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Full-Text Articles in International Economics

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez Jul 2017

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities for 82 countries from 1995 through 2013, we find that while the extent of foreign currency issuance has not changed much since the 1990s, especially for developing countries, the currency composition has shifted, especially between the U.S. dollar and the euro. Before the Global Financial Crisis (GFC) of 2008, the share of the U.S. dollar has been on a downward trend while that of the euro had been on a steady rising trend, but since the crisis, the ...


Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar M. Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri Jul 2017

Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar M. Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri

Cesar M. Rodriguez

This paper assesses the impact of a cluster development policy in Latin America. A Local Productive Arrangement (APL) is a cluster of firms within the same territory, operating around the same activity and maintaining ties of cooperation and learning among themselves and with other stakeholders. Using firm-level data comprising information on SMEs from Brazil for the years 2002 to 2009 we apply fixed effects, matching and reweighting methods to estimate both the direct and the indirect – i.e. spillovers – causal effect of participating in APLs on a series of SMEs’ performance indicators, including level of employment, value of exports and ...


The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar M. Rodriguez Jul 2017

The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper analyzes the effectiveness of public credit lines in promoting the performances of Brazilian firms. We focus on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor productivity and export. For this purpose, we use a unique panel data set developed by the Instituto de Pesquisa Econômica Aplicada (IPEA), which includes information on both firm-level performances and access to public credit lines. This particular data setting allows us to use quasi-experimental techniques to control for selection bias when estimating the impact of the public credit lines. The core ...


The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez Jul 2017

The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez

Cesar M. Rodriguez

PDB programs have become a fundamental ingredient of productive development policy strategies in most emerging economies. Although the overall need for these interventions is rarely questioned, academics and policymakers often debate their effectiveness, as well as the optimal approaches and instruments necessary to implement them. Therefore, the need to produce rigorous evaluations of PDBs has become increasingly relevant for both government and civil society (see Chapter 2). This chapter presents the main concepts and operational arguments regarding the execution of indepth impact evaluations of PDB initiatives and instruments. For a more practical approach, these arguments are presented with examples of ...


The Role Of Inflation Targeting In Debt Denomination In Developing Countries, Olena Ogrokhina, Cesar M. Rodriguez Jul 2017

The Role Of Inflation Targeting In Debt Denomination In Developing Countries, Olena Ogrokhina, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that in inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries. Furthermore, from the analysis of the individual currency shares, we find that inflation targeting has contributed to a 10 percentage points lower US dollar share in international debt in targeting countries compared to non-targeting ...


Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar Rodriguez Jun 2017

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar Rodriguez

Cesar M. Rodriguez

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities for 82 countries from 1995 through 2013, we find that while the extent of foreign currency issuance has not changed much since the 1990s, especially for developing countries, the currency composition has shifted, especially between the U.S. dollar and the euro. Before the Global Financial Crisis (GFC) of 2008, the share of the U.S. dollar has been on a downward trend while that of the euro had been on a steady rising trend, but since the crisis, the ...


Hysteresis In Unemployment: Evidence From Latin America, Matias Mednik, Cesar Rodriguez, Inder J. Ruprah Jun 2017

Hysteresis In Unemployment: Evidence From Latin America, Matias Mednik, Cesar Rodriguez, Inder J. Ruprah

Cesar M. Rodriguez

This paper tests the hysteresis hypothesis in unemployment for 13 Latin American countries covering the period 1980-2005. The tests exploit the time series and the cross sectional variation of the series, and allows for cross section dependence and a different number of endogenously determined structural breakpoints. The findings give support to the hysteric dynamic hypothesis for the majority of the countries analyzed. The implications of the results have ramifications regarding macro-stabilization, structural reform, and the design of social safety protection.


The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez Jun 2017

The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez

Cesar M. Rodriguez

PDB programs have become a fundamental ingredient of productive development policy strategies in most emerging economies. Although the overall need for these interventions is rarely questioned, academics and policymakers often debate their effectiveness, as well as the optimal approaches and instruments necessary to implement them. Therefore, the need to produce rigorous evaluations of PDBs has become increasingly relevant for both government and civil society (see Chapter 2).

This chapter presents the main concepts and operational arguments regarding the execution of indepth impact evaluations of PDB initiatives and instruments. For a more practical approach, these arguments are presented with examples of ...


The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar Rodriguez Jun 2017

The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar Rodriguez

Cesar M. Rodriguez

This paper analyzes the effectiveness of public credit lines in promoting the performances of Brazilian firms. We focus on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor productivity and export. For this purpose, we use a unique panel data set developed by the Instituto de Pesquisa Econômica Aplicada (IPEA), which includes information on both firm-level performances and access to public credit lines. This particular data setting allows us to use quasi-experimental techniques to control for selection bias when estimating the impact of the public credit lines. The core ...


Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri Jun 2017

Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri

Cesar M. Rodriguez

This paper assesses the impact of a cluster development policy in Latin America. A Local Productive Arrangement (APL) is a cluster of firms within the same territory, operating around the same activity and maintaining ties of cooperation and learning among themselves and with other stakeholders. Using firm-level data comprising information on SMEs from Brazil for the years 2002 to 2009 we apply fixed effects, matching and reweighting methods to estimate both the direct and the indirect – i.e. spillovers – causal effect of participating in APLs on a series of SMEs’ performance indicators, including level of employment, value of exports and ...


The Role Of Inflation Targeting In Debt Denomination In Developing Countries, Olena Ogrokhina, Cesar M. Rodriguez Jun 2017

The Role Of Inflation Targeting In Debt Denomination In Developing Countries, Olena Ogrokhina, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that in inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries. Furthermore, from the analysis of the individual currency shares, we find that inflation targeting has contributed to a 10 percentage points lower US dollar share in international debt in targeting countries compared to non-targeting ...