Economic policy usually faces a number of risks and uncertainties, as a byproduct of the changing nature of signals, the economic structure, the interaction of aggregate variables, the mutations in the behavior of economic agents and their reaction to policy decisions. It is generally...

Economic policy usually faces a number of risks and uncertainties, as a byproduct of the changing nature of signals, the economic structure, the interaction of aggregate variables, the mutations in the behavior of economic agents and their reaction to policy decisions. It is generally...

Devoting an increasing amount of resources to the investment process tends to be a common recommendation to promote a sustained economic growth. Curiously enough, according to growth neoclassical theory, the factor that determines growth in the long-term is technological progress rather than...

Although the international crisis was initially seen as an event limited to a particular segment of the financial systems of central economies, it rapidly escalated and became global through different transmission channels, raising doubts over the hypothesis of the so-called decoupling. Latin...

This paper examines the relationship between stock market development and economic growth in case of Argentina's economy. I apply Granger causality and exogeneity tests based on VEC (vector error correction) models with monthly data covering the period 1993:1-2010:8. The results show that the...

This paper analyzes the response of the soybean sown area of Argentina to changes in price incentives and other variables which are relevant for agricultural production. To this effect, VEC models are estimated for some of the main producing provinces and for the country’s total in the period...

A traditional way of thinking about the exchange rate (XR) regime and capital account openness has been framed in terms of the "impossible trinity" or "trilemma", in which policymakers can only have 2 of 3 possible outcomes: open capital markets, monetary independence and pegged XRs. This paper...

The level of bankarization (access to and use of banking services) is relatively low in Argentina both in historical terms and compared with similarly developed countries. This is shown by indicators both of access to and use of banking services. This paper analyzes a unique database containing...

Until the eruption of the 2007-2008 international crisis, the decade was characterized by a high growth of credit –especially credit lines for consumption– and of GDP in a large part of the developed and developing worlds. By the end of the period, the process coincided with increasing...

This paper develops a dynamic stochastic general equilibrium(DSGE) model for a small open economy (SOE) that can be calibrated to simulate the macro dynamics of a semi-industrialized developing country like Argentina. We consider a multilateral non-commodity trade environment, with the U.S.A....