, ya que las fases de bajadas de la calificación crediticia suelen ser más bruscas y de mayor intensidad que las de subidas. Dicho de otro modo, una vez que un país pierde su calificación inicial, transcurre un período...

Emerging economic theory attempts to explain multinational enterprises' decisions to locate foreign direct investment in certain countries at the expense of others. Recent literature explores the reasons why FDI into a host country may depend on FDI in neighboring countries. This paper extends...

Neoclassical growth models require large productivity/distortion differences across countries to produce the observed disparities in the wealth of nations. In this paper I develop an otherwise very standard neoclassical model with technology adoption and schooling decisions, and show that in...

This thesis examines the relationship between population structure and the real exchange rate in 23 OECD countries over the period 1980–2006. The motivation for this research stems mainly from the Life-Cycle Hypothesis (LCH) of consumption and saving. According to this hypothesis people...

The process of globalization has gathered momentum due to the rapid increase in cross-border capital flows stimulated by trade liberalization and the rapid diffusion of information technology. The International Monetary Fund spearheaded the issue of freer capital mobility or capital account...