The purpose of this paper is to review the phenomenon has been called Dutch disease in the light of Austrian business cycle theory. To this end we will see the history of Austrian business cycle theory from its roots in Wicksell ([1898] 2000) to the extension of the theory in open economies with...

This paper examines the long run dynamics of Mexico’s money demand using Johansen’s cointegration approach with different specifications. The empirical evidence indicates that real balances, real income and the interest rate are cointegrated in all subperiods. The findings suggest that...

The paper is based on the multiple purpose household survey to estimate a variable of average population income that expands, to local terms (at state level), the descriptive analysis of the financial deepening between 1980-2006. The Credit / GDP ratio was used on the assumption that the...

Annotated remarks made at the 50th Anniversary Conference “Fortalecimiento institucional de los bancos centrales y efectividad de la política monetaria”, of the Central Bank of Nicaragua, February 2010. The paper lays out the importance of institutional strenthening (governance) as an...

This paper analyzes the costs and benefits for an emerging economy to formally adopt dollarization. The magnitude of the costs and benefits involved in this process will not be the same for all countries and depend on the particular characteristics of each economy as well as its relationship...

The presence of seasonal fluctuations (regular behavior along the year related to weather or institutional factors) invalidates monthly (quarterly) comparisons. In turn, since inter-annual variations depend on the comparison basis being used, they could provide very little information to the...

With the aim of quantifying the effect of the decrease in interest rates on consumer loans (both credit cards and personal loans, in local currency to the non-financial private sector) in Argentina between March and December 2020, monthly error correction models are estimated, and counterfactual...

Autonomy is not a new issue in the history of Banco de México. This paper presents how the concept of central bank autonomy has evolved through three main stages. In the first stage, known as statutory autonomy (1925-1938), autonomy was formalized through rules which established ceilings to the...

Este artículo estudia el mecanismo de transmisión de la política monetaria a través de los salarios reales y la oferta de trabajo. El trade-off inflación producto depende de la calificación de los trabajadores y de la elasticidad de la oferta de trabajo al salario real. Se plantea un...