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30 de junio 2015
Monetary Policy and Economic Performance in Resource Dependent Economies

There is ample consensus that monetary policy plays a key role in fostering economic growth and avoiding the costs of chronic inflation. Prudential and transparent monetary policies –in conjunction with budget-balanced fiscal policies—are universally recommended as a sound macroeconomic stance. While these recommendations may have general validity for non-resource based economies, their applicability to resource-rich […]

28 de abril 2015
Real Exchange Rates and Macroeconomic Adjustment in Sub-Saharan Countries and Other Development Countries

The concept of the real exchange rate (RER) is now at the centre of the debates on economic development, growth strategies, structural adjustment and economic stabilization. However, its empirical determination, the calculation of its equilibrium path and the assessment of its misalignment are inadequate. This paper sets out to estimate the long-run cointegrated equilibrium of […]

27 de abril 2015
Do Good Institutions Promote Countercyclical Macroeconomic Policies?

The literature has argued that developing countries are unable to adopt countercyclical monetary and fiscal policies due to financial imperfections and unfavourable political-economy conditions. Using a world sample of up to 112 industrial and developing countries for 1984–2008, we find that the level of institutional quality plays a key role in countries’ ability and willingness […]

04 de abril 2015
Perturbaciones Internacionales y Fluctuaciones del Producto Interno Bruto en una Economía en Desarrollo: Evidencia de República Dominicana para el Período 1998-2008

The aim of this work is to contribute to the literature of the role of foreign factors in determining the fluctuations of the Gross Domestic Product (GDP) in small, open and developing countries. The following external variables are considered: terms of trade, foreign GDP, foreign inflation and international interest rates. Using the Dominican Republic as […]

26 de marzo 2015
Consumption and Hedging in Oil Importing Developing Countries

We study the consumption and hedging strategy of an oil-importing developing country that faces multiple crude oil shocks. In our model, developing countries have two particular characteristics: their economies are mainly driven by natural resources and their technologies are less e cient in energy usage. The natural resource exports can be correlated with the crude […]

26 de marzo 2015
Adoption Technology Targets and Knowledge Dynamics: Consequences for Long-Run Prospects

When targeting frontier technologies, less developed economies usually face obstacles to achieve high growth in the long run, because of their low level of knowledge relative to the adoption technology target. If the intensity in which the adoption activity uses knowledge is high, then the less developed economy may end up trapped in a low […]

19 de marzo 2015
Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America

Sudden stops and international financial crises have been a main feature of developing countries in the last three decades. While their aggregate effects are well known, the disaggregated channels through which they work are not well explored yet. In this paper, we study the sectoral responses that take place over episodes of sudden stops. Using […]