There are several theories about the causes of inflation but none of them is capable of explaining the phenomenon in all cases. We started with an overview of the main theories. In the particular case of Venezuela, it seems that the inflationary phenomenon responds to structural factors rather...

In this paper, we introduced the pretopological approach to characterize and rank endogenous variables from a Social Accounting Matrix (SAM). Pretopological spaces are mathematical structures that enable the possibility to establish a ranking among elements of a set, once we lay down the binary...

Which structural macroeconomic shocks have typified rising house prices? What ultimate factors have compromised financial stability and risk? These questions are answered for the Venezuelan economy by estimating a FAVAR model with macroeconomic, banking and asset price variables. We find that...

How have external shocks affected the LA region? To what extent such shocks relate to US domestic conditions? Has the region engaged in procyclical or countercyclical monetary and fiscal policy in response to external shocks? In this paper we address these questions through an empirical exercise...

The objective of this paper is to empirically test the deleveraging of the Venezuelan financial system at the event of two contractive shocks, a monetary and an oil shock, and to characterize the types of risks that arise in each case. Although these shocks have similar effects on interest rates...