This paper provides evidence on the effect of fiscal stimulus on economic activity in countries with different degrees of institutional quality. The identification strategy makes use of data on military expenditure to instrument government consumption using local lineal projections as presented...

This book is devoted to the analysis of the three main financial crises that have marked this century: 2001 Argentina’s defaulting on its external debt, the American subprime crisis in 2008, and the current European debt crisis in Europe. The book pursues three major objectives: firstly, to...