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Undoubtedly, Argentina is one of the major " neoliberal peripherical experiments" planned by theInternational Monetary Fund" ( IMF) and executed by the national and multinational corporations beingassisted by traditional...

I use a new technique to derive a closed-form solution for the price of a European call option on an asset with stochastic volatility. The model allows arbitrary correlation between volatility and spotasset returns. I in...

This paper uses an intertemporal general equilibrium asset pricing model to study the term structure of interest rates. In this model, anticipations, risk aversion, investment alternatives, and preferences about the timi...

This paper shows that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits. Investors face privately observed ris...

ABSTRACT We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder pr...

Stiglitz and Weiss explain credit rationing in markets with imperfect information.

Materias / palabras clave: Discretion; Monetary policy; Unification; Economics; Policy analysis; German; Shock (circulatory); Work (physics); Macroeconomics; Public administration; Political science; Law

We present cross-country evidence consistent with Schumpeter's view that the financial system can promote economic growth, using data on 80 countries over the 1960–1989 period. Various measures of the level of financia...

Materias / palabras clave: Stock (firearms); Economics; Financial economics; Stock market; Liberian dollar; Stock exchange; Monetary economics; Econometrics; Excess return; Expected return; Finance; Horse

Abstract We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence—including human readings of 12,000 newspaper articles—indicate that our index prox...

ABSTRACT This paper documents that strategies which buy stocks that have performed well in the past and sell stocks that have performed poorly in the past generate significant positive returns over 3‐to 12‐month hold...

Materias / palabras clave: Stock market; Economics; Monetary economics; Financial economics; Business; Geography; Context (archaeology); Archaeology

Materias / palabras clave: Diversification (marketing strategy); Dominance (genetics); Economics; Growth theory; Position (finance); Market economy; Industrial organization; Economic system; Economic geography; Monetary economics; Business; Neocla...

Se presenta una guía para resolver y estudiar modelos de expectativas racionales dinámicas lineales (LDRE). Luego de codificar el modelo, se aplica una function simple para log-linealizarlo; simular los efectos de seri...

This study gives a non-traditional framework for the evaluation of the convenience of an asymmetric monetary association (such as dollarization), from the point of view of the country that gives up its monetary sovereign...

This paper studies the effect of welfare programs on work incentives and the labor supply of adults in developing countries. The document builds on the experimental evaluations of three programs implemented in rural area...