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Financial globalization: unequal blessings
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
This paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of value), asset and factor ...
Banking on foreigners: the behaviour of International Bank Lending to Latin America, 1985-2000
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
Rising international bank financing to developing countries has motivated a debate on the behavior of these claims. We analyze claims from seven home (lender) countries on ten host (borrower) countries in Latin America. ...
The Argentina crisis: bad luck, bad management, bad politics, bad advice
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
In my view the crisis was avoidable and one can even point to key events and decisions at particular moments of time. If some combination of these events had turned out different, it is likely that crisis would have been ...
Regional integration and the location of FDI
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
How will the creation of the FTAA affect FDI from the rest of the world to the region? What are the implications of FTAA for a country such as Mexico whose preferential access to the US may be diluted? Would the effect be ...
Aftermaths of current account crisis: export growth or import contraction?
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
This paper defines current account crises as current account adjustments that occur in the aftermath of a sizable reduction in capital flows. We study the characteristics of such current account adjustments, particularly ...
Flexible exchange rates as shock absorbers
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003-07)
In this paper we analyze empirically the effect of terms of trade shocks on economic performance under alternative exchange rate regimes. We are particularly interested in investigating whether terms of trade disturbances ...
Why have poverty and income inequality increased so much? Argentina 1991-2002
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002-09)
This paper analyzes the sources of changes in poverty and income inequality among Argentine households during the 1991-2001 period. We assess the effect of changes in labor market participation, unemployment, education ...
Toolkit for the analysis of debt problems
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
The idea of this chapter is to provide a number of tools that may allow an independent observer to assess the likelihood of default, to provide the clues for an evaluation of likely restructuring scenarios and to be able ...
The effect of product market competition on capital structure: empirical evidence from the newspaper industry
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
This paper analyzes whether the extent of product market competition that a firm faces affects its capital structure. We study the effect of competition on leverage for firms acting in the US newspaper industry. Potential ...
The price of incorvertible deposits: the stock market boom during the Argentine crisis
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a “boom” in the stock market. We argue that this boom reflects the cost that depositors were willing to incur ...