Este trabajo analiza el efecto de los trastornos en las condiciones de intercambio sobre una economía productiva; donde el capital es importado y el producto físico se ajusta lentamente a dichos cambios. El análisis muestra que, cuando el capital es importado y el deterioro en los términos de...

The study of bank interest rate spreads is central to our understanding of the process of financial intermediation. Data limitations generally restrict empirical analyses to interest rate spreads that are constructed from bank income statements and balance sheets. In this paper we make use of a...

The study of bank interest rate spreads is central to our understanding of the process of financial intermediation. Data limitations generally restrict empirical analyses to interest rate spreads that are constructed from bank income statements and balance sheets. In this paper we make use of a...

This essay examines the first 50 years of the National Mortgage Bank of Chile (Caja de Crédito Hipotecario) following its creation in 1855. During the second half of the nineteenth century the Mortgage Bank’s credit operations spurred the rapid expansion of irrigation in Chile’s Central...

The literature on safety nets has become technically more precise by drawing on advances in contract theory and optimal governance structure. This paper begins with a treatment of some aspects of the theory. The author's approach draws more on institutional economics, and more precisely on the...