Browsing Escuela de Negocios by Issue Date
Now showing items 1-20 of 156
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A massive experiment on choice blindness in political decisions : confidence, confabulation, and unconscious detection of self-deception
(207-02-14)We implemented a Choice Blindness Paradigm containing political statements in Argentina to reveal the existence of categorical ranges of introspective reports, identified by confidence and agreement levels, separating ... -
Reforming capital requirements in emerging countries
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)This paper then attempts to show how a PCR, in this case from Argentina, can help to set capital and provisioning rules. In order to so this, we employ an econometric credit scoring model on the PCR data - an ordered probit ... -
Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
(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 ... -
On the endogeneity of exchange rate regimes
(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; ... -
Defaults in the 90's: Factbook and preliminary lessons
(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 FTAA and the location of FDI
(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 ... -
Capital inflows and capital outflows: measurement, determinants, consequences
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2002)This paper develops new estimates of capital outflows and is the first, to our knowledge, to analyze the determinants, consequences and inter-relationship between inflows and outflows. Given the dynamics and individual ... -
Classifying exchange rate regimes: deeds vs. words
(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 ... -
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 ... -
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 ... -
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 ... -
The cyclical nature of FDI flows
(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
(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 ... -
Concentration and foreign penetration in Latin American banking sectors: impact on competition and risk
(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 ... -
Living and dying with hard pegs: the rise and fall of Argentina's currency board
(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 ... -
Finantial dollarization and debt deflation under a currency board
(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 ... -
Default's in the 1990's: what have we learned?
(Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF), 2003)The principal focus of this chapter is on sovereign defaults on external debt in the 1990s and the lessons that have been learned. The rest of the chapter is organized as follows. Section II explains the meaning of debt ...