El presente trabajo se enmarca en un APT (Ross, 1976a) de la vertiente de Variables Macroeconómicas, que tiene la ventaja (en comparación con Análisis Factorial) de permitir la interpretación económica de los factores y los premios por riesgo factoriales. Similar a Burmeister y McElroy...

Macroeconomic volatility is the outcome of countries’ exposure to shocks (the magnitude and frequency of shocks that hit their economies) and their vulnerability (the ability to respond to these shocks). This paper conjectures that countries with higher degrees of trade and financial...

Strong swings in business cycle conditions in industrial and emerging market economies (EMEs) alike have renewed the debate on effectiveness of stabilization policies. Traditionally it has been argued that EMEs are unable to pursue counter-cyclical monetary and fiscal policies due to financial...

We provide cross-country empirical evidence on the link between measures of institutional development and of poverty over the period 1960-1990. We find that the more efficient the institutions, the lower the degree, severity, and incidence of poverty. We provide both ordinary least squares and...

This article analyzes the behavior of current account deficits in Africa. The findings are that deficits are (i) not very persistent; (ii) positively linked with domestic growth; (iii) strongly linked with public (and private) savings, suggesting that fiscal consolidation in IMF-supported...

This paper analyzes the behavior of current account deficits in Africa and estimates whether the deficits are excessive with respect to fundamentals. The findings are the deficits are (i) not very persistent; (ii) positively linked with domestic growth; (iii) strongly linked with public (and...

We provide evidence on the link between infrastructure development and the distribution of income for the period 1960-97. We use roads, railways, telecommunications, and energy measures. The approach is comprehensive as individual measures and composite indices are used. Cross-country and panel...