Research

Working Papers (linked)

• The California Gold Rush and the Creation of Chile’s National Mortgage Bank, the Caja de Crédito Hipotecario

• The Creation of a Securitized Financial System in Chile: 1855-1856

• The Origins of Government Guarantees on Bank Notes in Nineteenth-Century Chile

• Mortgage Lending and Banking Crises in Nineteenth-Century Chile

• Investment Efficiency and the Welfare Gain from International Financial Integration

Published papers (linked)

Capital Markets in Emerging Market Economies

• Understanding the Behavior of Bank Spreads in Latin America, Journal of Development Economics 63, 113-134 (co-authored with L. Rojas-Suarez)

• Securitización de Hipotecas y Desarrollo Económico: Un Ensayo sobre la Caja Hipotecaria de Chile, Economía Chilena 12, 69-89

• Sobre los Determinantes de los Spreads Marginal y Promedio de las Tasas de Interés Bancarias:  Chile 1994-2001, Economía Chilena 6, 45-65 (co-authored with H. Franken)

• Financial Safety Nets:  Lessons from Chile, World Bank Research Observer 15, 69-84

• External Shocks and Financial Collapse:  Lessons From Texas and Chile, American Economic Association Papers and Proceedings 80, 168-173

• Risk and Trade Regimes:  Another Exploration, International Organization 45, 1-18 (co-authored with R. Bates and J. Tiefanthaler)

• Reserve Requirements and the Inflation Tax, Journal of Money, Credit, and Banking 21, 106-121

• Inflationary Finance in an Open Economy, Journal of Monetary Economics 14, 37-53

• La Crisis Financiera Chilena, Latin American Journal of Economics 28, 177-194

• Economic Policy Reform, Government Debt Guarantees, and Financial Bailouts, World Bank Policy Research Working Paper 1369

• High Real Interest Rates, Guarantor Risk, and Bank Recapitalizations, World Bank Research Working Paper 1683

Convergence:

• The Penn-Balassa-Samuelson Effect Through the Lens of the Dependent Economy Model, Journal of Economic Dynamics and Control 35, 1547-1556

• Investment, the Current Account, and the Relative Price of Non-Traded Goods in a Small Open Economy, Journal of International Economics 24, 235-53

• International Transfers, the Relative Price of Nontraded Goods, and the Current Account, Canadian Journal of Economics 29, 163-180

• The Dependent Economy Model with Both Traded and Nontraded Goods, Review of International Economics 2, 306-327 (co-authored with S. Turnovsky)

• Economic Development and the Relative Price of Nontradables: Global Dynamics of the KDL Model, Review of International Economics 2, 268-283

• The Growth and Welfare Consequences of Differential Tariffs, International Economic Review 39, 765-19 4 (co-authored with S. Turnovsky)

• Export Instability and the Economic Performance of Developing Countries, Journal of Economic Dynamics and Control 15, 129-174

• Movimientos de Cuenta Corriente y los Términos de Intercambio, Estudios de Economía 15, 127-139

Books

• Why So High? Understanding Interest Rate Spreads in Latin America, Inter-American Development Bank, Washington, D.C, 2000 (co-editor with L. Rojas-Suarez)

• If Texas were Chile: A Primer on Banking Reform, Institute for Contemporary Studies, San Francisco, 1992 (editor)

• Latin American Debt and Adjustment: External Shocks and Macroeconomic Policies, Praeger Publishers, New York, 1989 (co-editor with M. B. Connolly and C. González-Vega)