Which are the main frictions and the driving forces of business cycle dynamics in an open economy? To answer this question we extend the standard new Keynesian model in three dimensions: we incorporate financing frictions for capital, employment frictions for labor and extend the model into a...

Este artículo analiza la participación de las empresas en la Cooperación Sur-Sur (CSS) de Brasil y Chile, que se ubican entre los países latinoamericanos que ejecutaron un mayor número de proyectos de CSS en 2011. Se argumenta que los intereses económicos atraen al sector privado hacia...

We present new data documenting European capital issues in major financial centers from 1919 to 1932. Push factors (conditions in international capital markets) perform better than pull factors (conditions in the borrowing countries) in explaining the surge and reversal in capital flows. In...

This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...

This article analyzes the participation of companies in the South-South Cooperation (SSC) of Brazil and Chile during the last decade. It proposes that economic interests attract the private sector into SSC -no exclusion being made of solidarity reasons- and that such interests are in line with...

For several decades, the international community has aspired to integrate the social, economic and environmental dimensions of sustainability. Yet, no country has achieved the patterns of consumption and production that could sustain global prosperity in the coming decades. Thus, with the...

We analyze, in this paper, the optimality of pro-cyclical monetary policy in the presence of informal sector. Our findings suggest that monetary tightening only in case of severe shock with high leverage ratio and that conventional monetary policy favors both the formal and informal sectors...

An article about the impact of digital currency into the global economy processes. The author analyzes working principle of cryptocurrency and electronic commerce, as well as expected economic and scientific implications of integration cryptocurrency into economy of Russian Federation.

Too many African state-owned enterprises (SOEs), particularly those in infrastructure sectors, have a long history of poor performance. African governments and donors labored through the 1970s and 1980s to improve SOE performance through “commercialization”——i.e., methods short of...

This paper examines the Saving-Investment (S-I) relationship and the extent of capital mobility in India during the period 1970-2010. We find that S-I are cointegrated, but the error correction model exhibits structural instability on the onset of balance of payment crisis in the 1990s and...