(Disponible en idioma inglés únicamente) ¿Ha mejorado la apertura financiera la eficiencia con la que se distribuyen los fondos de inversión a los usuarios que compiten por ellos? En este trabajo estudiamos esta cuestión empleando datos de panel al nivel de empresa correspondientes a 12...

Has financial liberalization improved the efficiency with which investment funds are allocated to competing uses? In this paper, we address this question using firm-level panel data from 12 developing countries. We develop a summary index of the efficiency of investment allocation that measures...

This paper summarizes and discusses new evidence on the nature, extent, evolution and consequences of financing constraints in Latin America; this evidence is drawn from a recent series of papers. The countries covered are Argentina, Colombia, Costa Rica, Ecuador, Mexico, and Uruguay. All the new...

This paper summarizes and discusses new evidence on the nature, extent, evolution and consequences of financing constraints in Latin America; this evidence is drawn from a recent series of papers. The countries covered are Argentina, Colombia, Costa Rica, Ecuador, Mexico, and Uruguay. All the new...

(Disponible en idioma inglés únicamente) En este trabajo se resumen y analizan los nuevos elementos de juicio sobre la naturaleza, alcance, evolución y consecuencias de las limitaciones financieras en América Latina; esos elementos se entresacan de una serie de trabajos recientes. Los países...

We develop a model in which the elasticity of credit to exogenous shocks depends on creditor rights regulations. We show that an increase in creditor protection reduces the elasticity of credit supply to exogenous shocks, and hence the amplitude of the credit cycle. Using an extended set of a...

(Disponible en idioma inglés únicamente) Desarrollamos un modelo en el que la elasticidad del crédito a las sacudidas exógenas depende de la regulación de los derechos de los acreedores. Mostramos que un aumento de la protección a los acreedores reduce la elasticidad de la oferta de...

We suggest that foreign banks may represent a trade-off for their developing country hosts. A portfolio model is developed to show that a more diversified international bank may be one of lower, overall risk and less susceptible to funding shocks but may react more to shocks that affect expected...

This paperuses a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available. It tests whether real exchange rate fluctuations have a significant impact on employment, and analyze whether the impact...

This paper tests the efficiency of different structures of bank ownership in terms of its ability to target manufacturing sectors in need of credit. We find that state- owned banks do not play a significant role in the development of industries that rely more on external finance and/or that have...