Se ha señalado en numerosos debates recientes que el proceso de crecimiento y estabilización macroeconómica iniciado en Argentina a comienzos de los años noventa, vino acompañado por una insuficiencia del ahorro doméstico para financiar el fuerte crecimiento de las inversiones. La...

(Disponible en idioma inglés únicamente) América Latina es inestable de dos a tres veces más que las economías industrializadas. Es más inestable que cualquier región distinta de África y el Medio Oriente. El acceso de América Latina a los mercados financieros internacionales es...

(Disponible en idioma inglés únicamente) Desarrollamos un modelo en el que la elasticidad del crédito a las sacudidas exógenas depende de la regulación de los derechos de los acreedores. Mostramos que un aumento de la protección a los acreedores reduce la elasticidad de la oferta de...

(For PDF English version go to: WP-470) The future of structural reforms in Latin America is under discussion. The purpose of this document is to synthesize the facts and opinions that underlie this debate. The first section shows that although the reform process has not ground to a halt, it has...

This paper explores the impact of political economy factors on exchange rate policy in Latin America. It studies the determinants of the choice of exchange rate regime in Latin America, placing special emphasis on political, institutional and interest group explanations. The presumption is that...

Three alternative specifications of an investment equation have been tested using panel data of Uruguayan firms: a traditional accelerator model of investment, an error-correction version of the accelerator model and an Euler equation for the capital stock. These models of investment were used...

(Available only in Spanish) This work attempts to answer the question: How has trade and financial liberalization affected inequality and poverty in Latin America? To do this, we use a methodology to estimate the effect of economic liberalization on inequality and poverty, and apply it to a...

(Available only in Spanish) In the last decade the direction of macroeconomic policies made an extraordinary about-face in Latin America, but labor legislation is virtually unchanged. The central purpose of this work is to show the size of this lag and to indicate that most countries require...

Recent economic developments highlight Latin America`s vulnerability to economic and financial turmoil that is triggered by events in distant corners of the globe. The Asian financial crisis that began in 1997 and the more recent Russian crisis have left the region profoundly shaken, and living...

We first review the existing theories on the implications of the various regulations that protect creditors. We then empirically investigate the cost and benefits of the strict protection of creditors` rights. Building on the sample of 49 countries developed by La Porta et al. (1998), we study...