EconPapers    
Economics at your fingertips  
 

Volatilidad cí­clica y arquitectura financiera doméstica, un estudio histórico comparado: el caso de Uruguay y Nueva Zelanda

Fedora Carbajal and Gioia de Melo

No 08-02, Documentos de Trabajo (working papers) from Instituto de Economia - IECON

Abstract: During the twentieth century Uruguay showed marked cyclical fluctuations. In particular, in the last decades Uruguay exhibited periods of significant growth which turned out not to be sustainable and ended in deep crises. In this paper we intend to help explain Uruguay's cyclical volatility by comparing its evolution with New Zealand. We find that a long cycle (Kuznets' like) accounts for Uruguay's greater volatility relative to New Zealand. We argue that the characteristics of the financial architecture interacting with structural characteristics associated with the trade sector are related with the higher cyclical volatility that Uruguay exhibits relative to New Zealand. Following Fanelli (2006), we claim that the relation between institutional factors and volatility is bi-directional. The analysis suggests that there is a vicious circle between volatility and the weaknesses of the financial sector in Uruguay which does not appear to be present in New Zealand.

Keywords: volatility; cycles; institutions (search for similar items in EconPapers)
JEL-codes: N10 O11 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2008-02
References: Add references at CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://www.iecon.ccee.edu.uy/download.php?len=es&i ... oad&tc=Publicaciones (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ulr:wpaper:dt-02-08

Access Statistics for this paper

More papers in Documentos de Trabajo (working papers) from Instituto de Economia - IECON Contact information at EDIRC.
Bibliographic data for series maintained by Andres Dean ().

 
Page updated 2021-05-19
Handle: RePEc:ulr:wpaper:dt-02-08