Now showing items 21-40 of 368

    • Toolkit for the analysis of debt problems 

      Sturzenegger, Federico (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 ...
    • Banking on foreigners: the behaviour of International Bank Lending to Latin America, 1985-2000 

      Powell, Andrew; Martínez Peria, María Soledad; Vladkova, Ivanna (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 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 ...
    • 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 ...
    • The effect of product market competition on capital structure: empirical evidence from the newspaper industry 

      Schargrodsky, Ernesto Santiago (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 ...
    • Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome? 

      Powell, Andrew; Sturzenegger, Federico (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
      In Europe, twelve countries have joined a currency union but four have stayed out. The EU enlargement process implies a large set of potential EMU entrants. In Latin America, two countries have recently dollarized and ...
    • Defaults in the 90's: Factbook and preliminary lessons 

      Sturzenegger, Federico (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)
      Since the Tequila crisis in 1994, and particularly after the succession of crises in Asia and the default episode in Russia, questions related to international sovereign bond restructuring have been increasingly at the ...
    • The Argentina crisis: bad luck, bad management, bad politics, bad advice 

      Powell, Andrew (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 ...
    • 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; ...
    • Why have poverty and income inequality increased so much? Argentina 1991-2002 

      González-Rozada, Martín; Menéndez, Alicia (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 ...
    • 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 ...
    • Inference and estimation in small sample dynamic panel data models 

      Galiani, Sebastián; González-Rozada, Martín (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002-12-27)
      We study the finite sample properties of the most important methods of estimation of dynamic panel data models in a special class of small samples: a two-sided small sample (i.e., a sample in which the time dimension is ...
    • Libertad y bienes de bienestar: reflexiones sobre liberalismos en conflicto 

      Lomasky, Loren (Universidad Torcuato Di Tella. Escuela de Derecho, 2003)
      Entre los numerosos productos morales que los órdenes políticos pueden producir y proteger, el liberalismo clásico le asigna primacía a la libertad, entendida como ausencia de interferencia. Hacia la segunda mitad del siglo ...
    • Waldron y el juego de la coordinación jurídica 

      Gaus, Gerald F. (Universidad Torcuato Di Tella. Escuela de Derecho, 2003)
      Jeremy Waldron nos dice que “la profunda necesidad, entre los miembros de cierto grupo, de contar con un marco de referencia, una decisión o un curso de acción comunes sobre alguna cuestión, aun ante el desacuerdo sobre ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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)
    • Un año de medición del índice de Demanda Laboral: situación actual y perspectivas 

      Lamdany, Victoria; Monteverde, Luciana (Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)
      El índice de demanda laboral es elaborado por la Universidad Torcuato Di Tella desde agosto de 2002. La motivación para la elaboración del índice fue la falta de un indicador mensual que reflejara la situación del ...