The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...

This paper analyses several severe financial crises observed in the history of capitalism which led to a longer period of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980s and the Japanese crisis of the 1990s and 2000s are...

En la última década la orientación de las políticas microeconómicas dio un giro extraordinario en América Latina, pero la legislación laboral prácticamente no cambió. El propósito central de este trabajo es mostrar la magnitud de este atraso y señalar que en la mayoría de países se...

This paper estimates the macroeconomic effects of structural reforms in Latin America and the Caribbean (LAC) using the dataset constructed by Alesina and others (2020). We find that large changes in the reform index have positive effects on GDP and employment that reach 2 percent after 5 years....