Recent empirical and theoretical literature on the impact of real exchange rate devaluations on economic performance questions the traditional expansionary effect generated within standard Mundell-Fleming models. Contractionary devaluations may arise when firms face maturity or currency...

In the 1990s Argentina implemented an ambitious structural reform program that brought about profound changes in the economy. The monetary and exchange rate regimes and the banking sector were no exception. In fact, during that decade the country displayed a unique combination of...

El propósito de este trabajo es diseñar un modelo macroeconómico para Guatemala, a los efectos de utilizarlo en las tareas de análisis llevadas a cabo por el Banco Interamericano de Desarrollo (BID). Con este objetivo en mente, el modelo reúne las cualidades de i) consistencia, ii) valor...

El propósito de este trabajo es diseñar un modelo macroeconómico para Costa Rica a los efectos de utilizarlo en las tareas de análisis llevadas a cabo por el Banco Interamericano de Desarrollo (BID). Con este objetivo en mente, el modelo reúne las cualidades de i) consistencia, ii) valor...

The goal of this paper is twofold. First, we assemble, for the first time, quantitative measures of the quality of the corporate governance and the ownership structure of 65 non-financial listed companies in Argentina with information for 2003-2004. A wide array of official and private sources...

(Disponible en idioma inglés únicamente) Este trabajo tiene dos objetivos. En primer lugar reunimos, por primera vez, mediciones cuantitativas de la calidad de la gestión de la conducción empresarial y la estructura propietaria de 65 compañías no financieras inscritas en bolsa en...

This paper analyzes mortgage loan demand in Argentina using a new survey administered in the Buenos Aires Metropolitan Area. It is found that recurring macro volatility and violation of financial property rights have increased demand for real estate as an investment, which in turn raises house...

The goal of this paper is to study the link between bank credit (and internal funding) and average firm size in Argentina. Besides the fact that economic growth tends to go hand in hand with larger firm size, the topic is of particular interest because of the severe credit crunch in Argentina in...

This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using a largely unexploited panel of 77 countries with data for 26 manufacturing industries for the years 1963 to 2003. A significant relationship is found between financial...

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...