Publications

7 publications found, searching for 'Esteban Pérez-Caldentey '

• Working Paper No. 1031 October 09, 2023

  A Stock-Flow Ecological Model from a Latin American Perspective

  Lorenzo Nalin, Giuliano Toshiro Yajima, Leonardo Rojas Rodriguez, Esteban Pérez-Caldentey, and José Eduardo Alatorre
  Abstract

  This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by Pérez-Caldentey et al. (2021, 2023) and the ecological modeling of Carnevali et al. (2020) and Dafermos et al. (2018). We discuss two scenarios that test […]

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• Working Paper No. 904 May 01, 2018

  Corporate Debt in Latin America and its Macroeconomic Implications

  Nicole Favreau-Negront, Luis Méndez Lobos, and Esteban Pérez-Caldentey
  Abstract

  This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and assessing the debt’s macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets of their respective countries, comprising 34 sectors […]

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• Working Paper No. 847 October 16, 2015

  Integration, Spurious Convergence, and Financial Fragility

  Matías Vernengo, and Esteban Pérez-Caldentey
  Abstract

  The Spanish crisis is generally portrayed as resulting from excessive spending by households, associated with a housing bubble and/or excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the nonfinancial corporate sector—the […]

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• Working Paper No. 775 September 26, 2013

  Wage and Profit-led Growth

  Matías Vernengo, and Esteban Pérez-Caldentey
  Abstract

  We argue that a fundamental difference between Post-Keynesian approaches to economic growth lies in their treatment of investment. Kaleckian-Robinsonian models postulate an investment function dependent on the accelerator and profitability. Some of these models rely on the importance of profitability, captured by the profit share, to make the case for profit-led growth. For their part, […]

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• Working Paper No. 749 January 30, 2013

  Weak Expansions

  Daniel Titelman, Pablo Carvallo, and Esteban Pérez-Caldentey
  Abstract

  Using two standard cycle methodologies (classical and deviation cycle) and a comprehensive sample of 83 countries worldwide, including all developing regions, we show that the Latin American and Caribbean cycle exhibits two distinctive features. First, and most important, its expansion performance is shorter and, for the most part, less intense than that of the rest […]

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• Working Paper No. 728 July 13, 2012

  Toward an Understanding of Crises Episodes in Latin America

  Matías Vernengo, and Esteban Pérez-Caldentey
  Abstract

  Conventional wisdom about the business cycle in Latin America assumes that monetary shocks cause deviations from the optimal path, and that the triggering factor in the cycle is excess credit and liquidity. Further, in this view the origin of the contraction is ultimately related to the excesses during the expansion. For that reason, it follows […]

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• Working Paper No. 728 July 13, 2012

  Η κατανόηση των κρίσεων στη Λατινική Αμερική

  Matías Vernengo, and Esteban Pérez-Caldentey
  Abstract

  Η συμβατική σοφία σχετικά με τους επιχειρηματικούς κύκλους στη Λατινική Αμερική υποθέτει ότι οι νομισματικοί κλυδωνισμοί προκαλούν αποκλίσεις από τη βέλτιστη πορεία και ότι ο παράγοντας ενεργοποίησης του κύκλου είναι η υπερβολική πίστωση και η ρευστότητα. Περαιτέρω, με βάση αυτήν την άποψη, η προέλευση της οικονομικής συστολής σχετίζεται σε τελική ανάλυση με τις υπερβολές κατά […]

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 728 PDF (854.26 KB)