Apertura financiera y retos de políticas

(Disponible en idioma inglés únicamente) Hay un descontento creciente con las nociones convencionales sobre la política económica. El lamentable hecho parece ser que un entorno macroeconómico estable puede ser necesario mas no suficiente para obtener los resultados deseados de los sistemas financieros liberalizados. En este trabajo se analizan varias extensiones promisorias del modelo convencional y se tratan sus implicaciones para las políticas.

Rescue Packages and Output Losses Following Crises

This paper examines the role of the third party (the IMF) in resolving sovereign default on external debt. We first show that the effects of third party intervention in debt negotiations are quite sensitive to the assumed enforcement mechanism for sovereign debt. The model is then adapted to an insurance crisis. The main result is that the unanticipated component of third party intervention can either intensify or mitigate the dead weight loss following default.

Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

Required reserves on banks' deposit liabilities have been utilized by both industrial and developing countries to discourage and sterilize international capital flows. In this paper, we utilize an open economy macro model incorporating bank credit to evaluate this policy. The model suggests that high levels of reserve requirements are a perverse policy tool in that they amplify the effects of foreign monetary shocks, but changes in reserve requirements can insulate a repressed financial market from international financial shocks. The model also suggests that traditional measures of capital mobility such as interest parity conditions or the scale of gross private capital flows are of no value in assessing the openness of repressed financial systems.

Optimization of satellite altimeter and wave height measurements

Two techniques for simultaneously estimating altitude, ocean wave height, and signal-to-noise ratio from the GEOS-C satellite altimeter data are described. One technique was based on maximum likelihood estimation, MLE, and the other on minimum mean square error estimation, MMSE. Performance was determined by comparing the variance and bias of each technique with the variance and bias of the smoothed output from the Geos altimeter tracker. Ocean wave height tracking performance for the MLE and MMSE algorithms was measured by comparing the variance and bias of the wave height estimates with that of the expression for the return waveform obtained by a fit to the average output of the 16 waveform sampling gates

Capital flight, external debt, and domestic policies

The international debt crisis of 1982 revealed that unrecorded private capital outflows from developing countries occurred simultaneously with borrowing from international commercial banks. Current interest in capital flight has been generated by the possibility that the resurgence of private capital inflows to these countries may be limited to the return of flight capital. A simple public finance model shows that simultaneous capital outflows and inflows can be explained as the result of private international arbitrage of domestic policies. The paper discusses the welfare consequences of gross two-way capital flows that take advantage of opportunities to avoid taxation or generate subsidy income.Capital movements ; Developing countries ; Finance, Public