Argentina's Monetary and Exchange Rate Policies after the Convertibility Regime Collapse

This paper offers a comprehensive look at how Argentina managed a remarkable economic recovery from its collapse in 2001. The authors show how the Argentine government's policy of targeting a stable and competitive real exchange rate was crucial to the country's economic recovery. They also analyze the various sources of aggregate demand and government revenue in different phases of the expansion. In addition to the crucial role of the exchange rate, the authors look at other policies -- such as an export tax, capital controls, and the default on much of the country's sovereign debt -- which were met with disapproval by many economists and other commentators but played an important role in the recovery

The impact of board governance on director compensation in West African IPO firms

This paper undertakes a unique study of the determinants of corporate governance in the West African developing region and their impact on director compensation. A new measure of director total remuneration is constructed providing a conservative estimate of expropriation of private benefits of control. Using a hand-collected sample of 51 West African IPO firms from 2000 and 2011 we find evidence that increased presence of true independent nonexecutives that are unconnected to CEO or dominant insider groups within firm and nominally independent board level committees are highly associated with expropriation inferring that firm’s with directors engaging in this behavior are more likely to adopt measures indicative of governance best practic

Argentina's Monetary and Exchange Rate Policies after the Convertibility Regime Collapse

This paper offers a comprehensive look at how Argentina managed a remarkable economic recovery from its collapse in 2001. The authors show how the Argentine government's policy of targeting a stable and competitive real exchange rate was crucial to the country's economic recovery. They also analyze the various sources of aggregate demand and government revenue in different phases of the expansion. In addition to the crucial role of the exchange rate, the authors look at other policies - such as an export tax, capital controls, and the default on much of the country's sovereign debt - which were met with disapproval by many economists and other commentators but played an important role in the recovery.

Asegurar la estabilidad y el crecimiento en una región propensa a las sacudidas: los retos de políticas para América Latina

(Disponible en idioma inglés únicamente) ¿Cuáles son los motivos y los costos de la inestabilidad en América Latina? Debido a que no existe el consenso sobre estas cuestiones fundamentales, no hay consenso sobre la respuesta más apropiada a la inestabilidad macroeconómica en América Latina y en países propensos a las sacudidas de otras regiones. Se presentan nuevos elementos de juicio sobre estos aspectos contenciosos y se tratan las implicaciones de políticas para la región.

Efecto-riqueza durante las Colocaciones Públicas Iniciales Privatizadoras en Chile (1984-1989)

Se estudia el desempeño posterior a la colocación de once Ofertas Públicas Iniciales (OPIs) en Chile, durante 1984-1989 y se proporciona una descripción detallada de las condiciones económicas y políticas prevalecientes. En particular, se presentan los detalles operativos del mecanismo de emisión de acciones, complementado con un estudio estadístico de los Rendimientos Ajustados por el Mercado de las OPIs. Aunque el tamaño de la muestra es limitado y no permite alcanzar una validez externa, el análisis confirma la presencia de patrones de desempeño muy similares a los observados en OPIs tanto privadas como privatizadoras, de acuerdo con otros estudios relacionados (Aggarwal, Leal y Hernández, 1993; Dewenter y Malatesta, 1997; Loughran, Ritter y Rydqvist, 1994; Perotti y Guney, 1993).

Productivity and Quality-Environmental Changes in Marketing Co-operatives: An Analysis on the Horticultural Sector

The object of the present paper is to analyse productivity incorporating quality-environmental changes in marketing co-operatives. Firstly, it reviews competitiveness factors in the current European agri-food market, especially in relation to the fruit and vegetables sector. Secondly, the productivity trend is studied empirically using nonparametric methods (Malmquist indices) and taking as reference panel data of Andalusian horticultural co-operatives for the period 1994-2001. For this purpose productivity is decomposed into technological change, efficiency and quality-environmental change. Additionally, the correlation of these results with other economic variables is analysed. The indicators obtained show a relevant increase in efficiency for the period under study and a high relationship between the results and product quality-environmental improvement.productivity, quality-environment, efficiency, marketing co-operative, horticultural sector, Agribusiness, Productivity Analysis, D24, Q13, Q21, L15,

Talking about routines in the field: the emergence of organizational capabilities in a new cellular phone network company

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