Comparto un borrador sobre contagio internacional de los desequilibrios en la estructura de capital discutidos por la teoría austriaca del ciclo económico ilustrado con los países de Colombia y Panamá para el período 2002-2007. Este es el paper del Don Lavoie prize que Adrián comentaba en un post pasado.

El borrador del artículo ya se encuentra disponible en este link.

Abstract

I study the economies of Colombia (floating exchange rate) and Panama (dollarized) to illustrate how the monetary policy of a large economy can export capital structure distortions to small open economies that follow a different exchange rate regime. If these distortions bear enough weight, then economies with different exchange rate regimes include a common factor that causes their business cycles to appear similar, despite the conventional prediction which focuses on exchange rate as a transmission mechanism or moderator of a monetary shock.