This paper combines default, settlement, and repayment history into a unified, dynamic borrowing model of sovereign debt. The model addresses two questions: 1) how the level of debt and the income profile affect the length of time a country in default is excluded from the international credit...

In this paper we specify a linear Cliff and Ord-type spatial model. The model allows for spatial lags in the dependent variable, the exogenous variables, and disturbances. The innovations in the disturbance process are assumed to be heteroskedastic with an unknown form. We formulate a multi-step...

In this paper, we specify a linear Cliff-and-Ord-type spatial model. The model allows for spatial lags in the dependent variable, the exogenous variables, and disturbances. The innovations in the disturbance process are assumed to be heteroskedastic with an unknown form. We formulate multistep...

This paper is part of the project 'Ex-post Evaluation of the IDB Agricultural Technology Uptake Programs.' This paper evaluates the impact of agricultural extension services in the Dominican Republic and analyzes the direct impact of the Program for Technological Support in the Agricultural...

This paper presents two versions of a spatial competition model forthe banking sector. The first version, describes a framework that fol-lows closely Salop´s spatial competition model. This version is modi-fied in the second part by introducing the loan market and default riskprobabilities for...

Asset prices have recently become a common topic in economic debate. Nevertheless, much time has been spent in determining if they effectively exhibit a bubble component, and not in examining whether asset prices affectively contain relevant information concerning future market developments....

Asset prices have recently become a common topicin economic debate. Nevertheless, much time hasbeen spent in determining if they effectively exhibita bubble component, and not in examining whetherasset prices contain relevant information concerningfuture market developments. This paper is...

This paper evaluates the impact of agricultural extension services in the Dominican Republic. In particular, we analyze the direct impact of the Program for Technological Support in the Agricultural Sector (PATCA). The analysis relies on a unique dataset gathered by PATCA’s executing unit in...

This paper presents a multimarket spatial competition oligopoly model for the Colombian deposit market, in line with the New Em- pirical Industrial Organization (NEIO) approach. In this framework, banks use price and non-price strategies to compete in the market, which allows us to analyze the...

Este documento muestra que las empresas informales en Colombia tienen en promedio menor acceso al crédito y a programas de capacitación, mayores problemas tecnológicos y menores utilidades por trabajador que las empresas formales con características similares. Además, analiza el impacto de...