En este trabajo se intenta determinar si hay o no convergencia, y si esta es absoluta o condicional, entre el Producto Interno Bruto (PIB) real per capita de 6 paises. Se efectua un analisis de cointegracion siguiendo un enfoque similar al de Bernard y Durlauf. Salvo en el caso de Canada-Estados...

This paper uses the switching probability regimes methodology to estimate the determinants of financial crisis, measured in changes in the stochastic regimes of interest and exchange rates. We use Mexico to perform the exercise. Results suggest that public debt structure is important in...

This paper explores the influences of financial deepening on growth and its volatility. Following a review of the theoretical literature that has attempted to explain these relationships, the paper presents time series evidence –using GARCH models– for the cases of Mexico and the US. The...

This paper explores empirically the relationship between the Monetary Policy in the U.S. and the real exchange rate MXN/USD over the period 1996-2012 with monthly data. We consider a cointegration approach using a model of real exchange rate fundamentals as in Goldfajn and Valdes (1999), where...

The paper explores the influences of financial development on economic growth and its volatility. First, it discusses the theoretical literature that attempts to explain these relationships. Then, it presents time series evidence for the cases of Mexico and the US. We use GARCH models, which...

In this document we analyze the dynamics of per capita value added in manufacturing as a proxy of per capita income in Mexico’s municipalities and US counties. Specifically we seek to determine if there is convergence (absolute or conditional), divergence or stratification. A dynamic panel...

This paper uses a cointegration approach to estimate the demand functions for imports and exports in Mexico. The especification of each function is derived from the model of imperfect substitute goods and are estimated using monthly data over the period 1991-2005. It is found that all variables...

In this paper we investigate empirically the determinants of credit default rates in the Peruvian system of Municipal Banks of Savings and Credit, using a dynamic fixed effects model with monthly data, over the period 2003-2010. We postulate that credit default rates are positively related to...

In this paper we study the process of economic growth and convergence in Central America over the period 1960-2000. We specify a dynamic panel data model with fixed effects and evaluate the impact of the factors typically considered in the empirical growth literature, including human capital and...

This paper studies the relationship between macroeconomic fundamentals and the dynamics of stock market prices in Mexico. Specifically, we examine the reaction of daily returns to announcements on macroeconomic variables, using GARCH models. We investigate the behavior of the Mexican stock price...