Publications

December 2005 (Revised March 2010)
Teaching Note

Foreign Direct Investment and Ireland's Tiger Economy (TN) (A) and (B)

Keywords: Foreign Direct Investment; Developing Countries and Economies

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Research Summary

Credit Supply Shocks, Network Effects, and the Real Economy

We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all firms in Spain with a matched bank-firm-loan dataset with information on the universe of corporate loans for... View Details

Research Summary

Undisclosed Debt Sustainability

Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details

Research Summary

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance

We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world... View Details

Research Summary

The Global Agglomeration of Multinational Firms

The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What drives the offshore agglomeration of... View Details

Research Summary

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation (joint with Sebnem Kalemli-Ozcan and Vadym Volosovych)

We examine the role of different explanations for the lack of flows of capital from rich to poor countries -- the Lucas paradox -- in an empirical framework. Broadly, the theoretical explanations for this paradox include differences in fundamentals affecting the... View Details

October 2024
Teaching Note

El Salvador: Launching Bitcoin as Legal Tender

Teaching Note for HBS Case No. 322-055. In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had... View Details

Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Government Administration; Latin America; El Salvador

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2023
Chapter

Discussion of Geoeconomic Fragmentation and the Future of Multilateralism

Keywords: Global Range; Economics; Globalized Economies and Regions; Globalization; International Relations; Policy

October 22, 2010
Guest Column

Voluntad política para realizar el censo 2011

November 14, 2010
Guest Column

La labor del Mideplan

December 25, 2010
Guest Column

Plan Nacional de Desarrollo 2011-2014: María Teresa Obregón Zamora

December 27, 2010
Guest Column

Una reflexión sobre los datos de la Encuesta Nacional de Hogares 2010. Evolución reciente de la pobreza en Costa Rica

May 2002
Teaching Note

Brazil: Embracing Globalization? TN

Teaching Note for (9-701-104). View Details

Keywords: Brazil

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June 2005
Article

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

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... View Details

Keywords: Forecasting and Prediction; Economy; Currency Exchange Rate; Developing Countries and Economies; Inflation and Deflation

2001
Working Paper

On the Political Economy of Temporary Stabilization Programs