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Author:Quispe-Agnoli, Myriam 

Journal Article
Argentina: the end of convertibility
AUTHORS: Quispe-Agnoli, Myriam; Kay, Stephen J.
DATE: 2002-01

Journal Article
Dollarization: will the quick fix pay off in the long run?
AUTHORS: Quispe-Agnoli, Myriam
DATE: 2001-01

Journal Article
A mixed blessing: oil and Latin American economies
AUTHORS: Quispe-Agnoli, Myriam; Kay, Stephen J.
DATE: 2002-07

Working Paper
The wage impact of undocumented workers
Using administrative, individual-level, longitudinal data from the state of Georgia, this paper finds that a documented worker employed by a firm that hires undocumented workers can expect to earn 0.15 percent less than if employed by a firm that does not hire undocumented workers. However, in sectors where there are opportunities for task specialization and benefits from communication skills, documented workers can expect to earn a wage premium of less than 1 percent from being employed at a firm that also hires undocumented workers.
AUTHORS: Hotchkiss, Julie L.; Quispe-Agnoli, Myriam; Rios-Avila, Fernando
DATE: 2012

Working Paper
Stabilization programs and policy credibility: Peru in the 1990s
This paper uses a rational expectations macroeconomic model in which economic agents formulate the probability about the sustainability of the economic policy?that is, policy credibility?using current and lagged values of government expenditures and lagged values of the inflation rate. The estimation of the model is based on Hamilton?s switching regime procedure. The contribution of this paper is the empirical estimation of the credibility of the stabilization program implemented in Peru in August 1990. The results of the estimation show that there are two different regimes in the government expenditure process. According to the economic agents? inferences, the stabilization program in Peru is not credible. This lack of credibility in the economic policy of the government authority explains the presence of hysteresis in currency substitution between August 1990 and June 1995. The estimation involves an expected inflation rate that includes the credibility of the economic policy in its formulation.
AUTHORS: Quispe-Agnoli, Myriam
DATE: 2003

Journal Article
Official dollarization and the banking system in Ecuador and El Salvador
In January 2000 Ecuador adopted the U.S. dollar as legal tender, and El Salvador followed suit in 2001. The two countries officially dollarized under quite different circumstances: Ecuador was suffering an economic and banking crisis, while El Salvador enjoyed economic stability and low inflation rates. This article studies the evolution of the banking system in these two countries before and after official, or full, dollarization. ; In Ecuador the reforms that ensued from full dollarization have improved transparency and banking performance and competitiveness, but the implementation and enforcement of regulations remain weak, and accounting standards still deviate from international norms. In El Salvador, whose banking regulations are comparable to international standards, full dollarization has improved bank performance despite economic deceleration, increasing the banking system?s competitiveness in Central America. ; Overall, full dollarization has enabled both Ecuador and El Salvador to modernize and improve banking regulations and the safety and soundness of the banking system, the authors conclude. They find that official dollarization, along with other macroeconomic and financial structure factors, has played a significant role in improving bank liquidity and asset quality. Bank profitability has responded to variables that are bank specific. ; It is still too early, the authors note, to predict whether dollarization?s benefits will be sustainable over the long term.
AUTHORS: Quispe-Agnoli, Myriam; Whisler, Elena
DATE: 2006-07

Journal Article
Monetary policy alternatives for Latin America
During the 1990s, many Latin American countries began to address their problems with recession, inflation, and unemployment through dramatic economic reforms and monetary policy strategies that included exchange rate pegs, monetary aggregate targeting, or inflation targeting. Inflation targeting, in particular, had begun to lower inflation rates and to stabilize or increase real economic growth in countries such as New Zealand, Canada, and the United Kingdom. But has inflation targeting proved as successful for Latin American economies? ; This article describes the recent history of monetary policy in Latin America, focusing on the strategies implemented by Argentina, Panama, Ecuador, El Salvador, Mexico, Peru, Chile, Colombia, and Brazil. For the most part their policies were successful: the inflation rate was lower in the 1990s than during the previous decade while average real economic growth more than doubled. But financial crises in recent years have highlighted the region's continuing vulnerability to international capital market volatility and other external and domestic shocks. ; The author believes that the Latin American experience suggests some lessons about various policies' relative costs and benefits and the importance of the underlying economic and political environment in determining the ultimate success of alternative monetary policy regimes. She concludes that fiscal discipline, policy credibility, and the role of the exchange rate are critical factors that must be addressed to ensure the sustainability of economic policy.
AUTHORS: Quispe-Agnoli, Myriam
DATE: 2001-07

Journal Article
Reform fatigue: symptoms, reasons, and implications
Following a period of ambitious promarket reforms, Latin American policymakers and the public at large have entered a period of ?reform fatigue.? Initial enthusiasm for policies such as liberalized markets and a level field for investors has given way more recently to the view that ambitious promarket reforms are to blame for the region?s economic crises. The process of reform has stalled in some countries, and a few have suffered serious setbacks. ; To help explore the future of reform, this article aims to document and explain the symptoms of fatigue among the public, policymakers, and opinion leaders. The authors explore the economic, social, political, and psychological reasons for the fatigue. They review numerous studies that have identified various explanatory factors, including reforms? modest economic outcomes, the failure of reforms to improve social conditions, a leftward shift of public opinion and political coalitions, and perception biases among citizens. ; The authors find that economic reasons are the primary explanation for the increasing rejection of reforms. Disillusionment with reforms, despite reforms? overall benefits, seems to stem from people?s inability to isolate short-term macroeconomic situations from reforms? permanent effects. ; While political reasons cannot account for reform fatigue, the authors believe that politics will play a decisive role in the future of reform. They conclude that, especially in countries where promarket reforms are well advanced, eventual economic recoveries will result in further institutional and social policy reforms.
AUTHORS: Quispe-Agnoli, Myriam; Panizza, Ugo; Lora, Eduardo
DATE: 2004-04

Journal Article
The effect of immigration on output mix, capital, and productivity
The growing influx of immigrants into the United States has prompted concerns about potential negative effects on native workers, especially the less skilled. Such concerns have not been borne out by many studies of the effect of immigration on wages. However, the typical theoretical negative effect of immigration flows on wages may be offset by changes in other aspects of the economy, including output mix, productivity, and capital. ; This article examines the relationship between immigration and three factors-output mix, labor productivity, and capital-in the skilled and unskilled sectors in the U.S. manufacturing sector at the state level. The authors develop a simple two-sector model of the effect of immigration on these three factors. The authors then test the model's predictions using data from the 1982 and 1992 Census of Manufactures and other sources. ; The results indicate that immigration-induced changes in labor supply caused labor productivity in both the low- and high-skilled sectors to increase more slowly in states that attracted a larger share of immigrants during the 1980s than in other states. This slower growth may result from the gradual assimilation process many immigrants undergo as they acquire language skills and familiarity with U.S. institutions, the authors believe, and they call for further study of immigration's longer-term effects on productivity.
AUTHORS: Quispe-Agnoli, Myriam; Zavodny, Madeline
DATE: 2002-01

Journal Article
New financing trends in Latin America : an overview of selected issues and policy challenges
This article summarizes a 2007 conference that explored the nature and implications of major transformations in Latin American financial markets, such as the shift from cross-border to domestic financing and the development of domestic bond markets.
AUTHORS: Quispe-Agnoli, Myriam; Tovar, Camilo E.
DATE: 2008

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