A credit default swap (CDS) is a derivative contract based on an underlying entitity's debt, in which, a seller compensates the buyer for losses to the value of the underlying asset due to a credit event. CDS can be purchased covered along with the underlying asset or naked without any exposure...
My dissertation essays explore factors that determine changes in economic structure over time. First, I study the role of productivity growth differences across industries in driving structural change in the long run. Second, I find in the short run that economic structure is skewed away from...
This dissertation examines sovereign defaults, fiscal cyclicality, and economic growth during the first wave of financial globalization. The first chapter studies the causes and the renegotiations of 27 sovereign defaults episodes of seven Latin American countries from 1820-1931. Most of these...
The dissertation contributes to the literature on the anatomy of the relationship between institutions and growth by examining the role political regime changes play in predicting the onstart of growth "takeoffs" - significant turning points in a country's growth history. The link between...
The chapters of this dissertation examine the influence credit default swaps (CDS) have a number of different corporate debt financing outcomes. Chapter Two studies the effects CDS have on firm financing in a general equilibrium production economy with heterogeneous firms. Covered CDS lower...