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Using a unique dataset with information on the currency composition of firms'' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms'' foreign currency borrowing decisions and the associated currency mismatches in their balance...
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The current episode (2007-09) may well be the first time since Latin America gained its independence in the early 1800s that a major economic contraction and financial calamity in the industrialized world has not caused a wave of currency, sovereign debt or banking crises in the region. What...
Persistent link: https://www.econbiz.de/10008514911
The lesson from abundant history is that, despite decades of constructive innovations in international loan and bond contracts involving sovereign financial obligations, lawyers, bankers, analysts and investors are best advised to operate under no illusions: Sovereigns are indeed sovereign. To...
Persistent link: https://www.econbiz.de/10008619150
Brazil is a country with long-standing ambitions for a major role in the world economy and in global governance, but its footprint in various measures of both remains relatively modest. On current trends, the gap between ambition and achievement will likely remain large, so we provide a critique...
Persistent link: https://www.econbiz.de/10011257894
In this paper we use micro-data from income and expenditure surveys for seven Latin American countries. We estimate Engel equations and present stylized facts regarding cultural spending. Culture activities are a key indicator of a society development and therefore cultural spending decisions...
Persistent link: https://www.econbiz.de/10014485981
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In this paper we use micro-data from income and expenditure surveys for seven Latin American countries. We estimate Engel equations and present stylized facts regarding cultural spending. Culture activities are a key indicator of a society development and therefore cultural spending decisions...
Persistent link: https://www.econbiz.de/10012869739
This paper follows two strategies to address whether the rich save more. First, the paper implements a two-stage procedure in which the household's lifetime income is instrumented with the education level of the household head and the education level of his/her partner. Second, using information...
Persistent link: https://www.econbiz.de/10013023202