Financial crises in emerging economies are very different today than they were in the past. Between 1940 and the 1970s, such traumas involved large fiscal deficits, repressed domestic financial systems, and balance of payments situations that were associated with a sharp worsening of terms of...

The analysis of debt-equity swaps operated in Chile since 1985 shows or suggests that: 1) In a debt-led recession, the common belief that DFI net transfers are countercyclical tends to be wrong. 2) Roughly 70% of the discount of debt notes in internationa