CIF Working Paper Series

• Working Papers CIF Year 2016

  Working Paper 02/16
  Output Value Risk for Commodity Producers: the Uncertain Benefits of Diversification
  Nicolás Merener (Universidad Torcuato Di Tella)
  María Eugenia Steglich (Universidad Torcuato Di Tella)
  
  Working Paper 01/16
  Settling Sovereign Debt's "Trial of the Century"
  Juan José Cruces (Universidad Torcuato Di Tella)
  Tim Samples (University of Georgia)
  
  

• Working Papers CIF Year 2015

  Working Paper 03/15
  Sovereign Defaults: has the current system resulted in lasting (re)solutions?
  Rodrigo Mariscal (International Monetary Fund)
  Andrew Powell  (Inter-American Development Bank)
  Guido Sandleris (Universidad Torcuato Di Tella)  
  Pilar Tavella ( Harvard University)
  
  Working Paper 02/15
  The Costs of Sovereign Defaults: Theory and Empirical Evidence (updated)
  Guido Sandleris (Universidad Torcuato Di Tella)
  
  

  Working Paper 01/15
  Varieties of capital Flows: What do we know
  Eduardo Levy Yeyati (Universidad Torcuato Di Tella y Universidad de Buenos Aires)

  Jimena Zúñiga (Universidad Torcuato Di Tella)

  
  
  

• Working papers CIF Year 2013

  Working Paper 02/13

  GDP-Indexed Bonds: A Tool to Reduce Macroeconomic Risk?

  Guido Sandleris (Universidad Torcuato Di Tella)    

  Mark L.J Wright  (Federal Bank of Chicago - University of California, Los Angeles, and National Bureau of Economic Research)    

    

  Working Paper 01/13

  Fondo Latinoamericano de Reservas: diagnóstico y recomendaciones 

  Eduardo Levy Yeyati (Universidad Torcuato Di Tella y Universidad de Buenos Aires)        

• Working Papers CIF year 2012

  Working Paper 04/12
  Cosas que aprendimos de las crisis
  Eduardo Levy Yeyati (Universidad Torcuato Di Tella y Universidad de Buenos Aires) 
  
  Working Paper 03/12 
  Grading Latin American Presidents: A View from the Stock Markets
  Juan José Cruces (Universidad Torcuato Di Tella) and Javier García-Cicco (Universidad Católica Argentina and Central Bank of Chile)
   
  Working Paper 02/12
  The Costs of Sovereign Defaults: Theory and Empirical Evidence
  Guido Sandleris (Universidad Torcuato Di Tella)    
  
  Working Paper 01/12
  Globally Distributed Production and Asset Pricing: the Rise of Latin America in CME Soybean Futures 
  Nicolas Merener (Universidad Torcuato di Tella)      
  

• Working Papers CIF year 2011

  Working Paper 05/2011
  Desaceleración o recesión global: los márgenes de la política económica
  José Luis Machinea (Universidad Torcuato Di Tella)
  Working Paper 04/2011
  The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
  Guido Sandleris (Universidad Torcuato Di Tella) and Mark L. J. Wright (University of California, Los Angeles, and National Bureau of Economic Research)
  Working Paper 03/2011
  Risk Appetite and Emerging Market Spreads
  Martín González-Rozada (Universidad Torcuato Di Tella) and Eduardo Levy-Yeyati (Universidad Torcuato Di Tella and Brookings Institution)
  Working Paper 02/2011
  Exchange Rate Regimes
  Eduardo Levy-Yeyati (Universidad Torcuato Di Tella and Brookings Institution)
  Working Paper 01/2011
  Financial globalization in emerging economies: Much ado about nothing?
  Eduardo Levy Yeyati (Universidad Torcuato Di Tella and Brookings Institution) and Tomas Williams (Universidad Torcuato Di Tella)   
  

  
  

• Working Papers CIF year 2010

  Working Paper 06/2010
  Global Financial Safety Nets: Where Do We Go from Here?

  Eduardo Fernández Arias (Inter-American Development Bank) and Eduardo Levy Yeyati (UTDT, CIPPEC and Brookings Institution)

  Working Paper 05/2010
  Efficient Monte Carlo for Discrete Variance Contracts Nicolás Merener (UTDT) and Leonardo Vicchi (UTDT and UNSAM)

  Working Paper 04/2010
  Understanding Productivity During the Argentine Crisis

  Pablo Andrés Neumeyer (UTDT) and Guido Sandleris (UTDT)

  Working Paper 03/2010
  International Government Debt

  Ugo Panizza (UNCTAD and the Graduate Institute, Geneva), Federico Sturzenegger (UTDT and Banco Ciudad) and Jeromin Zettelmeyer (IMF and EBRD)

  Working Paper 02/2010
  US Rates and Emerging Markets Spreads

  Eduardo Levy Yeyati (UTDT and Barclays Capital) and Tomás Williams (UTDT)

  Working Paper 01/2010
  Sovereign Defaults, Domestic Credit Market Institutions and Credit to the Private Sector

  Guido Sandleris (Universidad Torcuato Di Tella)

• Working Papers CIF year 2009

   

  Working Paper 03/2009
  (The Effect of) Monetary and Exchange Rate Policies (on Development)
  Eduardo Levy Yeyati (UTDT) y Federico Sturzenegger (UTDT)

   

  Working Paper 02/2009
  Swap Rate Variance Swaps
  Nicolás Merener (UTDT)

    

  Working Paper 01/2009
  Indexed Sovereign Debt: An Applied Framework (Revised Version 2011)
  Guido Sandleris (UTDT and Johns Hopkins University), Horacio Sapriza(Rutgers Business School) y Filippo Taddei (Collegio Carlo Alberto)

   

• Working Papers CIF year 2008

  Working Paper 04/2008
  Sovereign Defaults: Information, Investment and Credit

  Guido Sandleris (UTDT and Johns Hopkins University)

   

  Working Paper 03/2008
  The Economic Impact of Smoke-Free Laws on the Sales of Bars and Restaurants in Argentina

  Martín González-Rozada (UTDT), Mirta Molinari (Health Ministry) yMario Virgolini (Health Ministry)

   

  Working Paper 02/2008
  Sovereign Borrowing by Developing Countries: What Determines Market Access?

  R. Gaston Gelos (IMF), Ratna Sahay (IMF) y Guido Sandleris (UTDT and Johns Hopkins University)

   

  Working Paper 01/2008
  Is it Punishment? Sovereign Defaults and the Decline in Trade

  Jose Vicente Martinez (SIFR) y Guido Sandleris (UTDT and JohnsHopkins University)

• Working Papers CIF year 2007

  Working Paper 03/2007
  Zooming In: From Aggregate Volatility to Income Distribution
  César Calderón (The World Bank) y Eduardo Levy Yeyati (UTDT and The World Bank)

  Working Paper 02/2007
  Fear of Appreciation
  Eduardo Levy Yeyati (UTDT and The World Bank) y Federico Sturzenegger ( Harvard University and UTDT)

  Working Paper 01/2007
  A Balance-Sheet Approach to Fiscal Sustainability
  Eduardo Levy Yeyati (UTDT and The World Bank) y Federico Sturzenegger (Harvard University and UTDT) 

• Working Papers CIF year 2006

  Working Paper 12/2006
  "Optimal Debt? On the Insurance Value of International Debt Flows to Developing Countries"
  Eduardo Levy Yeyati (Universidad Torcuato Di Tella and IDB)

  Working Paper 11/2006
  "The Elusive Costs of Sovereign Defaults"
  Eduardo Levy Yeyati (Universidad Torcuato Di Tella and IDB) and Ugo Panizza (IDB)

  Working Paper 10/2006
  “The Cost of Reserves" 
  Eduardo Levy Yeyati (UTDT)

  Working Paper 09/2006
  "Sovereign Debt In The Americas: New Data and Stylized Facts"
  Kevin Cowan (Central Bank of Chile), Eduardo Levy Yeyati(Universidad Torcuato Di Tella and IDB), Ugo Panizza (IDB) and Federico Sturzenegger (Harvard University and Universidad Torcuato Di Tella)

  Working Paper 08/2006
  “Liquidity Insurance in a Financially Dollarized Economy”
  Eduardo Levy Yeyati (UTDT and IDB)

  Working Paper 07/2006
  “Exchange Rate Regimes in the 2000s: A Latin American Perspective”
  Eduardo Levy Yeyati (UTDT and IDB)

  Working Paper 06/2006
  “Global imbalances or bad accounting? The missing dark matter in the wealth of nations”
  Ricardo Hausmann (Harvard University) y Federico Sturzenegger(Harvard University and UTDT)

  Working Paper 05/2006
  “The Impact of Privatization on the Earnings of Restructured Workers”
  Sebastián Galiani (UDESA) y Federico Sturzenegger (Harvard University and UTDT)

  Working Paper 04/2006
  “Has the Legal Threat to Sovereign Debt Restructuring Become Real?”
  Federico Sturzenegger (Harvard University and UTDT) y Jeromin Zettelmeyer (IMF)

  Documento de trabjo 03/2006
  “A One World Currency? A Factor-OCA Approach to the Analysis of Monetary Integration”
  Andrew Powell (UTDT) y Federico Sturzenegger (Harvard University and UTDT)

  Working Paper 02/2006
  “Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998–2005”
  Federico Sturzenegger (Harvard University and UTDT) y Jeromin Zettelmeyer (IMF)

  Working Paper 01/2006
  "International Financial Integration through the Law of One Price"
  Eduardo Levy Yeyati (UTDT and IADB), Sergio L. Schmukler (World Bank) y Neeltje Van Horen (World Bank)

• Working Papers CIF year 2005

  Working Paper 07/2005 
  "Global Factors and Emerging Market Spreads "
  Martín González Rozada (UTDT) y  Eduardo Levy Yeyati (UTDT and IADB)

  Working Paper 06/2005
  "Property Rights for the Poor: Effects of Land Titling"
  Sebastian Galiani (UdeSA) y Ernesto Schargrodsky (UTDT)

  Working Paper 05/2005 
  " Financial De-Dollarization: Is It for Real? " 
  Alain Ize (IMF) y  Eduardo Levy Yeyati (UTDT and IADB)

  Working Paper 04/2005
  "Managing Systemic Liquidity Risk in Financially Dollarized Economies"
  Alain Ize (IMF), Miguel A. Kiguel (UTDT) y Eduardo Levy Yeyati(UTDT and IADB)

  Working Paper 03/2005 
  "Financial Dollarisation: Evaluating The Consequences"
  Eduardo Levy Yeyati (UTDT)

  Working Paper 02/2005 
  "A (New) Country Insurance Facility"
  Eduardo Levy Yeyati (UTDT) y Tito Cordella (IMF)

  Working Paper 01/2005 
  "Buying Less, But Shopping More: Changes In Consumption Patterns During A Crisis"
  Ernesto Schargrodsky (UTDT) y David McKenzie(Stanford University)

• Working Papers CIF year 2004

  Working Paper 11/2004
  "Dollars, Debt and the IFIs: Dedollarizing Multilateral Lending"
  Eduardo Levy Yeyati (UTDT)
  
  Working Paper 10/2004
  "Country Insurance"
  Tito Cordella (IMF) y Eduardo Levy Yeyati (UTDT)
  
  Working Paper 09/2004
  "Recurrent Debt Problems and International Safety Nets"
  Eduardo Levy Yeyati (UTDT)
  
  Working Paper 08/2004
  "Loyal Lenders or Fickle Financiers: Foreign Banks in Latin America"
  Arturo Galindo (IDB), Alejandro Micco (IDB) y Andrew Powell(UTDT)

  Working Paper 07/2004
  "Reforming Capital Requirements in Emerging Countries: Calibrating Basel II using historical Argentine Credit Bureau Data and CreditRisk+"
  Verónica Balzarotti (BCRA), Christian Castro (Universitat Pompeu Fabra) y Andrew Powell (UTDT)
  
  Working Paper 06/2004
  "Basel II and Developing Countries: Sailing through the Sea of Standards"
  Andrew Powell (UTDT y World Bank)
  
  Working Paper 05/2004
  "Implications of Basel II for Latin America"
  Andrew Powell (UTDT)
  
  Working Paper 04/2004
  "Prudential Responses to De Facto Dollarization"
  Alain Ize (IMF) y Andrew Powell (UTDT y World Bank) 
  
  Working Paper 03/2004
  "A New Test for the Success of Inflation Targeting"
  Verónica Cohen Sabbán (BCRA), Martín Gonzalez Rozada (UTDT) yAndrew Powell (UTDT)
  
  Working Paper 02/2004
  "Market Discipline under Systemic Risk: Evidence from Bank Runs in Emerging Economies"
  Eduardo Levy Yeyati (UTDT), Maria Soledad Martínez Peria (World Bank) y Sergio Schmukler (World Bank).
  
  Working Paper 01/2004
  "Market Discipline in Emerging Economies: Beyond Bank Fundamentals"
  Eduardo Levy Yeyati (UTDT), Maria Soledad Martínez Peria (World Bank) y Sergio Schmukler (World Bank).

• Working Papers CIF year 2003

  Working Paper 17/2003
  "Flexible Exchange Rates as Shock Absorbers"
  Eduardo Levy Yeyati (UTDT) y Sebastian Edwards (University of California, Los Angeles).

  Working Paper 16/2003
  "Business Cycle and Macroeconomic Policy Coordination in MERCOSUR"
  Martín Gonzalez Rozada (UTDT) y José Fanelli (CEDES).
  
  Working Paper 15/2003
  "The Fiscal Spending Gap and the Procyclicality of Public Expenditure"
  Eduardo Levy Yeyati (UTDT) y Sebastián Galiani (UDESA).
  
  Working Paper 14/2003
  "Financial Dollarization and Debt Deflation under a Currency Board"
  Eduardo Levy Yeyati (UTDT), Ernesto Schargrodsky (UTDT) ySebastián Galiani (UDESA).
  
  Working Paper 13/2003
  "¿ Por qué crecen menos los regímenes de tipo de cambio fijo? El efecto de los Sudden Stops"
  Federico Sturzenegger (UTDT).

  Working Paper 12/2003
  "Concentration and Foreign Penetration in Latin American Banking Sectors: Impact on Competition and Risk"
  Eduardo Levy Yeyati (UTDT) y Alejandro Micco (IADB).
  
  Working Paper 11/2003
  "Default`s in the 1990`s: What have we learned?"
  Federico Sturzenegger (UTDT) y Punan Chuham (WB).

  Working Paper 10/2003
  "Un año de medición del Indice de Demanda Laboral: situación actual y perspectivas",
  Victoria Lamdany (UTDT) y Luciana Monteverde (UTDT) 
  
  Working Paper 09/2003
  "Liquidity Protection versus Moral Hazard: The Role of the IMF",
  Andrew Powell (UTDT) y Leandro Arozamena (UTDT)

  Working Paper 08/2003
  "Financial Dedollarization: A Carrot and Stick Approach",
  Eduardo Levy Yeyati (UTDT)

  Working Paper 07/2003
  "The Price of Inconvertible Deposits: The Stock Market Boom during the Argentine crisis",
  Eduardo Levy Yeyati (UTDT), Sergio Schmukler (WB) y Neeltje van Horen (WB)
  
  Working Paper 06/2003
  "Aftermaths of Current Account Crisis: Export Growth or Import Contraction?",
  Federico Sturzenegger (UTDT), Pablo Guidotti (UTDT) y Agustín Villar (BIS)
  
  Working Paper 05/2003
  "Regional Integration and the Location of FDI",
  Eduardo Levy Yeyati (UTDT), Christian Daude (UM ) y Ernesto Stein(BID)
  
  Working Paper 04/2003
  "A new test for the success of inflation targeting",
  Andrew Powell (UTDT), Martin Gonzalez Rozada (UTDT) y Verónica Cohen Sabbán (BCRA)
  
  Working Paper 03/2003
  "Living and Dying with Hard Pegs: The Rise and Fall of Argentina´s Currency Board",
  Eduardo Levy Yeyati (UTDT), Augusto de la Torre (WB) y Sergio Schmukler (WB)
  
  Working Paper 02/2003
  "The Cyclical Nature of FDI flows",
  Eduardo Levy Yeyati (UTDT), Ugo Panizza (BID) y Ernesto Stein(BID)
  
  Working Paper 01/2003
  "Endogenous Deposit Dollarization",
  Eduardo Levy Yeyati (UTDT) y Christian Broda (FRBNY)

• Working Papers CIF year 2002

  Working Paper 15/2002
  "The FTAA and the Location of FDI",
  Eduardo Levy Yeyati (UTDT), Christian Daude (UM) y Ernesto Stein(BID)
  
  Working Paper 14/2002
  "Macroeconomic Coordination and Monetary Unions in a N-country World: Do all Roads Lead to Rome?"
  Federico Sturzenegger (UTDT) y Andrew Powell (UTDT)
  
  Working Paper 13/2002
  "Reforming Capital Requirements in Emerging Countries"
  Andrew Powell (UTDT), Verónica Balzarotti (BCRA) y Christian Castro (UPF)
  
  Working Paper 12/2002
  "Toolkit for the Analysis of Debt Problems",
  Federico Sturzenegger (UTDT)
  
  Working Paper 11/2002
  "On the Endogeneity of Exchange Rate Regimes",
  Eduardo Levy Yeyati (UTDT), Federico Sturzenegger (UTDT) eIliana Reggio (UCLA)
  
  Working Paper 10/2002
  "Defaults in the 90´s: Factbook and Preliminary Lessons",
  Federico Sturzenegger (UTDT)
  
  Working Paper 09/2002
  "Countries with international payments´ difficulties: what can the IMF do?"
  Andrew Powell (UTDT)

  Working Paper 08/2002
  "The Argentina Crisis: Bad Luck, Bad Management, Bad Politics, Bad Advice", 
  Andrew Powell (UTDT)

  Working Paper 07/2002
  "Capital Inflows and Capital Outflows: Measurement, Determinants, Consequences",
  Andrew Powell (UTDT), Dilip Ratha (WB) y Sanket Mohapatra (CU)
  
  Working Paper 06/2002
  "Banking on Foreigners: The Behaviour of International Bank Lending to Latin America, 1985-2000",
  Andrew Powell (UTDT), María Soledad Martinez Peria (WB) yIvanna Vladkova ( IMF)
  
  Working Paper 05/2002
  "Classifying Exchange Rate Regimes: Deeds vs. Words"
  Eduardo Levy Yeyati (UTDT) y Federico Sturzenegger (UTDT)
  
  Working Paper 04/2002
  "The Effect of Product Market Competition on Capital Structure: Empirical Evidence from the Newspaper Industry",
  Ernesto Schargrodsky (UTDT)

  Working Paper 03/2002 
  "Financial globalization: Unequal blessings",
  Augusto de la Torre (World Bank), Eduardo Levy Yeyati (Universidad Torcuato Di Tella) y Sergio L. Schmukler (World Bank)

  Working Paper 02/2002 
  "Inference and estimation in small sample dynamic panel data models",
  Sebastian Galiani (UdeSA) y Martin Gonzalez-Rozada (UTDT)

  Working Paper 01/2002
  "Why have poverty and income inequality increased so much? Argentina 1991-2002",
  Martín González-Rozada, (UTDT) y Alicia Menendez, (Princeton University).

• Working Papers CIF year 2001

  Working Paper 08/2001 
  "A Capital Accord for Emerging Economies?",
  Andrew Powell (UTDT)
  
  Working Paper 07/2001
  "Evaluating the Impact of School Decentralization on Education Quality", 
  Sebastián Galiani (UdeSA) y Ernesto Schargrodsky (UTDT)
  
  Working Paper 06/2001
  "Dollarization: A Primer"
  Eduardo Levy Yeyati (UTDT) y Federico Sturzenegger (UTDT)

  Working Paper 05/2001
  "Dollarization and the Lender of Last Resorts", 
  Christian Broda (MIT) y Eduardo Levy Yeyati (UTDT)

  Working Paper 04/2001 
  "Terms of Trade and Exchange Rate Regimes in Developing Countries", 
  Christian Broda (MIT)

  Working Paper 03/2001 
  "Distribution Costs and Real Exchange Rate Dynamics During Exchange – Rate – Based – Stabilizations", 
  Ariel Burstein y Sergio Rebelo (Northwestern University)

  Working Paper 02/2001 
  "Exchange Rate Regimes and Economic Performance", 
  Eduardo Levy Yeyati y Federico Sturzenegger (UTDT)

  Working Paper 01/2001
  "To Float or to Trail: Evidence on the Impact of Exchange Rate Regimes", 
  Eduardo Levy Yeyati y Federico Sturzenegger (UTDT)

• Working Papers CIF year 2000

  Working Paper 06/2000
  "El uso de Instrumentos derivados en Empresas no Financieras: El caso de Argentina",
  Mariano Tappata, Eduardo Levy Yeyati y Gustavo Jakoniuk (UTDT)

  Working Paper 05/2000
  "Capital Flows and Economic Performance: Are Emerging Economies Different?",
  Sebastián Edwards (University of California and National Bureau of Economic Research)

  Working Paper 04/2000
  "La determinación del Costo de Capital en la Valuación de Empresas de Capital Cerrado: Una Guía Práctica",
  Luis Pereiro (UTDT)

  Working Paper 03/2000
  "Optimal Income Support Targeting",
  Stefan De Wachter (University of Ooxford) y Sebastián Galiani (UTDT)

  Working Paper 02/2000
  "Classifying Exchange Rate Regimes: Deeds vs. Words",
  Eduardo Levy Yeyati y Federico Sturzenegger (UTDT)

  Working Paper 01/2000
  "Globalization and the Breeding of Advanced Service Ventures in Emerging Economies",
  Luis Pereiro (UTDT) y Federico Sturzenegger (UTDT)