A high share of foreign currency denomination of domestic public debt in rules out any recourse to inflation tax as an effective adjustment device. Anti- inflation policies based upon hard peg regimes may remove the exchange rate risk in the short run but - as pointed out by Argentina’s...

The idea that innovation leads to positive economic performance has become a sort of truism in recent years. However, empirical evidence showing that innovating organizations and countries outperform non-innovating ones remains scant and scattered. In many ways, the jury is still out. First of...

A paradox seems to emerge about the extraordinary Chilean growth performance during the last two decades. Indeed, the export-led growth model was based on the export of natural resource based products characterized by low-income elasticity of demand while the productive structure was suffering a...