After major banking crisis, investors and academics alike are left wondering how it could have been avoided. Crises can take an enormous toll on society. Mexico's 1994 crisis cost almost 10% of GDP. Chile's 1983 crisis was even worse, with the ¯nal cost amounting to a stunning 30% of GDP. Moreover, the economy can experience a traumatic recovery process that in some cases lasts several years. The most common explanation of banking crises focuses on the anticipation of government bail out.

El objetivo de este trabajo es describir la experiencia argentina en el proceso de análisis realizado par la adopción de una meta voluntaria de sus emisiones de gases de efecto invernadero. Esta experiencia puede ser de utilidad a otros países en vías de desarrollo que se hallen en proceso de adoptar metas voluntarias de reducción de sus emisiones de gases de efecto invernadero en base a algún indicador de intensidad de carbono.

This paper expands on the extent of the gap between how academic teaching view market transactions and how the market professionals actually work, offering a sensible way of closing as much as possible such a gap. Firstly, transaction costs will be analysed from both the demand and supply sides of securities trading, featuring the essential role intermediaries usually performs. This analysis will lead us to a careful survey of the structure of the transaction costs function, bearing in mind that different users meet different cost items.

La problemática del "cambio tecnológico" resulta de fundamental importancia para comprender la situación actual y perspectivas futuras de sectores económicos.  Esto es especialmente cierto en el sector agropecuario, donde la biotecnología modifica en forma acelerada las opciones productivas con las cuales cuentan los empresarios. El caso argentino resulta notable.

Each company faces day to day investment opportunities. Just by staying in business the company is taking a decision of reinvesting. The question arising for those managers who have the responsability of allocating capital is the criteria they should use to differentiate between investment alternatives. The most proven, traditional and popular method of valuation is Discounted Cash Flow (henceforth DCF), which provides comparable information. This method requires both the assesment of expected future cash flows and a risk adjusted rate (used in the discount coefficient).

En este ensayo desarrollamos la idea del riesgo-país en la visión del autor, sintetizamos el pensamiento pionero de Arnold Harberger y los recientes progresos de Joshua Aizenman, hacemos un balance de las visiones del fenómeno, e ilustramos el nuevo enfoque mediante algunas aplicaciones. El nuevo enfoque valoriza el papel de la Historia, ofrece un método de análisis macroeconómico superior, y conduce a interpretaciones inesperadas y sugestivas sobre una cantidad de grandes temas de la realidad económica nacional.

Desde mediados de los setenta se han ido produciendo una serie de fenómenos que han tenido una influencia profunda e irreversible sobre el mundo del trabajo y sobre las instituciones y organizaciones que lo caracterizan.

It is our main concern in this paper to make for the following stages: a) Firstly, stock and flow differential rates will be introduced. Secondly, reverse differential rates are expanded on. Then, the transaction costs function will be featured. As long as we proceed with these issues, fully solved examples are supplied. b) Next, we handle direct applications to financial markets securities. Namely, time deposits, zero coupon bonds, foreign currencies. In each case, not only intuitive acquaintance with the subject is given, but foundations and examples as well.