Regional financial development and firm growth in Peru

This paper documents the relationship between regional financial development and firm growth in the Peruvian manufacturing sector. In order to control for mutual causality between credit availability and firm growth, industry differences in financial dependence on external funds are exploited. The 1994 and 2008 rounds of the National Economic Census are used, permitting analysis at the firm level as well as the activity level. Results suggest a significant and positive effect of financial deepening on surviving firms` growth. However, this effect is smaller for micro enterprises, suggesting that the cost of external funding decreases with financial development mainly for large firms. The conclusions remain unchanged when entering and exiting firms are included. The paper further finds that credit expansion have encouraged not only firm growth but also firm entry. The results are robust using an alternative measure of financial dependence.

Monetary Policy Rules for Financially Vulnerable EconomieEd

One distinguishable characteristic of emerging economies is that they are not financially robust. These economies are incapable to smooth out large external shocks as sudden capital outflows imply large and abrupt swings in the real exchange rate. Using a small open economy model this paper examines alternative monetary policy rules for economies with different degrees of liability dollarization. The paper answers the question of how efficient is to use inflation targeting under high liability dollarization. Our findings suggest that it might be optimal to follow a non-linear policy rule that defends the real exchange rate in a financially vulnerable economy.

The global crisis and the Peruvian labor market: impact and policy options

After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and permanent policy measures. On the countercyclical front, our analysis reveals that the main risk that the policymaker should aim to mitigate is a surge in informality and underemployment. For this, job protection alternatives (as temporary payroll tax holidays already implemented) have to be accompanied by a strengthened and better focalized reemployment service, especially if the shock transpires into the nontradable sector. On the more structural side, policy should aim at the prime drivers of informality in our country: low productivity and high formal labor costs. For the latter, progressive access to labor benefits for small firms (already introduced via a special labor regime) could be complemented by introducing different minimum wage levels according to firm size and a generalized reduction in firing costs. Low productivity issues, on the other hand, can be addressed by strengthening and integrating existing training programs and information networks which have already proven successful in terms of formal job creation. Simulations reveal that permanent non-wage cost reductions (like those introduced via the special labor regime) can increase formal employment and formal GDP participation by 2 percentage points. Structural policy interventions also exhibit a large countercyclical potential due to their permanent nature. This implies that we should not wait for the crisis to be over to start their implementation.Global crisis; labor markets; Peru

Assessing Financial Vulnerability in Partially Dollarized Economies

The reduction of macroeconomic vulnerability in emerging markets is at the core of the research agenda. In this context, liability dollarization plays a vital role and its implications have been addressed in the literature via a “financial accelerator” mechanism. After allowing for different degrees of liability dollarization in a general equilibrium framework, this analysis uncovers some important implications about the role of the asset price channel and central bank’s commitment with the exchange rate, when assessing financial vulnerability. If we asses vulnerability in terms of the evolution of investment, we claim that, in absence of an asset price channel, departures from a pure float will not only help mitigate vulnerability but will also be welfare improving. On the other hand, and with an active asset price channel, a tighter exchange rate policy will only have marginal effects on welfare and vulnerability when compared to that associated to a reduction in liability dollarization.Liability dollarization, financial vulnerability, fear of floating, monetary policy

Museum of dental injuries

Fil: Tello, Olga. Universidad Nacional de Cuyo. Facultad de OdontologíaFil: Villa, Raúl Eduardo. Universidad Nacional de Cuyo. Facultad de OdontologíaFil: Moron, Carina. Universidad Nacional de Cuyo. Facultad de OdontologíaFil: Moron, Viviana. Universidad Nacional de Cuyo. Facultad de Odontologí

Le droit des personnes intersexuées – Chantiers à venir – 1re partie

International audienceWhich rules should be established in France in order that the rights of intersex personns be respected, especially right to privacy expressed in article 8 of the Convention for the Protection of Human Rights and Fundamental Freedoms ? This is the question this article is trying to answer to, by showing, that the respect of this right for intersex persons implies first to adopt a non binary conception of sex. Considering current political and legal constraints it is likely that this adoption will be the work of a jurispruential custom, by which French judges will conform to the article 8 of the Convention for the Protection of Human Rights and Fundamental Freedoms, as it is interpreted by the European court of human rights. Second, the right to privacy of intersex persons implies to limit the situations in which those persons have to reveal their gender identity.Quelles règles doivent être mises en place pour que soit respecté en France le droit des personnes intersexuées, en particulier le droit à la vie protégé notamment par l’article 8 de la Convention de sauvegarde des droits de l’hommes et des libertés fondamentales ? C’est à cette question que le présent article essaye de répondre, en montrant que le respect de ce droit impliquerait tout d’abord la reconnaissance du caractère non binaire de l’identité sexuée. Compte tenu des contraintes politiques et juridiques actuelles, il est probable que cette reconnaissance soit le fait d’une coutume jurisprudentielle, par laquelle les juges français entendraient se conformer à l’article 8 précité, tel qu’interprété par la Cour européenne des droits de l’homme. Ensuite, le respect du droit à la vie privée des personnes intersexuées impliquerait de limiter les cas dans lesquels ces personnes se trouvent contraintes de révéler leur identité sexuée. Ceci impliquerait notamment de rendre la mention du sexe facultative sur les titres d’identité, mais non nécessairement à l’état civil

Le projet de loi de modernisation de la justice au XXIe siècle et les personnes intersexuées

Version de travail d'un article publié et accepté par la revue Dalloz : https://f.hypotheses.org/wp-content/blogs.dir/3033/files/2016/11/Moron-Puech-B.-22La-loi-de-modernisation-de-la-justice-du-XXIe-sie%CC%80cle-et-les-personnes-intersexue%CC%81es22-Rec.-Dalloz-2016-p.-2253-2254-1.pdfCe texte vise à examiner les intérêts pour les personnes intersexuées du projet de loi sur la modernisation de la justice au XXIe s. Même si ce projet peut s'avérer décevant en ce qu'il ne prend pas position sur la question récemment soulevée en jurisprudence du caractère binaire ou non de l'identité sexuée, il comporte au moins deux dispositions intéressantes pour les personnes intersexuées. La première est celle qui allonge le délai de déclaration à la naissance et la seconde est celle qui simplifie la procédure de changement de sexe à l'état civil, procédure qui pourra bénéficier également aux personnes intersexuées comme tente de le démontrer cet article

La mention du sexe sur les documents d’identité: Par-delà une binarité obligatoire

International audienceCette communication orale a eu pour but de montrer que le droit européen nous contraint de reconnaître que l'identité sexuée n'est pas binaire, de sorte qu'il faut admettre que puisse être inscrire sur un document d'identité, tel l'acte d'état civil, le passeport, etc., un sexe qui ne soit ni masculin ni féminin. Cette communication a également eu pour but de montrer que dans bien des cas le droit européen nous oblige à rendre cette mention du sexe facultative