The existence of a stable money demand function is critical when designing and implementing monetary policy. This is even more relevant in the current context of Argentina where the central bank establishes targets for monetary aggregates. In turn, it is also important that such function takes...

Using frequency domain techniques to separate short and long run dynamics and decomposing inflation into its common and idiosyncratic components, we study the regime dependence of the inflation-RPV relation in Argentina and the USA. Under High inflation, strong long-run comovement between RPV...

The main object of this paper is to develop a credit scoring methodology for Argentine bank commercial obligors based on information available in the Public Credit Registry of the Central Bank of Argentina (Central de Deudores) as a reference tool to assess credit risk in local banks. Previous...

The presence of seasonal fluctuations (regular behavior along the year related to weather or institutional factors) invalidates monthly (quarterly) comparisons. In turn, since inter-annual variations depend on the comparison basis being used, they could provide very little information to the...

A usual policy recommendation to promote sustained economic growth it to dedicate increasing resources to the investment process (i.e. high investment rates). In contrast, a well known result of neoclassical growth theory is that the only determinant of long run growth is technological progress,...

Up to the financial slump of the second quarter of 2008 commodity prices grew fast for several consecutive years in a highly volatile context. Recent commodity fluctuations have raised both policy concerns and a prolific academic debate. This paper offers a coherent theoretical and empirical...

Inflation forecasting plays a central role in monetary policy formulation. At the same time, recent international empirical evidence suggests that with the decline in inflation of recent years, the joint dynamics of this variable and its potential predictors has changed and inflation has become...

This paper analyzes the relationship between the quality of the commercial credit portfolio and diversification in the financial entities of Argentina during the period 1998-2006. To this effect, a database of the financial sector (banking and non-banking) is used, which allows to consider three...

This paper analyzes the advantages and disadvantages of corporate self-financing from de perspective of corporative finance in order to evaluate its macroeconomic consequences. Specifically, a corporate self-financing coefficient is calculated for a group of 15 countries of OECD during the...

This paper shows that a puzzling yet strong correlation exists between imports and exports. Cross-section and time-series analysis for the broadest possible country sample (159 countries over 1960-2006) attests to the robustness of this finding, even though causality is not explored in depth....