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

Author

Listed:
  • Fedora Carbajal

    () (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)

  • Gioia de Melo

    () (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)

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.

Suggested Citation

  • Fedora Carbajal & Gioia de Melo, 2008. "Volatilidad cíclica y arquitectura financiera doméstica, un estudio histórico comparado : el caso de Uruguay y Nueva Zelanda," Documentos de Trabajo (working papers) 08-02, Instituto de Economía - IECON.
  • Handle: RePEc:ulr:wpaper:dt-02-08
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    Citations

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    Cited by:

    1. Reto Bertoni & Henry Willebald, 2015. "Do energy natural endowments matter? New Zealand and Uruguay in a comparative approach (1870-1940)," Documentos de trabajo 35, Programa de Historia Económica, FCS, Udelar.
    2. Jorge Álvarez & Henry Willebald, 2013. "Agrarian income distribution, land ownership systems, and economic performance: Settler economies during the first globalization," Documentos de trabajo 30, Programa de Historia Económica, FCS, Udelar.

    More about this item

    Keywords

    volatility; cycles; institutions;

    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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