A Macroprudential Framework for the Early Detection of Banking Problems in Emerging Economies

Kiguel, Loser & Mermelstein, 2010.

This paper develops an analytical framework that can be used to anticipate problems in the banking system and enable supervisors to take mitigating actions at an early stage.

The Interactions between Macro and Micro Prudential Regulation: Some Reflections based on Latin America

Kiguel, 2009.

In the recent international financial crisis Latin America was, for a change, not the epicenter of the problems and the region managed to surf the waves unscathed as it did not suffer severe problems in the domestic banking systems, nor any type of financial crisis. Why was this time different: strong macroeconomic policies, sound regulation of the financial systems or simply good luck?

The Capital Markets in Latin America: Are they at a turning point?

Kiguel, 2007.

Financial markets in Latin America have traditionally been small and hence they have only played a limited role to finance investment. There are different types of reasons that have been raised to explain the shallowness of the capital markets in the region that in broad terms can be categorized in two groups. First, and perhaps more important is that the Region has a long history of macroeconomic instability, especially in key financial variables such as inflation, the exchange rate and interest rates. This was compounded by defaults in domestic and or foreign debt, the restructuring of financial contracts at times of crisis and recurrent balance of payments crisis that eroded savings in domestic currencies.

Managing Systemic Liquidity Risk in Financially Dollarized Economies

Kiguel, 2005.

Dollarized economies have experienced in recent years a number of severe banking and currency crises in which runs on bank deposits, mainly dollar deposits, have played a major role.

Structural Reforms in Argentina: Success or Failure ?

Kiguel, 2002.

This paper evaluates the impact of the Convertibility Plan in Argentina on economic performance. It shows that the combination of a fixed exchange rate and far reaching structural reforms was successful through most of the nineties, as Argentina succeeded in eliminating inflation and it enjoyed its highest rates of growth since the 1920s. Nevertheless, at the end of 1998 Argentina entered a severe recession from which it has not yet recovered. A deterioration in the external environment as the dollar appreciated and less financial capital flowed to emerging markets required a reduction in nominal wages (especially in the public sector) and in government expenditures which did not take place. The lack of response eroded confidence, tax revenues fell as a result of the recession and financing disappeared. The exchange rate system finally collapsed in early 2002 and the government declared a default on public debt leading to what seems to be the most serious economic crisis that Argentina has ever experienced.

The Argentine Currency Board

Kiguel, 1999.

This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks.

Debt Management: Some Reflections Based on Argentina

Kiguel, 1998.

In most countries, the government is the largest borrower in the economy, and its decisions on debt management have significant effects on the development of the domestic capital market, the fiscal deficit and the country risk, measured as the spread of government bonds over the U.S. treasuries. The debt management strategy has important implications for the economy as whole. A good liability management strategy should result in lower borrowing costs, fluid access to the international capital markets, while minimizing any crowding out effects on private sector borrowing.

Inflationary Rigidities and Stabilization Policies

Kiguel & Liviatan, 1998.

A tight fiscal stance can stop episodes of hyperinflation. But it cannot, on its own, overcome the inertia of rising prices in countries suffering chronic inflation. Such countries can nevertheless strengthen their stabilization efforts by anchoring nominal prices to the money supply or the exchange rate.

Entendiendo el Riesgo País

Kiguel & Lopetegui, 1997.

Macroeconomic adjustment under a sliding peg exchange rate and imperfect capital mobility

Kiguel, 1996.


This site is protected by reCAPTCHA and applies Privacy Policy & Service Terms by Google.

Complete su correo, y le enviaremos un Email con los pasos para recuperar su contraseña.

Este sitio está protegido por reCAPTCHA y se aplican la Política de privacidad y los Términos de servicio de Google.

Este sitio está protegido por reCAPTCHA y se aplican la Política de privacidad y los Términos de servicio de Google.