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...

The profit-maximizing and oligopoly bank model developed by Bresnahan and Lau allows determining the degree of market power held by an average bank. The equilibrium price equation includes a mark up, which is not used in the case of perfect competition but which is partially used in the case of...

Financial constraints affect firms’ financial and productive decisions generating substantial macroeconomic implications in terms of investment, economic growth, inflation and income distribution. Despite its relevance, financial constraints are not directly observable. However, empirically...

This paper analyzes the determinants of the interest rate of short-term unsecured loan inter-bank market (call) in Argentina. The results show that the heterogeneous nature of the entities, in terms of size and origin of ownership, impacts on the interest rate agreed. Other additional aspects,...

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...

We estimate a “Hybrid New-Keynesian Phillips Curve” for Argentina between 1993 and 2007. We extend the model to a small open economy, considering separately the influence of nominal devaluation and foreign inflation on domestic prices. For the whole sample, we find that forward and...

We study the evolution of inflation persistence in Argentina between 1980 and 2007, a period in which significant changes in mean inflation can be detected by simple observation. We adopt both a timeseries univariate and a frequency-domain approach. Following the former perspective breaks in the...

The uncertainty around monetary policy decision-making requires central banks to make extensive use of macroeconomic models both to analyze the current economic situation and to forecast the evolution of the main economic variables. The Small Economic Model (SEM) for Argentina describes in a...

This paper analyzes the evolution and differential scope of restrictions to financing for the companies surveyed by the Large Companies Survey (ENGE) of the National Institute of Statistics and Census (INDEC) during the period 1995-2003. The main purpose of this study is to differentiate results...

Monetary policymaking requires an adequate appraisal of price dynamics and reliable forecasts for short and medium term inflation. Since the relevant inflation for monetary policy purpose may not be adequately measured by conventional consumer price indexes, there is a need for core inflation...