Due to the perception of an implicit public guarantee, Banks too-big-to-fail may charge lower loan rates for the same risk in comparison to other groups of banks. However, empirically identifying such effect is challenging because size has many other advantages to banks besides the implicit...

This paper builds a model of trade in final goods that differ in skill-intensity and intermediate tasks that differ in tradability. A skill -abundant country whose final goods productivity is high relative to the rest of the world is shown to import (more unskilled tasks than skilled tasks,...

I construct a database on currency mismatch in the private banking sector that offers several advantages over existing data sources. The data are broken down by currency and, therefore, are better suited for calculating currency mismatches than the data based on the residence principle that are...

This paper addresses the positive implications of indexing risky debt to observable aggregate conditions. These issues are pursued within the context of the celebrated financial accelerator model of Bernanke, Gertler and Gilchrist (1999). The principle conclusions include: (1) the estimated...

Esta investigación tiene como propósito investigar la respuesta de la economía colombiana frente a un choque a los términos de intercambio y una caída en la demanda de exportaciones. Asimismo, se está interesado en dilucidar el papel que desempeña la autoridad monetaria en presencia de...

La presente investigación tiene como objetivo revisar la literatura reciente, teórica y empírica, que estudia los efectos del desarrollo financiero sobre el crecimiento económico y su volatilidad. Con este estudio se pretende profundizar en el análisis de los posibles canales de...

Hyperinflations are short-lived episodes of economic instability in prices which characteristically last twenty months or less. Classical statistical techniques applied to these small samples could lead to an incorrect inference problem. This paper describes a Bayesian approach for modeling...