Estudios de Economía  

Zhenzhen Zhu, Zhidong Bai, João Paulo Vieito, Wing-Keung Wong

We analyze the impact of the most recent global financial crisis (GFC) on the seven most important Latin American stock markets. Our mean-variance analysis shows that the markets are significantly less volatile and, in general, investors prefer to invest ... see more

Álvaro Forteza, Cecilia Noboa

We argue that societies sometimes choose not to enforce the law to gain “flexibility”. Especially developing countries face a dilemma between discretion and commitment to only partially-contingent rules. Rules are good for incentives, but discretion may b... see more

Ricardo Nogales, Pamela Córdova, Manuel Urquidi

In this paper we assess the relationship between labor policies and market outcomes in Bolivia, accounting for a large informal sector mostly comprised of self-employed entrepreneurs. We calibrate a job search and matching model to reproduce labor market ... see more

Muhammad Zubair Mumtaz, Zachary Alexander Smith

This study empirically examines the spillover effect from US monetary policy to nineteen European economies using Markov-switching models. The results of the univariate Markov-switching models validate the presence of two distinct regimes for both US mone... see more

Santiago Acerenza, Nestor Gandelman

In this paper we use micro-data from income and expenditure surveys for seven Latin American countries. We estimate Engel equations and present stylized facts regarding cultural spending. Culture activities are a key indicator of a society development and... see more