IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

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

Listed author(s):
  • 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)

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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by Instituto de Economía - IECON in its series Documentos de Trabajo (working papers) with number 08-02.

in new window

Length: 41 pages
Date of creation: Feb 2008
Handle: RePEc:ulr:wpaper:dt-02-08
Contact details of provider: Postal:
Av. Gonzalo Ramirez 1926, CP 11200, Montevideo

Phone: (598) 2413-1007
Fax: (598) 2419-8727
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ulr:wpaper:dt-02-08. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Andrés Dean)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.