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Industrial policies vs public goods under asymmetric information (English)

This paper presents an analytical framework that captures the informational problems and trade-offs that policy makers face when choosing between public goods (for example, infrastructure) and industrial policies (for example, firm- or sector-specific subsidies). ... See More +

Policy Research Working Paper WPS8052 MAY 04, 2017

Hevia,Constantino; Loayza,Norman V.; Meza Cuadra Balcazar,Claudia Maria Disclosed

Assessing the degree of international consumption risk sharing (English)

This paper examines the extent of consumption risk sharing for a group of 50 high-income and developing countries. The analysis is based on the empirical implementation of a model of partial consumption insurance whose parameters have the natural interpretation of coefficients of partial risk sharing even when the 0 hypothesis of perfect risk sharing is rejected. ... See More +

Policy Research Working Paper WPS7867 OCT 19, 2016

Hevia,Constantino; Serven,Luis Disclosed

Partial consumption insurance and financial openness across the world (English)

This paper examines the extent of international consumption risk sharing for a group of 50 industrial and developing countries. The analysis is based on the empirical implementation of a model of partial consumption insurance whose parameters have the natural interpretation of coefficients of partial risk sharing even when the 0 hypothesis of perfect risk sharing is rejected. ... See More +

Policy Research Working Paper WPS6479 JUN 01, 2013

Hevia, Constantino; Serven, Luis Disclosed

Saving and growth in Sri Lanka (English)

In the aftermath of its long-standing civil war, Sri Lanka is keen to reap the social and economic benefits of peace. Even in the middle of civil conflict, the country was able to grow at rates that surpassed those of its neighbors and most developing countries. ... See More +

Policy Research Working Paper WPS6300 JAN 01, 2013

Hevia, Constantino; Loayza, Norman Disclosed

How resilient and countercyclical were emerging economies to the global financial crisis? (English)

During the crises of the 1990s, emerging economies usually lacked the policy tools to deal with external shocks that were available to advanced economies. ... See More +

Journal Article 83337 DEC 01, 2012

Didier Brandao,Tatiana; Hevia,Constantino; Schmukler,Sergio L. Disclosed

Using pooled information and bootstrap methods to assess debt sustainability in low income countries (English)

Conventional assessments of debt sustainability in low income countries are hampered by poor data and weaknesses in methodology. In particular, the standard International Monetary Fund-World bank debt sustainability framework relies on questionable empirical assumptions: its baseline projections ignore statistical uncertainty, and its stress tests, which are performed as robustness checks, lack a clear economic interpretation and ignore the interdependence between the relevant macroeconomic variables. ... See More +

Policy Research Working Paper WPS5978 FEB 01, 2012

Hevia, Constantino Disclosed

How resilient and countercyclical were emerging economies to the global financial crisis ? (English)

During the crises of the 1990s, emerging economies usually lacked the policy tools to deal with external shocks that were available to advanced economies. ... See More +

Policy Research Working Paper WPS5637 APR 01, 2011

Didier Brandao,Tatiana; Hevia,Constantino; Schmukler,Sergio L. Disclosed

Saving and growth in Egypt (English)

This study illustrates the mechanisms linking national saving and economic growth, with the purpose of understanding the possibilities and limits of a saving-based growth agenda in the context of the Egyptian economy. ... See More +

Policy Research Working Paper WPS5529 JAN 01, 2011

Hevia, Constantino; Loayza, Norman Disclosed

Privatization and nationalization cycles (English)

This paper studies the cycles of nationalization and privatization in resource-rich economies as a prime instance of unstable institutional reform. ... See More +

Policy Research Working Paper WPS5029 AUG 01, 2009

Chang, Roberto; Hevia, Constantino; Loayza, Norman Disclosed

Optimal devaluations (English)

According to the conventional wisdom, when an economy enters a recession and nominal prices adjust slowly, the monetary authority should devalue the domestic currency to make the recession less severe. ... See More +

Policy Research Working Paper WPS4926 MAY 01, 2009

Hevia, Constantino; Nicolini, Juan Pablo Disclosed

Emerging market fluctuations : what makes the difference ? (English)

Aggregate fluctuations in emerging countries are quantitatively larger and qualitatively different in key respects from those in developed countries. ... See More +

Policy Research Working Paper WPS4897 APR 01, 2009

Hevia, Constantino Disclosed