Este documento analiza la racionalidad de mantener reservas internacionales, las cuales se usan como un tipo de seguro ante problemas de financiamiento externo y para intervenir en el tipo de cambio. Aquí se argumenta que no es posible separar ambos objetivos. Esto explica por qué el empleo de...

The welfare effects of mitigating the costs of inflation are examined. In a model where money reduces transactions costs, a fall in inflation costs is equivalent to financial innovation. This can be caused by paying interest on deposits, indexing money, or "dollarizing." Results indicate that...

This paper compares the experience of growth performance and macroeconomic adjustment between East Asia and Latin America from 1970 to 2000. We find that the difference in growth performance between two regions can largely be attributed to the differences in fundamental growth factors such as...