With the increase in the price of oil there has been an important increase in the borrowing of non oil producing developing countries. This paper explores: a) whether the observed increased indebtedness of LDC's was in fact "excessive" or simply a perfect

We propose an alternative method of obtaining stylized facts on comovement, based on the cross-correlation function of the prewhitened time series, which only depends on the purely stochastic components of the series and the cross effects between them. This approach has the property of being...