Per capita output is more volatile in middle-income economies than in both low-income and high-income economies. We examine this pattern in a two-period overlapping generations model with two productive sectors (a developed sector and a subsistence sector) and a credit sector. In the early and...

In this paper we have built a model of financial intermediation that explains the GDP variability pattern of an economy during the development process. In our model, per capita is more volatile in the middle-income economies than in both low and high-income economies. We show that, if the model...

Is the degree of dollarization important to determine the pass-through between nominal exchange rate depreciation and inflation? The common view in the literature is that countries with higher dollarization exhibit higher pass-through coefficients. In our study we qualify this common view. Using...

The purpose of this paper is to explain the humped-shaped behavior of the growth rate. Within a dynamic general equilibrium framework, it is found that, in the early stages of development, the source of growth is the reallocation of resources from sectors low-productivity sectors to...

A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy...

Este estudio presenta el caso del Perú. El documento brinda una descripción de los actores principales involucrados en el proceso presupuestario y de sus interacciones. Describe los principales determinantes políticos y económicos del desempeño fiscal y considera el impacto de los arreglos...

This book presents a new framework for analyzing the political economy of budget processes in Latin America that is based on the following premises: i) the budget process must be considered as part of the overall policymaking process rather than in isolation; ii) budget outcomes cannot be fully...

El presente libro busca determinar los principales factores que explican el desempeño económico en el departamento de San Martín, Perú, y analizar las principales restricciones que están enfrentando para acelerar su crecimiento.

In this paper we have built a model of financial intermediation that explains the GDP variability pattern of an economy during the development process. In our model, per capita is more volatile in the middle-income economies than in both low and high-income economies. We show that, if the model...