We describe the evolution of three types of corporate securities in Argentina, namely, corporate bonds, asset-backed securities and deferred checks. Corporate bonds (obligaciones negociables) were legally authorized in 1988, and after a tax reform in 1991 they became an important financing...

Economics institutions are fundamental to achieve permanent growth in an environment of political stability and time consistent non-inflationary public finance. Nevertheless, inflationary finance has a persistent influence in several countries and there i

This paper presents a theoretical framework to study the social cost of random mechanisms for allocation of resources instead of market or price oriented systems. The social cast of not allowing unrestricted sales of the telephone lines owned by ENTEL, wa

Two major social security systems are compared: the funded sys tem and the pay-as-you-go system. In the funded system premiums are set to equalize the present expected value of benefits and the present expected value of premiums. In the pay-as-you-go syst

This paper analyzes the dynamic behavioral properties of alternative rules for managing the exchange rate. The rules to be considered are divided into two principal groups: "indexation rules" and "generalized fixed exchange rate" rules. Under the system o

We examine the dynamics of a process of inflation rate reduction by way of a policy mix based on a flexible exchange rate and the control of money supply. The results are compared with the alternative policy which consists in prefixing the exchange rate d