Levy Yeyati, Eduardo
Published Papers
- "The Elusive Cost of Sovereign Default," 2006, (with Ugo Panizza), Journal of Development Economics.
- “On the Endogeneity of Exchange Rate Regimes,” 2005, (with Federico Sturzenegger and Iliana Reggio), forthcoming, European Economic Review.
- “Deposit Behaviour under Macroeconomic Risk: Evidence from Bank Runs in Emerging Economies,” (con María Soledad Martínez Pería y Sergio Schmukler), Journal of Money, Credit and Banking.
- “International Financial Integration through the Lens of the Law of One Price”, (with Sergio Schmukler and Neeltje van Horen), Journal of Financial Intermediation., vol 18 (3), pp. 432-463.
- “Optimal Debt? On the Insurance Value of International Debt Flows to Developing Countries,”Open Economies Review, vol 20 (4), pp. 489-507.
- “Global Factors and Emerging Market Spreads”, (with Martín González Rozada), Economic Journal, vol. 118(533), pages 1917-1936.
- “Emerging Market Liquidity and Crises”, (with Neeltje van Horen and Sergio Schmukler), Journal of the European Economic Association, 2008, vol. 6 (2-3), pp. 668-682.
- “The Cost of Reserves”, Economic Letters, 2008, vol. 100 (1), pp. 39-42.
- “Concentration and Foreign Penetration in Latin American Banking Sectors: Impact on Competition and Risk",(with Alejandro Micco), Journal of Banking and Finance, vol. 31(6), pp. 1633-164.
- “The Public Banks Debate: A Reappraisal", (with Alejandro Micco y Ugo Panizza), forthcoming, Economia. A previous version of this paper, circulated under the title "Should the Government be in the Banking Business? The Role of State-Owned and Development Banks", was presented at the seminar on Governments and Banks: Responsibilities and Limits, IDB-IIC Annual Meetings, Lima, Peru, March 28, 2004. An abridged Spanish version is reproduced in Perspectivas, vol. 2 (2), pp. 131-167.
- “Dollars, Debts, and the IFIs: Dedollarizing Multilateral Lending”, World Bank Economic Review, 21, pp. 21-47.
"A (New) Country Insurance Facility", 2005, (with Tito Cordella), International Finance, Vol 9 (1). - "Financial Dollarization: Evaluating the Consequences", Economic Policy, January 2006.
Dataset: Deposit dollarization and dollarization restrictions. 2010 update. - "Country Insurance", (with Tito Cordella), IMF Staff Papers, 52, pp. 85-106, 2005.
- "Endogeous Deposit Dollarization", 2006, (with Christian Broda), Journal of Money, Credit and Banking, Vol. 38 (4), pp. 963-988.
- "The Cyclical Nature of North-South FDI Flows", 2007, (with Ugo Panizza and Ernesto Stein), Journal of International Money and Finance, vol. 26(1), pp. 104-130.
- "Exchange Rates as Shock Absorbers", (with Sebastian Edwards), European Economic Review, 49 (8), pp. 2079-2105, 2005.
- "Classifying Exchange Rate Regimes: Deeds vs. Words", February 2002, (with Federico Sturzenegger), European Economic Review, Volume 49, Issue 6, August 2005, pp. 1603-1635.
Dataset: Levy Yeyati-Sturzenegger (LYS) de facto classification of exchange rate regimes (updated, December 2005). - "The Price of Inconvertible Deposits: The Stock Market Boom during the Argentine Crisis", (with Sergio Schmukler and Neeltje van Horen), Economic Letters, 83 (1), pp. 7-14, 2004.
- “Financial Dollarization and Debt Deflation under a Currency Board,” (with Sebastián Galiani and Ernesto Schargrodsky), Emerging Markets Review, 4, pp. 340-367, 2003.
- "Bank Bailouts: Moral Hazard vs. Value Effect", (with Tito Cordella), Journal of Financial Intermediation, 12(4), pp. 300-330, 2003.
- "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth", (with Federico Sturzenegger), American Economic Review, Vol. 93 (4), pp. 1173-1193, 2003.
- "A de facto Classification of Exchange Rate Regimes: A Methodological Note", (with Federico Sturzenegger), American Economic Review web edition.
- "Financial Dollarization", (with Alain Ize), Journal of International Economics, 59, pp. 323-347, 2003.
- “Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board,”(with Augusto de la Torre y Sergio Schmukler), Economía, 2003, vol. 5 (2), pp. 43-99.
- “On the Impact of a Common Currency on Bilateral Trade,” Economic Letters, 2003, 79 (1), pp. 125-129.
- “Financial Globalization: Unequal Blessings,” (with Augusto de la Torre and Sergio Schmukler), International Finance, 2002, 5 (3).
- “Financial Opening, Deposit Insurance and Risk in a Model of Banking Competition,”(with Tito Cordella), European Economic Review, 2002, 46, pp. 471-485.
- “10 Años de Convertibilidad: La Experiencia Argentina,” Revista de Análisis Económico, 2001, 16 (2), pp. 3-42.
- “Exchange Rate and Economic Performance,” (with Federico Sturzenegger), IMF Staff Papers, 2001, 47, pp. 62-98.
- “Is EMU a Blueprint for Mercosur?,” (with Federico Sturzenegger), Cuadernos de Economía, 2000, 110, pp. 63-99.
- "Implications of the Euro for Latin America’s Financial and Banking Sectors,” (with Federico Sturzenegger), Emerging Markets Review, 2000, 1, pp. 53-81.
- “Crises, Contagion and the Closed-End Country Fund Puzzle,” (with Angel Ubide-Querol), IMF Staff Papers, 2000, 41 (1), pp. 54-89.
- “Public Disclosure and Bank Failures,” (with Tito Cordella), IMF Staff Papers, 1999, 45, No. 1, pp. 110-131.
- “Convergence and Political Cycles,” Económica, 1998, XLIV, No. 1-2, pp. 103-125.
Working Papers
- "Global Financial Safety Nets: Where Do We Go from Here?", 2010, (with Eduardo Fernández-Arias), IDB WORKING PAPER SERIES No. IDB-WP-231.
- "Lineamientos para una reforma previsional", 2010, (with Luciano Cohan and Luciana Díaz Frers), CIPPEC - Documento de Trabajo Nº50.
- "De Londres a Seúl: la agenda del G20 desde una perspectiva latinoamericana", 2010, CIPPEC - Documento de Trabajo Nº52.
- "Latin america economic perspectives", 2010, (with Mauricio Cárdenas and Camila Henao), Latin America initiative at Brookings.
- "Advanced Emerging Markets: The Road to Graduation", 2010, (with Piero Ghezzi and George Christou), Emerging Markets Research-Barclays Capital.
- "G20: NEW WORLD, NEW IDEAS?",2011, Discussion piece prepared by Eduardo Levy Yeyati for the LAC/G20IDB Research Group XXXIII Meeting of the LAC Network of Central Banks and Finance Ministries.
- "Advanced Emerging Markets - a Reassessment of an Asset Class", 2009 (with Piero Ghezi and Christian Broda).
- "The New Global Balance - Part II: 2010: Higher Rates Rather than Weaker Dollar", 2009 (with Christian Broda and Piero Ghezi).
- “The New Global Balance,” 2009, (with Christian Broda and Piero Ghezi), Barclays Capital.
- “Catalytic Insurance,” 2007, (with Tito Cordella), mimeo, The World Bank.
- “Zooming In: From Aggregate Volatility to Income Distribution,” 2007, (with César Calderón), mimeo, The World Bank.
- “Fear of Appreciation,” 2007, (with Federico Sturzenegger), Kennedy School of Government Working Paper 07-047, Harvard University.
- "A Balance-Sheet Approach to Fiscal Sustainability," 2007, (with Federico Sturzenegger), Kennedy School of Government Rsearch Working Paper 07-044, Harvard University.
- “Sovereign Debt in the Americas: New Data and Stylized Facts”. (with Kevin Cowan, Ugo Panizza and Federico Sturzenegger), IDB Working Paper No. 577.
- “The Fiscal Spending Gap and the Procyclicality of Public Expenditure,” 2003, (with Sebastián Galiani), CIF Working Paper 15/2003, UTDT.
- “Financial Dedollarization: A Carrot and Stick Approach,”2003, prepared for the XVIII Meeting of the Latin American Network of Central Banks and Finance Ministries, CIF Working Paper 8/2003, UTDT.
- “Regional Integration and the Location of FDI,” July 2003, (with Christian Daude and Ernesto Stein), IDB Working Paper 492, and CIF Working Paper 5/2003, UTDT.
- “El Uso de Instrumentos Derivados en Empresas no Financieras: El caso de Argentina,” 2000, (with Mariano Tappatá and Gustavo Jakoniuk), CIF Working Paper 2/2000, UTDT.
- “Global Moral Hazard, Capital Account Liberalization and the ‘Overlending Syndrome’,” July 1999, IMF Working Paper 99/100.
- “Dollarization of Financial Intermediation: Causes and Policy Implications,” Marzo 1998 (with Alain Ize) IMF Working Paper No. 98/28.
- “Investment in Inflationary Economies,” September 1996, IMF Working Paper 96/15.
Books
- Gallo,Editorial Sudamericana, 2008. Reseñas y notas: Radar (Pagina 12); Ñ (Clarin); ADN (La Nacion); Noticias.
- La Resurrección: Historia de la Poscrisis Argentina, (with Diego Valenzuela), Editorial Sudamericana, 2007. Reseñas y notas: Clarin.com; La Nacion; El Economista; MaterizaBiz.
- Living with Debt: How to Limit the Risks of Sovereign Finance, (with Eduardo Borensztein and Ugo Panizza), Harvard University Press, 2006.
- Financial Dollarization: The Policy Agenda, (ed. with Adrián Armas and Alain Ize), Palmgrave Macmillan, London, 2006.
- Dollarization: Debates and Policy Alternatives, (ed. with Federico Sturzenegger), MIT Press, 2003.
Book Chapters
- "Crises, capital controls and financial integration", (with Sergio L. Schmukler and Neeltje van Horen), in Managing Capital Flows: The Search for a Framework, edited by Masahiro Kawai and Mario B. Lamberte, ADBI publications, 2010
- "Risk Appetite and Emerging Market Spreads" (with Martín Gonzalez Rozada) in Financial Contagion: The Viral Threat to the Wealth of Nations, Robert Kolb, editor, John Wiley Financials, 2011.
- “Fear of appreciation: exchange rate policy as a development strategy”, (with Federico Sturzenegger), forthcoming in Monetary Policy Frameworks for Emerging Markets (G. Hammoind, R. Kapur and E. Prassad, eds.), Edward Elgar.
- “Monetary and Exchange Rate Policy”, (joint with Federico Sturzenegger), prepared for the Handbook of Development Economics Vol. 5: The Economics of Development Policy, (D. Rodrik and M. Rosenzweig, eds.), forthcoming, Elsevier.
- “Liquidity Insurance in Financially Dollarized Economies”, NBER Working Paper No 12345, forthcoming in Financial Markets Volatility and Performance in Emerging Economies (S. Edwards and M. Garcia, eds.), University of Chicago Press.
- “Managing Systemic Liquidity Risk in Financially Dollarized Economies”, (with Alain Ize and Miguel Kiguel), in Financial Dollarization: The Policy Agenda, (A. Armas, A. Ize, and E. Levy Yeyati, eds.), Palmgrave Macmillan, London, 2006.
- “Financial De-Dollarization: Is It for Real?”, (with Alain Ize), in Financial Dollarization: The Policy Agenda, (A. Armas, A. Ize, and E. Levy Yeyati, eds.), Palmgrave Macmillan, London, 2006.
- “Financial Dollarization”, Special Issue of the Journal of Policy Reform, Volume 8, Issue 4. Includes: “Introduction” (with Eduardo Fernández Arias), pp. 239-240.
- “Exchange Rate Regimes in the 2000s: A Latin American Perspective”, 2005, A New Economic Development Agenda for Latin America, Fundación Cidob.
- “The Case for an IMF Insurance Facility”, (with Tito Cordella), in Reforming the IMF for the 21st Century (E. Truman, ed.), Institute of International Economics Special Report 19.
- “Comments on Financial Dollarization and Dedollarization, by Eduardo Fernández Arias,” Economía.
- “De jure Dollarization and Euroization,” in European Economic Integration and South-East Europe: Challenges and Prospects, (K. Liebscher, J. Christ, P. Mooslechner and D. Ritzberger-Grunwald, eds.), Edward Elgar.
- “Recurrent Debt Problems and International Safety Nets,”in Miguel A. Centeno, Harold James, and John Londregan, eds., The Political Economy of Recurrent Debt, Princeton Institute for International and Regional Studies Monograph Series, no. 3 (Princeton: PIIRS, Princeton University, 2005).
- “Should the Government be in the Banking Business?”(with Alejandro Micco and Ugo Panizza), in Unlocking Credit, Inter-American Development Bank, 2004.
- “Market Discipline in Emerging Economies: Beyond Bank Fundamentals,” (with María Soledad Martínez Pería and Sergio Schmukler), in Market Discipline across Countries and Industries, W. Hunter, G. Kaufman, C. Borio and K. Tsatsaronis, eds., MIT Press, 2004.
- “Comments on Why are capital flows so much more volatile in developing than in developed countries? The (non) role of fundamentals, by Fernando A. Broner and Roberto Rigobón,” forthcoming, Vulnerabilidad Externa y Políticas de Prevención, Banco Central de Chile.
- “The FTAA and the Location of FDI”, (with Christian Daude and Ernesto Stein), in Integrating the Americas: FTAA and Beyond, A. Estevadeordal, D. Rodrik, A. Taylor and A. Velasco, eds., Harvard University Press, 2004.
- “Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board,” (reprinted from Economia) in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability, Volbert A., J. Mélitz, and G. von Furstenberg, eds., Oxford University Press, 2004.
- “Dollarization and the Lender of Last Resort,” (with Christian Broda), in Dollarization, Levy Yeyati, E. and F. Sturzenegger, eds., MIT Press.
- “Dollarization: A Primer,” (with Federico Sturzenegger), in Dollarization, Levy Yeyati, E. and F. Sturzenegger, eds., MIT Press.
- “Regional Integration and Foreign Direct Investment,” (with Ernesto Stein and Christian Daude), in Beyond Borders: The New Regionalism in Latin America, Inter-American Development Bank, 2002.
- “Dolarización Financiera y Crisis Bancaria”, 2002, Revista de Economía del Banco Central del Uruguay, Vol. 9 (2).
- “Diez Años de Covertibilidad: Evaluación y Perspectivas”, in Crecimiento y Equidad en la Argentina, FIEL, October 2001.
- “Las Perspectivas de la Coordinación Macroeconómica,” 2000, (with Jorge Carrera and Federico Sturzenegger), in Coordinación de Políticas Macroeconómicas en el Mercosur, J. Carrera and F. Sturzenegger, eds., Fondo de Cultura Económica.
- Three Essays on Macroeconomic Finance, 1996, Doctoral Thesis, University of Pennsylvania.