Universidad Torcuato
Di Tella
President
Banco Ciudad de Buenos Aires
Sarmiento 611 5to. Piso
C1041AAM
Ciudad Autónoma de Buenos Aires
Tel: (5411) 4329-8604/14/24 Fax: (5411) 4325-0046
Para obtener la dirección de correo electrónico llamar por favor a los teléfonos antedichos
Investigación/Research
Sovereign Debt
Database
Cowen-Levy Yeyati-Panizza-Sturzenegger
(CLYPS) database on sovereign debt in the Americas
Updated, December
2005
This stata file
contains the first comprehensive database on sovereign debt comprising all
countries in the
The methodology used
to compile this data is discussed in detail in the following document: "Sovereign Debt in the Americas: New Data and Stylized Facts",
CIF Working Paper No. 9/2006, July 2006.
Haircuts Database
BBB (bond-by-bond) Haircuts Database. This database contains information on
haircuts, realized investor losses, for 328 bonds restructured since early
1999. It includes bonds from the debt restructurings in
Exchange Rate Classification
Levy-Yeyati and Sturzenegger (LYS) de facto classification
of exchange rate regimes.
New version,
including years 2001/2004, see Levy Yeyati and Sturzenegger (2005).
Comment: This data base
includes a de-facto classification of exchange rate regimes (one which is based
on what countries do rather on what they claim to do). It covers 183 countries
during the period 1974-2004. The database is presented in two formats. A four
way classification between: pegs, floats, dirty floats and crawling pegs and as
a third way classification: pegs, floats and intermediate regimes.
In addition to Levy
Yeyati and Sturzenegger (2005) there are two older documents where you can
access more detailed methodological information on this database
A de facto Classification of Exchange Rate Regimes: A
Methodological Note,posted at http://www.aeaweb.org/aer/contents/
of American Economic Review, Vol.
93, No. 4, September 2003,(joint with
Eduardo Levy Yeyati), and
Classifying
Exchange Rate Regimes: Deeds vs. Words , (joint with Eduardo Levy Yeyati),
forthcoming European Economic Review.
Ultimos trabajos/Recent
articles
Monetary
and Fiscal Policies in a Sudden Stop: Is Tighter Brighter?, joint with
Alberto Ortiz, Pablo Ottonello, and Ernesto
Talvi, November 2007. 
The growing current account
surpluses in East Asia: the effect of dark matter assets, joint with
Ricardo Hausmann and Maya Horii, October 2007.
From surpluses to
deficits: the effect of dark matter on Latin America, joint with Ricardo
Hausmann, October 2007.
Fear of
Floating in Reverse: Exchange Rate Policy in the 2000s, joint with Eduardo
Levy Yeyati, July 2007.
Estimating
SARB´s Policy Reaction Rule, joint with Alberto Ortiz, July 2007.
Handbook of Development Economics: (The
Effect of) Monetary and Exchange Rate Policies (on Development), joint with
Eduardo Levy Yeyati, July 2007.
Identifying aggregate supply and
demand shocks in South Africa, joint with Stan Du Plessis and and Ben Smit,
July 2007.
The cyclicality of monetary and
fiscal policy in South Africa since 1994, joint with Stan Du Plessis and
and Ben Smit, July 2007.
On the Endogeneity of Exchange
Rate Regimes, joint with Eduardo Levy Yeyati and Iliana Reggio, May 2007.
South
Africa Macroeconomic Challenges after a Decade of Success, joint with
Jeffry Frankel and Ben Smit.
Sovereign
Debt in the Americas: New Data and Stylized Facts, joint with Cowen,Levy
Yeyati and Panizza, July 2006.
Has
the Legal Threat to Sovereign Debt Restructuring Become Real?, joint with Jeromin Zettelmeyer,
October 2005.
Políticas de Crecimiento y de
Desarrollo de una Política Industrial, October 2005.
A One world Currency? A Factor-OCA Approach to
the Analysis of Monetary Integration, joint with Andrew Powell, August 2005
Reflections on Argentina’s Growth Performance and
Dreams, October 2004.
Culture and Social Resistance to Reform: a Theory
About the Endogeneity of Public Beliefs with an Application to the Case of
Argentina joint with Sergio Pernice, October 2003.
Argentina y la
agenda de Negociaciones comerciales Internacionales: El Mercosur, el Nafta y
Intergenerational
Altruism: The Evidence from Argentina, joint with Pablo Sanguinetti,
October 2000.
Libros/Books
|
|
Debt Defaults
and Lessons from a Decade of Crises (with Jeromin Zettelmeyer) :
MIT Press, December 2006. Can be purchased at |
|
|
El País que queremos (with Sergio Berensztein and
Horacio Rodríguez Larreta) Buenos Aires : Editorial Temas, 2006. |
|
|
La economía de los Argentinos Esta obra va más allá de lo económico
y ayuda a que entendamos mejor lo que nos pasa. Revela por qué caemos en
frustraciones y desencantos, al tiempo que ofrece estimulantes claves para
cambiar la historia. Sus enfoques son claros y poliédricos, útiles y
sorprendentes. Es un libro que asombrará al experto e iluminará al ancho
público. Marcos Aguinis Federico Sturzenegger recorre con sagancidad el abanico de prejuicios
y pasiones que operan como trabas primordiales del debate racional entre quienes,
coincidiendo en las mismas preocupaciones, difieron obcecadamente en los
criterios que permitan superarlas. Apunta, además, a las causas de esa
estrechez perniciosa que impide la creación de consensus necesarios y muestra
cómo podría hacerse para revertirla. Es éste, a todas luces, un libro
esperanzado. Entiende que los argentinos podemos mejorar la calidad de
nuestra convivencia y lobrar una creciente integración y un desarrollo
sostenido. Para realizar estos propósitos señala un camino. Se me dirá que es
un camino arduo. De acuerdo. Pero es un camino
imprescindible. Santiago Kovadloff |
Libros Editados/Edited volumes
|
|
Dollarization, Debates and Policy
Alternatives (with
Eduardo Levy-Yeyati), MIT Press 2003. Includes the chapters: Dollarization: A primer, joint with Eduardo Levy-Yeyati,
April 2001. Dollarization: The link between devaluation risk and default risk, joint with Andrew Powell, See review in the Journal of Economic Literature, March 2005 |
|
|
Coordinación de Políticas
Macroeconomicas en el Mercosur (with Jorge Carrera). Fondo de Cultura Económica, October 2000. Can be purchased at |
|
|
The Political Economy of Reform (with Mariano Tommasi) |
Artículos con
referato/Refereed Research Articles
33. Global Imbalaces or Bad Accounting?
The missing dark matter in the wealth of nations, Economic Policy,
forthcoming, (joint with Ricardo Hausmann).
A previous (very different) version is available here A shorter version: U.S. and Global
Imbalances: Can Dark Matter Prevent a Big Bang?. See also 'Dark
Matter' Makes the U.S. Deficit Disappear - Financial Times Op-Ed, Goldman-Sachs, BussinessWeek,
The
Economist and The Wall Street Journal´s
reviews on this article.
32. The Impact
of Privatization on the Earnings of Restructured Workers , Journal of Labor Research, forthcoming, (joint with
Sebastián Galiani).
30. Creditors
Losses versus Debt Relief: Results from a Decade of Sovereign Debt Crises, Journal
of the European Economic Association,
Vol 5, Issue 2-3,pp 343-351, April-May 2007. (joint with Jeromin Zettelmeyer)
29. The Valuation of Hidden Assets in
Foreign Transactions: Why “Dark Matter” Matters, Business
Economics, pp 29-35, January 2007(joint with Ricardo Hausmann).
26. Classifying Exchange Rate Regimes: Deeds vs. Words, European
Economic Review, Vol. 49, pp.
1603-1635, 2005 (joint with
Eduardo Levy Yeyati).
25. Toolkit for the Analysis of Debt Problems, Journal
of Restructuring Finance, Vol. 1, No. 1, 2004, pp. 201-203.
24. On the Consequences of Sudden Stops Economia,
Vol. 4, No. 2 Spring 2004, pp. 171-214, (joint with Pablo Guidotti and Agustin
Villar).
23. ¿Por
qué crecen menos los regímenes de tipo de cambio fijo? El efecto de los sudden
stops, Cuadernos de Economía, Año 40, Nol. 121, pp. 546-655, Diciembre 2003.
22. To Float or to Trail: Evidence on the Impact of
Exchange Rate Regimes, American Economic Review,Vol. 93, No. 4, September
2003,(joint with Eduardo Levy Yeyati).
21. A de facto Classification of Exchange Rate Regimes: A
Methodological Note, posted at http://www.aeaweb.org/aer/contents/
of American Economic Review, Vol.
93, No. 4, September 2003,(joint with
Eduardo Levy Yeyati).
20. Exchange
Rate Regimes and Economic Performance, IMF Staff Papers, Vol.
47, pp. 62-98. 2001 (with Eduardo Levy Yeyati).
19. “Banking Regulation
and Competition with Product Differentiation”, Journal of Development
Economics, Vol. (63) pp. 85-111, 2000 (with Ernesto Schargrodsky).
18. “Is EMU
a Blue-Print for Latin America?”, Cuadernos
de Economía, Año 37, No. 110, pp. 63-99, Abril 2000 (with Eduardo Levy
Yeyati).
17. “Implications of the
Euro for Latin American Banking and Financial Sectors" Emerging Markets Review,
Vol 1(1), pp. 53-81, 2000 (with Eduardo Levy Yeyati).
15. “Crazy Explanations of the International Business
Cycle”, (with Jang-Tin Guo), International Economic Review,
Vol. 39, No. 1, pp. 111-133, February 1998.
14. “
13. “Financial Markets and Inflation under Imperfect
Information “, (with José De Gregorio), Journal of Development
Economics, Vol. 54. No. 1, pp. 149-168, October 1997. Also
published in Mauricio Cárdenas and Sebastián Edwards (eds.) Inflación Estabilización y Política
Cambiaria en América Latina, Colombia: TM Editores, January, 1997.
12. “Understanding the Welfare Implications of Currency
Substitution”, Journal of Economic Dynamics and Control,
Vol. 21, pp. 391-416, February, 1997.
11. “Recurrent
High Inflation and Stabilization: A Dynamic Game” (with Guillermo Mondino
and Mariano Tommasi), International Economic Review, Vol. 37, No.
4, pp. 981-996, November, 1996.
10. “The
Feasibility of Monetary Control: Theory and Evidence, with an Application to
the Case of Argentina”, (with Ricardo López Murphy), Policy Reform,
Vol. 1, pp. 47-73, 1996.
9. “Endogenous
Learning and Trade Policy”, Economic Letters, Vol. 49,
pp. 429-433, 1995.
8.
“Distributional Conflict, Financial Adaptation and Delayed
Stabilizations”’ (with Raúl Labán), Economics & Politics,
Vol. 6, No. 3, pp. 257-278. November, 1994.
7. “Fiscal
Conservatism as a Response to the Debt Crises”, (with Raúl Labán), Journal
of Development Economics, Vol. 45, November, 1994.
6. “Las
Políticas Fiscales en Economías con Restricciones Financieras”, El
Trimestre Económico. Vol. LXI, No. 3, pp. 379-408, July-September, 1994. (Winner of the Cosio
Villegas Prize for best article published that year in the journal).
5. “Hyperinflation
with Currency Substitution: Introducing an Indexed Currency”, Journal
of Money Credit and Banking, Vol. 26, No. 3, Part 1, pp. 377-395.
August, 1994.
4. “The
Distribution of Political Power, the Costs of Rent Seeking and Economic
Growth”. (with Mariano Tommasi), Economic Inquiry,
Vol XXXII, No. 2, pp. 236-248. April, 1994.
3. “Currency
Substitution and the Regressivity of Inflationary Taxation”, Revista
de Análisis Económico, Vol. 7, No. 1, pp. 177-192. 1992.
2. “Extreme Inflation: Dynamics and
Stabilization”, (with Rudiger Dornbusch and Holger Wolf), Brooking
Papers on Economic Activity, Vol. 2, pp. 1-84, 1990.
1. “Explicando
las Fluctuaciones del Producto en
Otras publicaciones/Other Articles
12. Una justificacion de los impuestos distorsivos
, Indicadores de Coyuntura, No. 464, pp. 6-9,2006.
A previous longer
version: Defaults in the 90s: Factbook and Preliminary
Lessons, June 2002
10. Macroeconomic Coordination and Monetary Unions in an
N-country World: Do all Roads Lead to Rome? (Tables
and Graphs) joint with Andrew Powell, in Estevadeordal, Antoni, Dani
Rodrik, Alan Taylor and Andres Velasco (eds.) Integrating the Americas:
FTAA and Beyond, Harvard University Press, pp. 227-256, 2004.
9. The Benefits and Costs of Privatization in
Argentina:A Microeconomic Analysis (joint with Sebastián Galiani, Paul Gertler
and Ernesto Schargrodsky). In Chong, Alberto and Florencio Lopez-de-Silanes
(eds.) Privatization in Latin America, Standford University
Press, pp 67-116, 2005.
8. Comment to
"Are Trade Linkages Important Determinants of Country Vulnerability to Crises?"
by Kristen Forbes, in Sebastian Edwards and Jeffrey Frankel (eds.) Preventing
Currency Crises in Emerging Markets, University of Chicago, pp 77-130,
2002.
7.
“Argentina's Experience with Capital Flows during the 1990s" in
Felipe Larrain (ed.) Capital Flows, Capital Controls and Currency Crises,
Latin America in the 1990s, The University of Michigan Press, pp
103-142, 2000.
6. “Inflation
and the Delay of Stabilizations” in Leslie Armijo (ed.) Conversations
on Democratization and Economic Reform, pp. 118-124, Center for
International Studies, USC, 1995.
5. “
4. “Growth
Issues in Developing Countries: An Introduction”, (joint with Rodrigo
Fuentes), Estudios de Economía, Vol. 20, pp. 3-18, June 1993.
3. “
2.
“Description of a Populist Experience:
1. “Financial
Adaptation and the Optimal Time of Financial Liberalization in
Since July 2002