Fernando Delbianco

Growth and Poverty Revisited from a Multidimensional Perspective

Abstract The actual impact of economic growth on poverty reduction is of fundamental importance to the development agenda. This paper offers new empirical evidence on growth and poverty measured from a multidimensional perspective using the global Multidimensional Poverty Index. Results from a First Difference Estimator Model suggest that while economic growth reduces multidimensional poverty, this impact is well below a one-to-one relationship and lower than the impact of growth on income poverty. Results from a cross-section model additionally suggest that countries with higher levels of exports, higher share of industry and services and higher control of corruption have lower multidimensional poverty.

High inflation, price stability and hysteresis effect: Evidence from Argentina

We estimate a Currency Substitution model for 1980-2013 periods in Argentina. Following the Mongardini and Mueller (2000) specification, our paper studies the persistence of lower demand of local money, or dollarization, by including a hysteresis variable. By applying an ARDL (Auto Regressive Distributed Lags) model, we found a clear ratchet effect, which implies that in the short run agents do not adjust to changes on the fundamentals, leading to a significant hysteresis variable.