How does law change society? In the rational actor model, law affects behavior only by changing incentives and information-the command and coordination function of law. Under the view that humans are social animals, law is also a guidepost for social norms that regulate behavior-the expressive...

This paper derives risk indicators for the major Chilean banks based on contingent claims analysis, an extension of Black-Scholes-Merton option-pricing theory. These risk indicators are clearly tied to macroeconomic and financial developments in Chile and outside, but bank responses are highly...

We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of...