A transactions model of the demand for multiple media of exchange is developed. Some results are expected, and others are both new and surprising. There are both extensive and intensive margins to currency substitution, and inflation may affect the two margins differently, leading to subtle...

Using a gravity model, this article presents an analysis of aggregate trade flows aimed at identifying China's impact on Latin America's trade. The results obtained indicate that: i) China's growth in the last years implied a growing supply of exports to this market from most countries in the...

The mutual funds' returns, inter alia, are dependent on fund managers' performance. This makes human capital efficiency very central for consistent risk-adjusted performance. The persistence in performance becomes more critical during periods of high turbulence, like the one we are experiencing...