Papers

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.
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...
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...
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.
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...
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...
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...
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...
Kiguel & Lopetegui, 1997.