The search for the credibility of monetary policies during the recent decades this is materialized , among other things, changes in the laws that govern the activities of the Central Bank, supposed main guarantor of the proper conduct of monetary policy. These changes are aimed , essentially the...

Certain commodity producers face uncertain output and price, but can trade financial derivatives on price. I consider how best to use a put option on price. I introduce the variance surface, which is a data visualization technique that shows the level of variance across a grid of values for the...

George Orwell is famous for his two final fictions, Animal Farm and Nineteen Eighty-Four. These two works are sometimes understood to defend capitalism against socialism. But as Orwell was a committed socialist, this could not have been his intention. Orwell's criticisms were directed not...

This paper provides empirical evidence on the impact on the welfare of the most important social programs implemented in the last decade in Argentina: the Inclusion Pension Plan and the Universal Child Allowance (UCA), and discusses which of these redistributive instruments presents the highest...

However much we appreciate the enormous scientific contribution by Professor Ronald Inglehart, who initiated the international data collection of the World Values Survey, our re-analysis of the very World Values Survey data [“roll-outs” of the World Values Survey data...

Assessing and monitoring systemic risk is a challenge for policy makers and supervisors in all countries. It is particularly challenging in low-income countries (LICs), owing to a number of characteristics shared to a greater or lesser extent by most of them. This paper discusses these common...

Gældskrisens udbrud blev startsignalet til omfattende makroøkonomiske reformer i u-Iandene i 1980erne. De chok, som forårsagede krisen, udgjorde sammen med kraftigt voksende uligevægte i eksterne og interne samfundsøkonomiske balancer en virkningsfuld advarsel. Det blev klart, at de...

This document analyzes the changes that suffer the amounts demanded of a good, due to changes in its price. For this we use the decomposition in Income and Substitution effects posed by Slutsky and Hicks in their work concerning the analysis of the demand. In general, when the price of a good...

Udenlandsk låntagning er en integreret del af udvikJingsprocessen, og der var indtil i al fald begyndelsen af 1980erne udbredt enighed om det nyuige I at overføre udenlandske opsparingsoverskud til u-Iandene. Sådanne overførsler giver for det første mulighed for at øge investeringerne og...

This article analyzes the relationship between growth and income distribution in developing countries. Three important hypotheses are scrutinized: The U-hypothesis, the absolute income hypothesis and the hypothesis of conflict between growth and a more equal income distribution. After a review...