Browsing Documentos de trabajo by Issue Date

Now showing items 21-29 of 29

    • Liquidity protection versus Moral Hazard: the role of the IMF 

      Powell, Andrew; Arozamena, Leandro (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      This paper develops a simple game between the IMF a county and a set of atomistic private investors. The model is motivated by the case of Argentina. Under reasonable assumptions, the one shot game has no Nash equilibrium ...

    • A new test for the success of inflation targeting 

      Powell, Andrew; Cohen Sabbán, Verónica; González-Rozada, Martín (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      We propose a new test, derived from a set of variance decompositions of a structural VAR, for the success of inflation targeting. In contrast to standard sacrifice ratios this test considers changes in the structure of ...

    • Business cycle and macroeconomic policy coordination in MERCOSUR 

      González-Rozada, Martín; Fanelli, José (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      The paper analyzes cyclical comovements in the Mercosur area differentiating idiosyncratic from common shocks. In the Mercosur (or any region for that matter) shocks can be country-specific, affecting only one country or ...

    • Regional integration and the location of FDI 

      Levy Yeyati, Eduardo; Daude, Christian; Stein, Ernesto (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? 

      Sturzenegger, Federico; Guidotti, Pablo; Villar, Agustín (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 ...

    • The price of incorvertible deposits: the stock market boom during the Argentine crisis 

      Levy Yeyati, Eduardo; Horen, Neeltje van; Schmukler, Sergio (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 ...

    • Por qué crecen menos los regímenes de tipo de cambio fijo? El efecto de los Sudden Stops 

      Stuzenegger, Federico (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)

    • Endogenous deposit dollarization 

      Levy Yeyati, Eduardo; Broda, Cristian (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003-02)
      This paper explores sources of deposit dollarization unrelated to standard moral hazard arguments. We develop a model in which banks choose the optimal currency composition of their liabilities. We argue that the equal ...

    • Flexible exchange rates as shock absorbers 

      Edwards, Sebastián; Levy Yeyati, Eduardo (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 ...