Listar Documentos de trabajo por autor "Levy Yeyati, Eduardo"

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    • Classifying exchange rate regimes: deeds vs. words 

      Levy Yeyati, Eduardo; Sturzenegger, Federico (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
      Most of the empirical literature on exchange rate regimes uses the IMF de jure classification based on the regime announced by the governments, despite the recognized inconsistencies between reported and actual policies ...

    • Concentration and foreign penetration in Latin American banking sectors: impact on competition and risk 

      Levy Yeyati, Eduardo (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      In recent years, Latin American banking sectors have experienced an accelerated process of concentration and foreign penetration that has prompted diverse views regarding its implications for the competitive behavior of ...

    • 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 ...

    • Financial globalization: unequal blessings 

      Torre, Augusto de la; Levy Yeyati, Eduardo; Schmukler, Sergio L. (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 ...

    • Finantial dollarization and debt deflation under a currency board 

      Levy Yeyati, Eduardo; Galiani, Sebastián; Schargrodsky, Ernesto Santiago (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      In the late currency board years, Argentina faced a real exchange rate adjustment through price deflation amidst growing devaluation expectations. Using a firm-level panel database to analyze the incidence of these factors ...

    • 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 ...

    • Living and dying with hard pegs: the rise and fall of Argentina's currency board 

      Levy Yeyati, Eduardo; Schmukler, Sergio; Torre, Augusto de la (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      The rise and fall of Argentina’s currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at ...

    • On the endogeneity of exchange rate regimes 

      Levy Yeyati, Eduardo; Sturzenegger, Federico; Regio, Iliana (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
      The literature has identified at least five approaches to the determinants of the choice of exchange rate regimes: i) optimal currency area theory; ii) exchange rate policy and the absortion of real and nominal shocks; ...

    • 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 ...

    • The cyclical nature of FDI flows 

      Levy Yeyati, Eduardo; Panizza, Ugo; Stein, Ernesto (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002-12-19)
      In this paper, we examine how the business and interest rate cycles in developed countries affects FDI to developing countries. After aggregating flows into three big source areas (the U.S., Europe and Japan), we find FDI ...

    • The FTAA 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), 2002)
      The role of regional integration agreements as a determinant of the location of FDI has become an increasingly relevant issue for emerging economies. While the concerns regarding the impact of RIAs on FDI for countries in ...

    • 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 ...