Large holdings of foreign assets and liabilities, along with increasing relevance of valuation effects—capital gains or losses—have characterized global financial integration. In this paper, we assess empirically the implications of stocks, flows and valuation adjustments in external crises...

This paper provides a critical analysis of Kaminsky and Reinhart (1999) (KR), perhaps the most prominent empirical paper on causes of currency crises. After dealing with problems present in this paper, it proposes an aggregate leading indicator of crisis. The proposed indicator performs better...

We provide novel evidence of the impact of coresidence bias on a large set of indicators of intergenerational mobility in education. We begin re-examining a recent claim that the correlation coefficient is less biased than the regression coefficient. Then, we expand our analysis to show that...

The Capital Markets reform of 2001 in Chile (MK I) established a tax exemption for income from capital gains from the sale of stocks with high trading volume. the goals of the reform were to increase participation, size, and liquidity in the local stock market. However, it is not clear how a tax...

This article describes qregsel, a Stata module to implement a copula-based sample selection correction for quantile regression recently proposed by Arellano and Bonhomme (2017, Econometrica 85(1): 1-28). The command allows the user to model selection in quantile regressions using either a...