This paper argues that current account statistics may provide a poor indication for the real evolution of a country's net foreign assets. This may be due to a series of factors including the mismeasurement of FDI, unreported trade of insurance or liquidity services and debt relief. Because of...

In this paper, we introduce the first comprehensive database on sovereign debt systematically compiled to ensure comparability, for all countries in the Americas, and use this new data to highlight the main stylized facts regarding sovereign debt for developing America in the last two decades....

This paper studies the effect of inflation on the operation of financial markets, and shows how the ability of financial intermediaries to distinguish among heterogenous firms is reduced as inflation rises. This point is illustrated by presenting a simple model where inflation affects firms`...

This paper estimates bond-by-bond haircuts realized investor losses in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values of...

Se ha señalado en numerosos debates recientes que el proceso de crecimiento y estabilización macroeconómica iniciado en Argentina a comienzos de los años noventa, vino acompañado por una insuficiencia del ahorro doméstico para financiar el fuerte crecimiento de las inversiones. La...