Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...

This paper offers an alternative explanation for t he fall of Argentina's Convertibility Program based on the country's vulnerability to Sudden Stops in capital flows. Sudden Stops are typically accompanied by a substantial increase in the real exchange rate that wreaks havoc in countries that...

Este documento analiza la importancia de la integración financiera en Centro América, enfatizando los efectos de la actual crisis internacional sobre los sistemas financieros de la subregión. Después de presentar evidencia sobre la integración financiera en Centro América y la compara con...

People and their jobs: What could be more basic to a person's well being? Where people work determines how they live, how their families live, and how economies perform. The quantity and quality of jobs available has implications for individuals and countries alike. That is why the problems with...

The 2007 Report on Economic and Social Progress in Latin America analyzes the nature and evolution of sovereign debt in Latin America and discusses the policies that can be followed by countries and international financial institutions (IFIs) to reduce the vulnerabilities associated with it....

"La era de la productividad" describe de qué manera la baja productividad de América Latina y el Caribe impide que la región se ponga a la par de los países del mundo desarrollado. Los autores indagan más allá de las explicaciones macroeconómicas tradicionales y profundizan hasta llegar...

El presente informe tiene por objeto proporcionar a las autoridades ecuatorianas, en forma conjunta e integral, los diagnósticos y las recomendaciones de política del Banco Mundial y del Banco Interamericano de Desarrollo en las áreas de gestión fiscal y del gasto público. En este segundo...

Credit supplied by the banking sector is the most important funding source for firms and households in Latin America and the Caribbean. Unfortunately, credit is scarce, costly and volatile. Without deep and stable credit markets, the region will be hard pressed to achieve high and sustainable...

This paper surveys the recent literature on fiscal sustainability, with particular emphasis on emerging market countries. It discusses the main elements that differentiate emerging market countries from industrial countries and then discusses how probabilistic models can help to evaluate fiscal...

Specific information on trade and financial markets across international borders is costly to acquire. Sellers and buyers rely instead on information obtained from partner behavior in other countries. Three channels are identified through which information is disseminated in import and equity...