Latin America and the Caribbean has been one of the regions of the world with the greatest
inequality. This book explores why the region suffers from such persistent inequality …

The rapid growth of international reserves, a development concentrated in the emerging
markets, remains a puzzle. In this paper, we suggest that a model based on financial stability …

The recent global financial crisis has shaken the confidence of industrial and developing
countries alike in the very blueprint of the financial and macropolicies that underlie the …

Whereas conventional wisdom argues that markets shut down during crises, with sellers
struggling to find buyers, we find that markets continue to operate during financial turmoil …

Who pays for financial crises? What are the mechanisms for spread ing the cost across
different social groups? The literature is only beginning to provide answers to these crucial …

This paper takes advantage of the fact that some stocks trade both in domestic and
international markets to characterize the degree of international financial integration. The …

This study examines the day-to-day impact of a surge in investor attention on security prices
within a four-week investment horizon. Focusing on a sample of ADRs traded in the US …

Cross-listed shares may confound government efforts to control capital outflows by providing
a legal means through which investors can transfer their wealth outside the country. We …

El fenómeno denominado fuga de capitales ha estado presente en la historia económica
reciente de Argentina, particularmente durante el período que comienza con las reformas …

In the early 1990s Argentina was the darling of international capital markets and viewed by
many as a model of reform for emerging markets. Early in his presidency, Carlos Menem …