Artículo de revista

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative perspective: Argentina (2001-2005), the Dominican Republic (2004-2005), Ecuador (1999-2000), Pakistan (1998-2001), the Russian Federation (1998-2001), Serbia (2000-2004), Ukraine...

Sovereign debt restructurings do constitute a recurrent phenomenon in emerging and developing economies. Consequently, the international community has repeatedly explored options to increase the predictability and orderliness of debt workouts, of which the debate on the Sovereign Debt...

Artículo de revista

Incluye bibliografía ; The role that domestic and international financial conditions have in shaping developing countries’ governments’ debt structure is structurally estimated using data on individual bond issuance. The structural model, which uses financial and demographic conditions to...

This paper analyzes the determinants of the volatility of different types of capital inflows to emerging countries. After calculating a variable that proxies capital flows volatility, we study its possible causality relations with a set of explanatory variables by type of flow through a panel...

This paper explores the role of international reserves as a stabilizer of international capital flows during periods of global financial stress. In contrast with previous contributions, aimed at explaining net capital flows, we focus on the behavior of gross capital flows. We analyze an...

Este trabajo analiza el comportamiento conjunto de los flujos de capital internacionales, en la frecuencia del ciclo de negocios y durante crisis financieras, por parte de residentes y no residentes. El trabajo muestra que, en relación a los flujos de capital netos, los flujos de capital brutos...

Este trabajo presenta un conjunto de regularidades empíricas sobre los mecanismos a través de los que los problemas bancarios y el riesgo soberano se transmiten y retroalimentan, usando una amplia muestra de economías emergentes a lo largo de tres décadas. Para ello, se definen crisis...

This paper looks at whether the tendency of some governments to borrow short term is reinforced by fi nancial support from the International Monetary Fund. I fi rst present a model of sovereign debt issuance at various maturities featuring endogenous liquidity crises and maturity mismatches due...