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Speech
Globalization and the Latin perspective (with reference to Las Meninas)
Remarks at the Central Bank of Argentina, Buenos Aires, April 19, 2006 ; "My business contacts talk and act as if the globalization now under way will bring another decade of intense competition. This hothouse will enable--perhaps even force--businesses to keep productivity growth in the range we have enjoyed since the mid-1990s--hopefully, for many years to come. If labor productivity growth can stay near 3 percent, monetary policy can accommodate relatively faster growth without igniting inflation."
Journal Article
Tough decisions for Argentina
Working Paper
Argentina's experience with parallel exchange markets: 1981-1990
This paper surveys the development and operation of the parallel exchange market in Argentina during the 1980s, and evaluates its impact upon macroeconomic performance and policy. The historical evolution of Argentina's exchange market policies is reviewed in order to understand the government's motives for imposing exchange controls. The parallel exchange market engendered by these controls is then analyzed, and econometric methods are used to evaluate the behavior of the parallel exchange rate and its impact upon the balance of payments. ; The main conclusion of the paper is that exchange ...
Journal Article
Learning from Argentina's crisis
Journal Article
Dollarization in Argentina
Journal Article
External Shocks versus Domestic Policies in Emerging Markets
Debt crises in emerging markets have been linked to large fiscal deficits, high inflation rates, and large devaluations. This article studies a sovereign default model with domestic fiscal and monetary policies to understand Argentina's experience during the 2000s commodity boom (2005–2017), following the default of 2001. The model suggests that domestic policies played a critical role in Argentina's poor economic performance. Despite exceptionally favorable terms of trade, a rise in government spending led to higher taxation, inflation and currency depreciation, and lower output. Economic ...
Conference Paper
Economic reorganization as a prerequisite to growth
Working Paper
Interpreting the Pari Passu Clause in Sovereign Bond Contracts: It's All Hebrew (and Aramaic) to Me
In this comment, we take a helicopter tour of the history of notions of ?equality? and ?justice? in sovereign debt restructuring in particular, and in the division of property more generally, and show that these concerns have existed for centuries, if not millennia. We argue that the issue at stake in the interpretation of the pari passu clause is not so much the treatment of holders of identical claims?it is now customary to treat them identically?but whether the holders of different claims should be treated differently. We show that exists a customary ?principle of differentiation? that ...
Working Paper
Politics, economics and investment: explaining plant and equipment spending by U.S. direct investors in Argentina, Brazil, and Mexico
Few economists or laymen would deny that political events can have an important, sometimes even overwhelming, impact on economic decisions in general, and investment decisions in particular. The first goal of this paper was to integrate a number of political and non-traditional economic variables into the standard theory of investment based on the maximization of the expected value of the firm. The second goal was to test this generalized investment theory on a particularly fertile field for gauging the interaction of political and economic factors: the plant and equipment spending of foreign ...