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Los programas de pensiones latinoamericanos tienen baja cobertura. Utilizando paneles de registros administrativos de Argentina, Chile y Uruguay, caracterizamos las historias de contribución de la población. Construimo...

One of the problems which has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive microeconomic theory dealing with conditions of risk. Although many useful insights c...

This paper introduces an ARCH model (exponential ARCH) that (1) allows correlation between returns and volatility innovations (an important feature of stock market volatility changes), (2) eliminates the need for inequal...