Working on a sample of OECD countries spanning the period 1970-2003, this paper contributes to the literature on the Feldstein-Horioka puzzle by making three main innovations: First, it goes beyond the traditional national-level investment-saving equations to estimate, for the first time,...

This paper delves into the importance of access to financing for the performance of firms in export markets. Based on a unique microeconomic database that combines data on Argentine firms´ characteristics and export performance with information on their domestic and external financing, we...

Economist usually think and work taking into account the temporal dimension of economic and financial processes. Time plays a key role in the economic decision making process and is a fundamental input for statistical models useful to analyze and predict social behavior. Thus time invades our...

The volatile movements in commodity prices during the last years have raised new questions to be discussed in both policy and academic spheres. Up to the financial slump of the second quarter of 2008 commodity prices grew fast for several consecutive years in a highly volatile context. The...

This paper presents and evaluates the hypothesis that emerging countries specialized in commodity production are prone to experience non orthogonal commercial and financial shocks. Specifically, we investigate a set of global macroeconomic variables that, in principle, could simultaneously...

The purpose of this paper is to assess whether the banking system, over and beyond its credit function, has a significant impact on per capita GDP by providing means of payment. An annual database of 85 countries spanning the 1980-2008 period is exploited to this end. On the descriptive front,...

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...

The use of macroeconomic forecasting models is a common practice in central banks for monetary policy design, for the analysis of the current economic developments and for medium and long term forecasts. Among those models, the small-scale macroeconomic models stand out. Though relatively...

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...

The main purpose of this paper is to study the problem created by the lack of information about the credit history of some debtors in the databases used to develop credit scoring models and the use of information about behavior compiled by a credit risk register as a potential solution to the...