El análisis reciente que postula la privatización de las empresas públicas tanto en las economías... more El análisis reciente que postula la privatización de las empresas públicas tanto en las economías en desarrollo como en las desarrolladas procede del postulado de que la propiedad privada implica una producción más eficiente ceteris paribus. Haciendo a un lado la eficiencia distributiva y fiscal, algunos han promovido la privatización como una reforma que fortalece la eficiencia. Este trabajo analiza el problema de la privatización desde la perspectiva más amplia del bienestar social, puesto que la propiedad pública implica costos unitarios de producción más altos. En particular analizamos un duopolio compuesto por una empresa en la cual el Estado puede tener acciones –lo que resulta en costos unitarios más altos– y otra empresa de propiedad totalmente privada. Hemos elaborado un modelo que ilustra un intercambio entre la ineficiencia productiva asociada con la propiedad pública y la ineficiencia distributiva asociada con la propiedad privada en una industria en donde está presente ...
The gains and difficulties Latin American countries face from financial market development and li... more The gains and difficulties Latin American countries face from financial market development and liberalisation have received much attention in current economic literature. Nevertheless, significant issues have received little or no attention, even though the success of these efforts depends upon them. The purpose of this article is to explore the benefits from open and developed – two words that are not necessarily synonymous – financial and capital markets in Latin America and possible important obstacles which will be faced in the remainder of the 1990s.
The views expressed in this article are solely my own and should not be attributed to the Federal... more The views expressed in this article are solely my own and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. I would like to thank
This article details the events that precipitated and followed Mexico’s financial crisis and exam... more This article details the events that precipitated and followed Mexico’s financial crisis and examines how the problems took shape. Although the Mexican economy has been growing since the third quarter of 1995, the banking sector remains in serious financial straits whose resolution, the government estimates, will ultimately absorb the equivalent of 8 percent of current annual gross domestic product (GDP). Indeed, despite Mexico’s recovery, domestic banking fragility strains Mexico’s ability to finance a deepening and diversifying of this recovery among smaller and mid-sized firms, which lack large firms ’ access to international capital markets.
El análisis reciente que postula la privatización de las empresas públicas tanto en las economías... more El análisis reciente que postula la privatización de las empresas públicas tanto en las economías en desarrollo como en las desarrolladas procede del postulado de que la propiedad privada implica una producción más eficiente ceteris paribus. Haciendo a un lado la eficiencia distributiva y fiscal, algunos han promovido la privatización como una reforma que fortalece la eficiencia. Este trabajo analiza el problema de la privatización desde la perspectiva más amplia del bienestar social, puesto que la propiedad pública implica costos unitarios de producción más altos. En particular analizamos un duopolio compuesto por una empresa en la cual el Estado puede tener acciones –lo que resulta en costos unitarios más altos– y otra empresa de propiedad totalmente privada. Hemos elaborado un modelo que ilustra un intercambio entre la ineficiencia productiva asociada con la propiedad pública y la ineficiencia distributiva asociada con la propiedad privada en una industria en donde está presente ...
The gains and difficulties Latin American countries face from financial market development and li... more The gains and difficulties Latin American countries face from financial market development and liberalisation have received much attention in current economic literature. Nevertheless, significant issues have received little or no attention, even though the success of these efforts depends upon them. The purpose of this article is to explore the benefits from open and developed – two words that are not necessarily synonymous – financial and capital markets in Latin America and possible important obstacles which will be faced in the remainder of the 1990s.
The views expressed in this article are solely my own and should not be attributed to the Federal... more The views expressed in this article are solely my own and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. I would like to thank
This article details the events that precipitated and followed Mexico’s financial crisis and exam... more This article details the events that precipitated and followed Mexico’s financial crisis and examines how the problems took shape. Although the Mexican economy has been growing since the third quarter of 1995, the banking sector remains in serious financial straits whose resolution, the government estimates, will ultimately absorb the equivalent of 8 percent of current annual gross domestic product (GDP). Indeed, despite Mexico’s recovery, domestic banking fragility strains Mexico’s ability to finance a deepening and diversifying of this recovery among smaller and mid-sized firms, which lack large firms ’ access to international capital markets.
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