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Fernandez-Arias, Eduardo

Overview
Works: 61 works in 201 publications in 4 languages and 1,564 library holdings
Genres: Conference papers and proceedings  Case studies 
Roles: Author, Editor
Classifications: HG3881.5.W57, 339.5
Publication Timeline
Key
Publications about Eduardo Fernandez-Arias
Publications by Eduardo Fernandez-Arias
Most widely held works by Eduardo Fernandez-Arias
Wanted : world financial stability ( Book )
6 editions published in 2000 in English and held by 187 libraries worldwide
Recent private capital inflows to developing countries : is the debt crisis history? by Michael P Dooley( Book )
20 editions published between 1994 and 1995 in English and held by 106 libraries worldwide
This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in international interest rates for a 'typical' debtor country. We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows
Rethinking productive development : sound policies and institutions for economic transformation by Gustavo Crespi( Book )
6 editions published in 2014 in English and Undetermined and held by 92 libraries worldwide
"Rethinking Industrial Policy systematically analyzes policies in key areas such as innovation, new firms, firm networks, financing, human capital, and internationalization. The authors provide an in-depth look at specific policies and institutions that illustrate the do's and don'ts emerging from regional and international experience on the basis of the analytic tests, and they review new approaches to gauging the opportunities countries have for beneficial productive transformation into new and better products. The book discusses how these analyses are useful to inform policy to stimulate and guide productive transformation"--
Measuring aid flows : a new approach by Charles C Chang( Book )
12 editions published between 1998 and 1999 in English and held by 77 libraries worldwide
February 1999 Conventional measures of aid are not designed to estimate the overall aid content of financial flows. Furthermore, they typically overstate the grant elements of concessional loans, thus understating relative aid flows to recipients getting mostly grants and from donors giving mostly grants (and loans in high-yield currencies). A new approach to measuring aid flows-Effective Development Assistance-focuses on the overall grant equivalent of official financial flows and allows meaningful comparisons of recipients or donors. Debate about the effectiveness of foreign aid has intensified in recent years, as budgetary pressures on aid have increased in donor countries. Whatever the merits of opposing arguments, the question is: do conventional measures of aid (such as OECD's Net ODA), which lump together grants and loans, accurately reflect true aid flows? Chang, Fernández-Arias, and Servén analyze the methodological shortcomings of conventional measures of aid and propose a new approach, which measures official aid flows as the sum of grants and the grant-equivalents of official loans (in a new aggregate they call Effective Development Assistance, or EDA). They show how results using this conceptually superior measure may differ significantly from conventional aggregates, providing a quite different view on major aid trends. They implement their approach empirically using data on some 40,000 official loans from the World Bank's DRS database-virtually all of the official loans to 133 developing countries from 1975 to 1995. The numerical results underscore several points: * The conventional approach has led to systematic overestimates of the concessionality of official loans. This overestimate has increased significantly since the mid-1980s. Conventional methods show a rising trend; the new method shows the opposite. * Net ODA increasingly overstates the true aid content of official flows, although the divergence between the two approaches is somewhat muted by the rising relative importance of grants over loans in total official flows. This paper-a product of Macroeconomics and Growth, Development Research Group-is part of a larger effort in the group to understand the effectiveness of development aid. The authors may be contacted at cchang6@worldbank.org or lserven@worldbank.org
North-South customs unions and international capital mobility by Eduardo Fernandez-Arias( Book )
16 editions published between 1996 and 1999 in English and Undetermined and held by 75 libraries worldwide
February 1996 North-South trade accords can serve as credibility-enhancing mechanisms for the treatment of foreign investment, inducing additional inflows of foreign capital. The presence of sovereign risk changes the tradeoffs between trade creation and diversion, enhancing the potential for welfare-increasing, trade-diverting North-South regional trade accords. North-South integration involves different issues than did previous trade accords, but a nation still does best by the integration that yields the greatest gains from trade. The primary distinction in a North-South trade accord is likely to be that the Southern nation experiences more capital scarcity than its Northern trade partner. So the trade accord's impact on the Southern trading partner's ability to attract capital may have welfare implications for both nations. Fernandez-Arias and Spiegel extend the traditional analysis of customs unions to allow for international capital movements. Their results indicate that trade accords may affect the ability of Southern nations to attract capital and may divert capital between Southern nations. Moreover, the welfare implications of North-South trade accords may differ from those that predict the North American Free Trade Agreement's (NAFTA) minor third-country effects, holding factor endowments constant. The key implications of North-South trade accords such as NAFTA are generally perceived to involve their impact on investment flows. Fernandez-Arias and Spiegel try to understand the channels through which trade accords can affect North-South investment flows. A potential link between trade accords and investment flows may be how the accords affect the ability of the Southern partner government to make commitments about the treatment of foreign investment. They show that these accords can affect both the magnitude and pattern of inward foreign investment and production, implying the possibility that both trade and financial diversion can stem from a bilateral regional trade accord. Novel effects that emerge under sovereign risk must be addressed when assessing the welfare implications of trade accords. The greatest gains from integration are still achieved when integration takes place between the countries with the greatest potential gains from trade. But Fernandez-Arias and Spiegel make a distinction: these gains now include both current trade and inter-temporal trade through foreign investment. This paper -- a product of the International Finance Division, International Economics Department -- is part of a larger effort in the department to analyze foreign investment in emerging markets
The surge in capital inflows to developing countries prospects and policy response by Eduardo Fernandez-Arias( file )
11 editions published between 1995 and 1999 in English and Undetermined and held by 68 libraries worldwide
June 1995 After being excluded from world capital markets during the debt crisis, many developing countries have experienced large capital inflows in the past five years. The challenges these inflows pose for domestice policy have generated a substantial literature. The authors review and extend that literature. They characterize the new inflows, assess their causes and the likelihood of sustainability, analyze the policy issues they raise, and evaluate the possible policy responses. Their conclusions tie desirable policy responses to characteristics of both the flows themselves and to those of the recipient economy. Regarding the forces driving the current episode, they conclude that generally, the role of foreign interest rates as a push factor driving capital inflows and determining their magnitude has been well-established. On the other hand, country creditworthiness has helped determine both the timing and destination of the new capital flows. Even if creditworthiness is maintained, the early level of inflows is unlikely to be sustained. The pace of reduction in flows to countries that have been receiving them since the early 1990s depends on the path of foreign interest rates and the role of stock adjustment. But a loss of creditworthiness caused by a deterioration in domestic policy would stop inflows quickly and, depending on the circumstances, inflows may be replaced by substantial outflows and an outright balance of payments crisis. What are the implications for policy in recipient countries? Briefly, the receipt of capital inflows may strengthen the case for removing macroeconomic distortions, either because such inflows aggravate the cost of such distortions or because they ease the constraints that originally motivated their adoption. While direct intervention may not be feasible (because controls may be easily evaded), controls may sometimes be a second-best policy. To the extent that capital inflows are permitted to materialize, the desirability of foreign exhcange intervention depends on what is required for macroeconomic stability. Sterilized foreign exchange intervention to prevent overstimulation of demand with a fixed exchange rate may not be feasible or effective. A commensurate reduction in the money multiplier, achieved by increasing reserve requirements, may also have limited effects. The effectiveness of both measures depends on the structure of the domestic financial system. If domestic monetary expansion is not avoided, or if an expansionary financial stimulus is transmitted outside the banking system, the stabilization of total demand will require fiscal contraction
Debt reduction and North-South resource transfers to the year 2000 by Richard E Feinberg( Book )
7 editions published in 1992 in English and German and held by 67 libraries worldwide
The new wave of private capital inflows : push or pull? by Eduardo Fernandez-Arias( Book )
7 editions published in 1994 in English and held by 33 libraries worldwide
Sources of growth in Latin America : what is missing? ( Book )
8 editions published between 2005 and 2006 in English and held by 32 libraries worldwide
Costs and benefits of debt and debt service reduction by Eduardo Fernandez-Arias( Book )
7 editions published in 1993 in English and held by 27 libraries worldwide
Una nueva era de crecimiento económico en Uruguay by Eduardo Fernandez-Arias( Book )
3 editions published in 2006 in Spanish and held by 26 libraries worldwide
Burden-sharing among official and private creditors by Aslı Demirgüç-Kunt( Book )
6 editions published in 1992 in English and held by 24 libraries worldwide
Recent experience with commercial bank debt reduction by Stijn Claessens( Book )
7 editions published in 1992 in English and held by 19 libraries worldwide
Teatro mágico da cultura : crise global e oportunidades do Brasil ( Book )
1 edition published in 2009 in Portuguese and held by 17 libraries worldwide
A dynamic bargaining model of sovereign debt by Eduardo Fernandez-Arias( Book )
5 editions published in 1991 in English and held by 17 libraries worldwide
On the Role of Productivity and Factor Accumulation in Economic Development in Latin America and the Caribbean by Christian Daude( Article )
1 edition published in 2010 in English and held by 14 libraries worldwide
This paper combines development and growth accounting exercises with economic theory to estimate the relative importance of total factor productivity and the accumulation of factors of production in the economic development performance of Latin America. The region's development performance is assessed in contrast with various alternative benchmarks, both advanced countries and peer countries in other regions. We find that total factor productivity is the predominant factor: low and slow productivity, as opposed to impediments to factor accumulation, is the key to understand Latin America's low income relative to developed economies and its stagnation relative to other developing countries that are catching up. While policies easing factor accumulation would help improving productivity somewhat, for the most part, closing the productivity gap requires productivity-specific policies
Balance of payments rescue packages : can they work? by Eduardo Fernandez-Arias( Book )
5 editions published in 1996 in English and held by 9 libraries worldwide
Reform and growth in Latin America : all pain, no gain? by Eduardo Fernandez-Arias( Book )
5 editions published between 1997 and 2001 in English and Undetermined and held by 9 libraries worldwide
The paper addresses the adequacy of post-reform growth in Latin America in the 1990s on the basis of international comparison and other relevant standards, analytically exploring and empirically testing a number of hypotheses to explain the perceived dissatisfaction with growth performance. It also estimates the long-run growth payoff of macroeconomic reforms, the additional gains that can be achieved by deepening the first generation of reforms, and the potential payoff from broadening the scope of reform into a second generation of reforms encompassing deeper structural and institutional areas
A theory of North-South customs unions by Eduardo Fernandez-Arias( Book )
2 editions published in 1995 in English and held by 8 libraries worldwide
Rethinking industrial policy : sound policies and institutions for productive transformation ( file )
1 edition published in 2014 in English and held by 0 libraries worldwide
<Span style=""font-style:italic;"">Rethinking Productive Development </span>systematically analyzes policies in key areas such as innovation, new firms, firm networks, financing, human capital, and internationalization
 
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Alternative Names
Arias Eduardo Fernández-
Arias-Fernández, Eduardo
Fernandes-Arias, Eduardo
Fernandez-Arias, E.
Fernandez-Arias, E. (Eduardo)
Fernández-Arias, Eduardo
Languages
English (127)
Spanish (3)
Portuguese (1)
German (1)
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