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This paper offers an empirical analysis of how US unconventional monetary policy has affected Latin American countries. First, we estimate the effects of US monetary policy announcements on sovereign bond interest rates, exchange rates, and stock market indices for a set of emerging countries, including five Latin American economies. We found that QE announcements in 2008/2009 and the tapering talk in 2013 generated sizable sovereign yield and exchange rate fluctuations. We further find, just in a few cases, some excessive response of asset prices in Latin American countries. In the second part of the paper, we estimate a simple model that measures the influence of country-specific macroeconomic fundamentals on the transmission of US financial disturbances. An estimated model including the inflation rate, the CDS spread, the ratio of official reserves and market capitalization explains some of the observed cross-country heterogeneity of spillovers from US monetary policy announcements. Under this model, a greater impact from the normalization of US monetary policy can be expected in Latin America relative to other emerging economies. [ABSTRACT FROM AUTHOR]

This paper proposes to construct an analytical framework to indentify the real contribution of financial system (FS) to argentine economic development. This construction is performed on four dimensions: i) «Quantitative»; Is it reasonable amount borrowed by banks? ii) «sectorial»: SF favors activities than can promote diversification, integration and modernization of the productive structure iii) «territorial»: FS lending helps break the divergent growth pattern of our territory? iv) an «actor» dimension: FS helps break the logic of concentrating wealth accumulation. The paper is organized in three parts. First introduce basic concept that will be used in the rest of the paper, second assess the performance of FS under the four dimension considerer. We conclude that despite the huge potential of FS for development, its configuration in our country has been very poor. [ABSTRACT FROM AUTHOR]

The remittances sent by Mexican migrants in the USA are relevant for recipient household at least in two senses. First, they contribute to rise income, and therefore to diminish poverty level. Second, they also contribute to regional and local economic development via the multipliers generated by the increases of the demand and of the investment in productive activities. Nonetheless, there are several estimations of household remittances magnitude. This paper analyzes the methodologies of Banco de Mexico (Mexican central bank) and those of recognized researchers. There is no consensus regarding the amount of money transferred by Mexican migrants in the USA. Consequently, the positive effects upon the recipient economy may not be conclusive. [ABSTRACT FROM AUTHOR]

This paper analyzes the long term relationship between the Mexican and USA economies from 1950 to 2008. It initially analyzes the period 1988-2008, that's to say, the relation during this period is that the Mexican GDP grew in the long term by 0.94% for each percentage point increase in the USA's GDP, and decreased by 0.17% for each percentage point depreciation in the real exchange rate. Once this relation is established, the work then questions if the Mexican economic structure persisted during 1950-2008. This result is interesting because it provides a starting point for a new research agenda that revises which conditions permitted the fast growth of Mexico's economy during 1950-1982, which others led to its subsecuent stagnation. This is not only of interest to historians, and also useful for reconsidering Mexico's present growth strategy. [ABSTRACT FROM AUTHOR]

In the First World countries, the industrial evolution of the developing countries is observed with concern. The are considered a strong competence in the international marked and the are held responsible for the decreasing life standard in the United States and in Europe. This is the reason to consider restrictions of the commercial relations which could limit also the Third World productivity. Paul Krugman, a professor of economics at Stanford University en Palo Alto, California, is convinced that this fear doesn't have any real base. He argues, supported by a sequence of models, which present the economic relations between the First and the Third World, that the developing countries really don't influence on the life standard or the developed countries. It shouldn't be necessary to impose import retrictions which only would hinder the economic growth of the Third World nations, and therefore the hope for a decent life standard of millions of human beings who live today in conditions of absolute poverty. Agreeing completely with the author's goals, I present here a critical discussion of the respective paper. My critics are mainly directed to the model's structure. I believe that one can use more realistic structures without modifying Krugman's final final conclusions. Some suggestions are made in this sense. [ABSTRACT FROM AUTHOR]