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Feb 2019
Author(s): Araki, Satoshi; Panizza, Ugo
This technical note reproduces all the tables and figures of the document “The Use of Corruption Indicators in Sovereign Ratings” (Panizza, 2017) using data updated to December 2017. Most results are…
Oct 2017
Author(s): Panizza, Ugo
This paper studies the relationship between sovereign ratings and corruption indicators. The paper first shows a strong correlation between ratings issued by the three main rating agencies (Standard…
Sep 2017
Author(s): Panizza, Ugo
The paper shows that international government borrowing from multilateraldevelopment banks is countercyclical while international government borrowing form private sector lenders is procyclical. The…
Aug 2016
Author(s): Cavallo, Eduardo A.; Eichengreen, Barry; Panizza, Ugo
A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using foreign finance for extended periods. While many of these episodes are in low-…
May 2016
Author(s): Caballero, Julián; Panizza, Ugo; Powell, Andrew
Recent work suggests non-financial firms have acted like financial intermediaries particularly in emerging economies. This paper corroborates these findings but then asks "why?" The results…
Sep 2014
Author(s): Agosin, Manuel R.; Fernández-Arias, Eduardo; Crespi, Gustavo; Maffioli, Alessandro; Rasteletti, Alejandro; Wagner, Rodrigo; Stein, Ernesto H.; Bassi, Marina; Rucci, Graciana; Urzúa, Sergio; Panizza, Ugo; de Olloqui, Fernando; Casaburi, Gabriel; Pietrobelli, Carlo; Blyde, Juan S.; Volpe Martincus, Christian; Cornick, Jorge; Trejos, Alberto
This synopsis reviews the analysis of market failures that lies behind the conceptual framework, a few highlights of its application in key areas such as innovation, and the institutional…
Mar 2007
Author(s): Manasse, Paolo; Panizza, Ugo; Dos Reis, Laura
This paper discusses whether a country should conduct fiscal policy by targeting a structural (or cyclically adjusted) fiscal balance. The paper is divided into three sections. The first section…
Mar 2007
Author(s): Panizza, Ugo; Jaimovich, Dany
There is a large literature showing that fiscal policy is either acyclical or countercyclical in industrial countries and procyclical in developing countries. Most of this literature is based on OLS…
Jan 2007
Author(s): Galindo, Arturo; Scartascini, Carlos; Payne, J. Mark; Daughters, Robert; Melo, Alberto; Echebarría, Koldo; Lora, Eduardo; Filc, Gabriel; Micco, Alejandro; Chong, Alberto E.; Panizza, Ugo; Benavides, Juan; Magaldi de Sousa, Mariana; Navarro, Juan Carlos; Márquez, Gustavo; Cortázar Velarde, Juan Carlos; Mesa-Lago, Carmelo; Harper, Leslie; Rodríguez-Clare, Andrés; Perusia, Juan Cruz
Latin America suffered a profound state crisis in the 1980s, which prompted not only the wave of macroeconomic and deregulation reforms known as the Washington Consensus, but also a wide variety of…
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): Panizza, Ugo; Yañez, Mónica
The objective of this paper is to use opinion polls to document Latin Americans' increasing discontent with reforms and to explore possible explanations for this trend. We test four possible…
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): Jaimovich, Dany; Panizza, Ugo; Campos, Camil F.S.
This paper shows that budget deficits account for a relatively small fraction of debt growth and that stock-flow reconciliation, which is often considered a residual entity, is one of the key…
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…
Jan 2005
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…
Nov 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…
Nov 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…
Nov 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…