Aug 2015
Author(s): Chacaltana, Juan; Díaz, Juan José; Rosas-Shady, David
El presente documento plantea que Perú requiere reformar su sistema actual de formación para el trabajo con la finalidad de mantener el crecimiento de su economía y, al mismo tiempo, continuar…
Nov 2006
Author(s): Panizza, Ugo; Levy Yeyati, Eduardo
Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based…
Jul 2006
Author(s): Bebczuk, Ricardo N.; Panizza, Ugo; Galindo, Arturo
Recent empirical and theoretical literature on the impact of real exchange rate devaluations on economic performance questions the traditional expansionary effect generated within standard Mundell-…
Mar 2006
Author(s): Panizza, Ugo; Borensztein, Eduardo; Eichengreen, Barry
Spreads on sovereign bonds are at an all-time low, at least since the current era of emerging economy bond markets began in the 1990s. This paper examines the current state of the international and…
Mar 2006
Author(s): Jaimovich, Dany; Panizza, Ugo
Commonly used datasets on the level of public debt provide incomplete country and period coverage. This paper presents a new dataset that includes complete series of central government debt for 89…
Mar 2006
Author(s): Borensztein, Eduardo; Panizza, Ugo
This paper uses a difference-in-difference methodology similar to the one originally proposed by Rajan and Zingales (1998) to test whether defaulting hurts the more export-oriented industries. Strong…
Dec 2004
Author(s): Kiguel, Miguel A.; Levy Yeyati, Eduardo; Galindo, Arturo; Panizza, Ugo; Miller, Margaret; Rojas-Suárez, Liliana; Bebczuk, Ricardo N.; López-de-Silanes, Florencio; Bernal, Olver; Auerbach, Paula; Chong, Alberto E.; Mandalaoui, Carolina; Izquierdo, Alejandro; Kamil, Herman; Demaestri, Edgardo C.; Loboguerrero, Ana María; Cowan, Kevin; Rodríguez-Clare, Andrés; Fergusson, Leopoldo; Micco, Alejandro; Powell, Andrew; Suárez, Gustavo; Lora, Eduardo; Stein, Ernesto H.; Studart, Rogerio
Credit supplied by the banking sector is the most important funding source for firms and households in Latin America and the Caribbean. Unfortunately, credit is scarce, costly and volatile. Without…
Dec 2004
Author(s): Kiguel, Miguel A.; Levy Yeyati, Eduardo; Galindo, Arturo; Panizza, Ugo; Miller, Margaret; Rojas-Suárez, Liliana; Bebczuk, Ricardo N.; López-de-Silanes, Florencio; Bernal, Olver; Auerbach, Paula; Chong, Alberto E.; Mandalaoui, Carolina; Izquierdo, Alejandro; Kamil, Herman; Demaestri, Edgardo C.; Loboguerrero, Ana María; Cowan, Kevin; Rodríguez-Clare, Andrés; Fergusson, Leopoldo; Micco, Alejandro; Powell, Andrew; Suárez, Gustavo; Lora, Eduardo; Stein, Ernesto H.; Studart, Rogerio
El crédito suministrado por el sector bancario es la fuente de financiamiento más importante para las firmas y los hogares en América Latina y el Caribe. Desafortunadamente, el crédito es escaso,…
Oct 2004
Author(s): Micco, Alejandro; Panizza, Ugo
This paper examines whether bank ownership (public versus private, domestic versus foreign) is correlated with bank lending behavior over the business cycle. The paper finds that state-owned banks…
Oct 2004
Author(s): Levy Yeyati, Eduardo; Micco, Alejandro; Panizza, Ugo
This paper surveys the theoretical and empirical literature on the role of state-owned banks and also presents some new results and a robustness analysis. The paper shows that state-owned banks…
Oct 2004
Author(s): Micco, Alejandro; Panizza, Ugo; Yañez, Mónica
This paper builds a new dataset on bank ownership and bank performance covering approximately 50,000 observations for 119 countries over the 1995-2002 period. The paper then uses the dataset to…
Jul 2004
Author(s): Díaz Alvarado, Carlos; Izquierdo, Alejandro; Panizza, Ugo
This paper surveys the recent literature on fiscal sustainability, with particular emphasis on emerging market countries. It discusses the main elements that differentiate emerging market countries…
Dec 2003
Author(s): Lora, Eduardo; Pagés, Carmen; Panizza, Ugo; Stein, Ernesto H.
The Research Department of the IDB (RES) performs innovative, comparative research on the development issues of greatest concern to the region today. It generates a wide variety of products based on…