This paper presents a design and simulation of a structural fiscal policy in Uruguay. The design includes the derivation of a metric for the structural balance that is most adequate for the country and the calculation of a structural fiscal target. This target is associated to a goal for the net...

After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy...

This paper examines the generation of financial crises in developing economies and shows that the microeconomic structure of the financial sector is a crucial factor in creating the conditions for a crisis. Structural problems of the financial system in developing countries, including implicit...