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Journal Article
Foreign and domestic bank participation in emerging markets: lessons from Mexico and Argentina
Dages, B. Gerard; Goldberg, Linda S.; Kinney, Daniel (2000-09)
It is generally agreed that strong domestic financial systems play an important role in attaining overall economic development and stabilization. The role played by foreign banks in achieving this goal, however, is still controversial. This article brings new evidence to the debate over foreign participation by examining the lending patterns of domestic and foreign banks in Argentina and Mexico during the 1990s. The authors conclude that foreign banks in both countries typically have stronger and less volatile loan growth than their domestic counterparts. The corollary to this finding, ...
Economic Policy Review , Issue Sep , Pages 17-36

Journal Article
Implications of the globalization of the banking sector: the Latin American experience
Peek, Joe; Rosengren, Eric S. (2000-09)
Foreign entry into domestic banking markets remains a contentious issue. Whether privatizing a state bank in Brazil or selling a failed bank in Japan, the proposed sale of a large domestic financial institution, possibly to a foreign acquirer, frequently results in a major controversy. Many Asian countries have yet to experience major foreign penetration of domestic banking markets, while Latin American countries have privatized many of their banks and have encouraged foreign banks to enter their domestic markets. ; Because many Latin American countries opened their markets during the 1990s, ...
New England Economic Review , Issue Sep , Pages 45-62

Discussion Paper
U.S. Exporters Could Face High Tariffs without NAFTA
Amiti, Mary; Freund, Caroline L. (2017-04-17)
An underappreciated benefit of the North American Free Trade Agreement (NAFTA) is the protection it offers U.S. exporters from extreme tariff uncertainty in Mexico. U.S. exporters have not only gained greater tariff preferences under NAFTA than Mexican exporters gained in the United States, they have also been exempt from potential tariff hikes facing other exporters. Mexico?s bound tariff rates?the maximum tariff rate a World Trade Organization (WTO) member can impose?are very high and far exceed U.S. bound rates. Without NAFTA, there is a risk that tariffs on U.S. exports to Mexico could ...
Liberty Street Economics , Paper 20170417

Report
Foreign investment fluctuations and emerging market stock returns: the case of Mexico
Berko, Elizabeth; Clark, John (1996)
We investigate the economically and statistically significant positive correlation between monthly foreign purchases of Mexican stocks and Mexican stock returns. We find that 1 percent of market capitalization surprise foreign inflow is associated with a 13 percent increase in Mexican stock prices. We explore whether this correlation might be explained by permanent reductions in conditional expected returns resulting from expansion of the investor base along the lines modeled by Merton (1987) or correlations with other factors causing returns, price pressures, or positive feedback strategies ...
Research Paper , Paper 9635

Report
On the determinants and resilience of bond flows to LDCs, 1990-1995: evidence from Argentina, Brazil and Mexico
Antzoulatos, Angelos A. (1997)
Bond flows to Less Developed Countries (LDCs) proved more resilient than expected to the rising U.S. interest rates during 1994, raising hopes that the current episode of private capital flows to LDCs may not end in a widespread crisis as its predecessors in the 1920s and 1970s did. This paper attributes the surprising resilience of the flows to the fact that global bond issuance was a significant determinant of them, independently of U.S. (and world) interest rates. Briefly, global issuance, which recovered quickly from the shock of the first interest-rate rise in February 1994, helped ...
Research Paper , Paper 9703

Report
Stabilization and financial sector reform in Mexico
Skiles, Marilyn E. (1991)
Research Paper , Paper 9125

Report
Foreign investment fluctuations and emerging market stock returns: the case of Mexico
Clark, John; Berko, Elizabeth (1997)
We investigate the economically and statistically significant positive correlation between monthly foreign purchases of Mexican stocks and Mexican stock returns. We find that a 1 percent of market capitalization surprise foreign inflow is associated with a 13 percent increase in Mexican stock prices. We explore whether this correlation might be explained by permanent reductions in conditional expected returns resulting from expansion of the investor base along the lines modeled by Merton (1987), or correlations with other factors causing returns, price pressures, or positive feedback ...
Staff Reports , Paper 24

Journal Article
Delayed financial disclosure: Mexico's recent experience
Runkle, David E.; Mukherji, Arijit; Braun, R. Anton (1996-10)
This article documents a delay in the public release of Mexican international reserve data in the months before Mexico's debt crisis at the end of 1994. The article establishes that in that year investors did not know the level of Mexican reserves before October; yet this lack of information did not seem to reduce investor confidence in the Mexican economy. The article does not establish whether the delay in releasing reserve data was due to logistical problems or to a government strategy. The possibility that the delay was strategic is evaluated by developing an economic model that captures ...
Quarterly Review , Volume 20 , Issue Fall , Pages 13-21

Working Paper
Mexico's integration into NAFTA markets: a view from sectoral real exchange rates
Blavy, Rodolphe; Juvenal, Luciana (2008)
Using a self-exciting threshold autoregressive model, we confirm the presence of nonlinearities in sectoral real exchange rate (SRER) dynamics across Mexico, Canada and the US in the pre-NAFTA and post-NAFTA periods. Measuring transaction costs using the estimated threshold bands, we find evidence that Mexico still faces higher transaction costs than their developed counterparts. Trade liberalization is associated with reduced transaction costs and lower relative price differentials among countries. Other determinants of transaction costs are distance and nominal exchange rate volatility. Our ...
Working Papers , Paper 2008-046

Discussion Paper
NAFTA and Mexican development
Stokey, Nancy L. (1996)
Using a calibrated growth model, the dynamic effects of NAFTA on Mexican development are studied. Two scenarios are analyzed. In the first, NAFTA is assumed to stimulate inflows of physical capital into Mexico. These inflows reduce the interest rate and raise the wage rates for both skilled and unskilled labor. The skilled wage rises more sharply, however, increasing the skill premium and rapidly accelerating the accumulation of human capital. In the second scenario, NAFTA is assumed to have the effect of fully integrating Mexico with the U.S. and Canada. Integration also reduces the interest ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 108

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