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All HBS Web
(116,057)
- Faculty Publications (309)
- June 2005
- Article
Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment
By: Laura Alfaro
This paper further tests Romer's (1993) extension of Kydland and Prescott's (1977) predictions for dynamic-inconsistency problems in open economies. In a panel data set of developed and developing countries from 1973 to 1998, I find that openness does not play a role...
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Keywords:
Forecasting and Prediction;
Economy;
Currency Exchange Rate;
Developing Countries and Economies;
Inflation and Deflation
Alfaro, Laura. "Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment." Journal of Development Economics 77, no. 1 (June 2005): 229–249.
- May 2005 (Revised February 2008)
- Teaching Note
Capital Controls in Chile in the 1990's (A & B) (TN)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
Teaching Note to (9-705-031).
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- March 2005 (Revised June 2005)
- Case
Capital Controls in Chile in the 1990s (B)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
Supplements the (A) case.
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Keywords:
Governance Controls;
Financial Crisis;
Foreign Direct Investment;
Currency Exchange Rate;
Inflation and Deflation;
Demand and Consumers;
Interest Rates;
Capital;
System;
Central Banking;
Chile
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (B)." Harvard Business School Case 705-032, March 2005. (Revised June 2005.)
- March 2005 (Revised July 2007)
- Case
Capital Controls in Chile in the 1990s (A)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In 1991, Chile adopted a framework of capital controls focused on reducing the massive flows of foreign investment coming into the country as international interest rates remained low. Capital inflows threatened the Central Bank's ability to manage the exchange rate...
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Keywords:
Developing Countries and Economies;
Economic Growth;
Financial Crisis;
Capital;
Governance Controls;
Business and Government Relations;
Chile
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (A)." Harvard Business School Case 705-031, March 2005. (Revised July 2007.)
- March 2005
- Article
Sovereign Debt As a Contingent Claim: A Quantitative Approach
By: Laura Alfaro and Fabio Kanczuk
We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one...
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Keywords:
Sovereign Finance;
Borrowing and Debt;
Interest Rates;
Balance and Stability;
Risk and Uncertainty;
Risk Management;
Mathematical Methods;
Management Style;
Segmentation;
Debt Securities;
Banking Industry
Alfaro, Laura, and Fabio Kanczuk. "Sovereign Debt As a Contingent Claim: A Quantitative Approach." Journal of International Economics 65, no. 2 (March 2005).
- 2005
- Working Paper
Nominal versus Indexed Debt: A Quantitative Horse Race
By: Laura Alfaro and Fabio Kanczuk
The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium...
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Keywords:
Borrowing and Debt;
Taxation;
Risk and Uncertainty;
Inflation and Deflation;
System Shocks;
Developing Countries and Economies;
Mathematical Methods
Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Harvard Business School Working Paper, No. 05-053, January 2005. (Revised March 2010. Also NBER Working Paper No. 13131.)
- 2004
- Working Paper
Capital Flows in a Globalized World: The Role of Policies and Institutions
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych. "Capital Flows in a Globalized World: The Role of Policies and Institutions." Harvard Business School Working Paper, No. 05-054, December 2004. (Also NBER Working Paper No. 11696.)
- October 2004
- Article
FDI and Economic Growth: The Role of Local Financial Markets
By: Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek
The purpose of this paper is to examine the various links among foreign direct investment, financial markets and growth. We model an economy with a continuum of agents indexed by their level of ability. Agents have two choices: they can work for the foreign company in...
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Keywords:
Foreign Direct Investment;
Financial Markets;
Economic Growth;
Cost;
Wealth;
Investment Return;
Knowledge
Alfaro, Laura, Areendam Chanda, Sebnem Kalemli-Ozcan, and Selin Sayek. "FDI and Economic Growth: The Role of Local Financial Markets." Journal of International Economics 64, no. 1 (October 2004): 89–112.
- September 2004
- Article
Capital Controls: A Political Economy Approach
By: Laura Alfaro
This paper examines the economic consequences of political conflicts that arise when countries implement capital controls. In an overlapping-generations model, agents vote on whether to open or close an economy to capital flows. The young (workers) receive income from...
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Keywords:
Economy;
Voting;
Conflict of Interests;
Capital;
Government and Politics;
Wages;
Saving;
Forecasting and Prediction
Alfaro, Laura. "Capital Controls: A Political Economy Approach." Review of International Economics 12, no. 4 (September 2004): 571–590.
- August 2004
- Article
Capital Controls, Risk and Liberalization Cycles
By: Laura Alfaro and Fabio Kanczuk
The paper presents an overlapping-generations model where agents vote on whether to open or close the economy to international capital flows. Political decisions are shaped by the risk over capital and labor returns. In an open economy, the capitalists (old) completely...
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Keywords:
Business Cycles;
Development Economics;
Voting;
Risk and Uncertainty;
Cash Flow;
Saving;
Investment;
Economy;
Wages
Alfaro, Laura, and Fabio Kanczuk. "Capital Controls, Risk and Liberalization Cycles." Review of International Economics 12, no. 3 (August 2004): 412–434.
- May 2004 (Revised July 2008)
- Teaching Note
Brazil 2003: Inflation Targeting and Debt Dynamics (TN)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
Teaching Note to (9-704-028).
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- spring 2004
- Article
Multinationals and Linkages: An Empirical Investigation
By: Laura Alfaro and Andres Rodriguez-Clare
Several recent papers have used plant-level data and panel econometric techniques to carefully explore the existence FDI externalities. One conclusion that emerges from this literature is that it is difficult to find evidence of positive externalities from...
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Keywords:
Foreign Direct Investment;
Factories, Labs, and Plants;
Relationships;
Multinational Firms and Management;
Brazil;
Chile;
Venezuela;
Mexico
Alfaro, Laura, and Andres Rodriguez-Clare. "Multinationals and Linkages: An Empirical Investigation." Economía (spring 2004).
- February 2004 (Revised March 2010)
- Case
Brazil 2003: Inflation Targeting and Debt Dynamics
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In October 2002, Brazilians elected a left-wing president, Luis Inacio Lula da Silva, for the first time in that country's history. As markets faltered in response, Lula sought to reaffirm his commitment to fiscal discipline, a floating exchange rate, and inflation...
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Keywords:
Economy;
Inflation and Deflation;
Money;
Borrowing and Debt;
Policy;
Emerging Markets;
Brazil
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Brazil 2003: Inflation Targeting and Debt Dynamics." Harvard Business School Case 704-028, February 2004. (Revised March 2010.)
- 2004
- Working Paper
Multinationals and Linkages: An Empirical Investigation
By: Laura Alfaro and Andrés Rodríguez-Clare
Alfaro, Laura, and Andrés Rodríguez-Clare. "Multinationals and Linkages: An Empirical Investigation." Harvard Business School Working Paper, No. 04-033, February 2004.
- September 2003 (Revised May 2004)
- Case
New Partnership for Africa's Development, The
By: Laura Alfaro, Debora L. Spar and Cate Reavis
In a world context of international institutions such as the World Trade Organization and the International Monetary Fund and their interaction with developing countries, this case looks at an African development initiative to address its own problems: The New Economic...
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Keywords:
Development Economics;
Developing Countries and Economies;
International Finance;
Investment;
Poverty;
Africa
Alfaro, Laura, Debora L. Spar, and Cate Reavis. "New Partnership for Africa's Development, The." Harvard Business School Case 704-006, September 2003. (Revised May 2004.)
- Article
Capital and Control: Lessons from Malaysia
By: Rawi Abdelal and Laura Alfaro
Abdelal, Rawi, and Laura Alfaro. "Capital and Control: Lessons from Malaysia." Challenge 46, no. 4 (July–August 2003): 36–53. (Also published in French as "Contrôle des capitaux: les enseignements de l’expérience malaisienne." Problèmes économiques, no. 2,837 (December 2003), pp. 21-28.)
- April 2003 (Revised February 2008)
- Teaching Note
Botswana: A Diamond in the Rough (TN)
By: Laura Alfaro
Teaching Note for (9-703-027).
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Keywords:
Botswana
- 2003
- Working Paper
FDI Spillovers, Financial Markets, and Growth
By: Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek
Alfaro, Laura, Areendam Chanda, Sebnem Kalemli-Ozcan, and Selin Sayek. "FDI Spillovers, Financial Markets, and Growth." Harvard Business School Working Paper, No. 03-088, April 2003. (Also IMF Working Paper 03/186.)
- March 2003 (Revised November 2005)
- Case
Botswana: A Diamond in the Rough
By: Laura Alfaro, Debora L. Spar, Faheen Allibhoy and Vinati Dev
In the years since independence, tiny, landlocked Botswana has gone from being one of the world's poorest nations to becoming a stable, prosperous state, blessed with the highest sustained growth rate in the world. This case highlights the role that foreign direct...
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Keywords:
Foreign Direct Investment;
Growth and Development Strategy;
Economic Growth;
Natural Environment;
Developing Countries and Economies;
Botswana
Alfaro, Laura, Debora L. Spar, Faheen Allibhoy, and Vinati Dev. "Botswana: A Diamond in the Rough." Harvard Business School Case 703-027, March 2003. (Revised November 2005.)
- February 2003 (Revised May 2003)
- Case
Bombardier: Canada versus Brazil at the WTO
By: Rawi E. Abdelal, Laura Alfaro and Brett Laschinger
In less than a decade, Bombardier had grown from a medium-size Canadian company to a highly profitable global player largely on the strength of the introduction of a new generation of regional jet and successfully marketing its product to airlines around the world....
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Keywords:
Trade;
Global Strategy;
Five Forces Framework;
Marketing Strategy;
Product Launch;
Business and Government Relations;
Situation or Environment;
Competition;
Air Transportation Industry;
Canada;
Brazil
Abdelal, Rawi E., Laura Alfaro, and Brett Laschinger. "Bombardier: Canada versus Brazil at the WTO." Harvard Business School Case 703-022, February 2003. (Revised May 2003.)