We present estimators for nonparametric functions that depend on unobservable random variables in nonadditive ways. The distributions of the unobservable random terms are assumed to be unknown. We show how properties that may be implied by economic theory, such as monotonicity, homogeneity of...

This paper studies the role played by several financial and economic indicators in determining the process of bank failure in Argentina after the Mexican crisis known as the “tequila effect”. Due to the relative scarcity of previous studies, this paper priorizes the use of semiparametric and...

Loan rates in Argentina are high. The objective of this work is to test if market power is one of the causes of these levels of interest rates and to measure its effects. For that purpose we work with data of the period 1994-1999. The tests indicate that there is market power in the peso...

In this paper I present a model where a financial intermediary decides to open new security markets and offer them to boundedly rational investors. I show first that, if consumers have downward biased priors about payoffs, then no trade in the new securities may be verified. It is shown that no...