Publications

Research Summary

Capital Flows and Capital Goods (joint with Eliza Hammel)

We examine one of the channels through which financial integration can help promote growth. In particular, we study the effects of capital account liberalization on the imports of capital goods. We pay particular attention to the effects of equity market... View Details

Research Summary

Inflation, Openness, and Exchange-Rate Regimes. The Quest for Short-Term Commitment

This paper further tests Romers (1993) extension of Kydland and Prescotts (1977) predictions on dynamic-inconsistency problems with regard to open economies. In a panel data set, I find that openness does not seem to play a role in the short run in restricting... View Details

December 11, 2015
Article

Latin America: Back to the Eighties or New Challenges?: [América Latina: ¿De vuelta a los ochenta o nuevos desafíos?]

2015
Chapter

Foreign Direct Investment: Effects, Complementarities, and Promotion

July 17, 2010
Guest Column

MIDEPLAN asume acciones de preparación técnica del proceso de transferencias de competencias y recursos del Poder Ejecutivo a los Gobiernos Locales

September 13, 2010
Guest Column

El Plan nacional de Desarrollo, herramienta al servicio de la Nación

October 26, 2010
Guest Column

Voluntad política para realizar el censo 2011

June 3, 2011
Guest Column

Una herramienta vital

June 10, 2012
Guest Column

Comicios en Grecia: una fecha decisiva?

September 2004
Article

Capital Controls: A Political Economy Approach

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... View Details

Keywords: Economy; Voting; Conflict of Interests; Capital; Government and Politics; Wages; Saving; Forecasting and Prediction

2024
Other Unpublished Work

A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies

By: Laura Alfaro, Guillermo Calvo, José de Gregorio, Augusto de la Torre, Pablo Guidotti, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez and Andrés Velasco

This paper addresses a critical flaw in the international financial system: the failure to address the inherent asymmetry between countries that issue reserve currencies and those that do not, leaving the latter vulnerable during systemic liquidity crises. We propose... View Details

Keywords: Macroeconomics; Emerging Markets; Financial Markets; International Finance; Developing Countries and Economies; Latin America

06 Feb 2007
First Look

First Look: February 6, 2007

Relationships Authors:Robin Ely and Laura Morgan Roberts Publication:In Diversity at Work, edited by Arthur P. Brief. Cambridge University Press, forthcoming Abstract No abstract available. Exploring Black... View Details

Keywords: Martha Lagace

Article

Managing the Unknowable: The Effectiveness of Early-stage Investor Gut Feel in Entrepreneurial Investment Decisions

By: Laura Huang and Jone L. Pearce

Using an inductive theory-development study, a field experiment, and a longitudinal field test, we examine early-stage entrepreneurial investment decision making under conditions of extreme uncertainty. Building on existing literature on decision making and risk in... View Details

Keywords: Entrepreneurship; Venture Capital; Risk and Uncertainty; Decision Making; Emotions; Performance Effectiveness

Find at Harvard

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... View Details

Keywords: Economy; Inflation and Deflation; Money; Borrowing and Debt; Policy; Emerging Markets; Brazil

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Research Summary

Come Together: Firm Boundaries and Delegation

We develop an incomplete-contracts model to jointly study firm boundaries and the allocation of decision rights within them. Integration has an option value: it gives firm owners authority to delegate or centralize decision rights, depending on who can best solve... View Details

Research Summary

Global Supply Chains: The Looming “Great Reallocation”

Global supply chains have come under unprecedented stress as a result of US-China trade tensions, the Covid-19 pandemic, and geopolitical shocks. We document shifts in the pattern of US participation in global value chains over the last four decades, in terms of... View Details

Research Summary

Do Prices Determine Vertical Integration?*

What is the relationship between product prices and vertical integration? While the literature has focused on how integration affects prices, this paper provides evidence that prices can affect integration. Many theories in organizational economics and industrial... View Details

Research Summary

The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment

In aftermath of the global financial crisis of 2008–2009, emerging-market governments have increasingly restricted foreign capital inflows. The data show a statistically significant drop in cumulative abnormal returns for Brazilian firms following capital control... View Details

Research Summary

The Global Networks of Multinational Firms (with Maggie Chen)