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Nov 2009
Author(s): Catão, Luis; Pagés, Carmen; Rosales, María Fernanda
This paper examines a much overlooked link between credit markets and formalization: since access to bank credit typically requires compliance with tax and employment legislation, firms are more…
Apr 2009
Author(s): Catão, Luis; Cavallo, Eduardo A.; Fernández-Arias, Eduardo; Galindo, Arturo; Ottonello, Pablo; Pérez, Diego; Rebucci, Alessandro
This report focuses on the region's macroeconomic performance in the context of an unusually sharp and rapid deterioration in external conditions. To assess policy options, the report develops…
Jun 2008
Author(s): Kapur, Sandeep; Catão, Luis; Fostel, Ana
The authors of this paper show how vicious circles in countries' credit histories arise in a model where output persistence is coupled with asymmetric information about output shocks. In such an…
Apr 2008
Author(s): Izquierdo, Alejandro; Talvi, Ernesto; Catão, Luis; Cavallo, Eduardo A.; Powell, Andrew
Latin America is growing fast and fundamentals look healthier. Are these achievements here to stay? Strong commodity prices may not last forever and a US recession could have major repercussions in…