Este artículo ofrece evidencia empírica de la importancia que tienen las instituciones en determinar el resultado de las crisis sobre el crecimiento a largo plazo. Una vez que se explican los efectos no observados específicos del país y otras fuentes de endogeneidad, las instituciones...

This paper provides empirical evidence for the importance of institutions in determining the outcome of crises on long-term growth. Once unobserved country-specific effects and other sources of endogeneity are accounted for, political institutions affect growth through their interaction with...

If rating agencies add no new information to markets, their actions are not a public policy concern. But as rating changes may be anticipated, testing whether ratings add value is not straightforward. This paper argues that ratings and spreads are both noisy signals of fundamentals and suggest...