MissEva Gutierrez's Books

The Reform of Italian Cooperative Banks

Discussion of Proposals

By: MissEva Gutierrez

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The Reform of Italian Cooperative Banks

Discussion of Proposals

By: MissEva Gutierrez

This paper argues that the governance framework of cooperative banks may hamper raising capital, particularly at time of distress, complicating the bank resolution process ?specially for large banks?and may not provide adequate incentives to control banks' management. Reforms should preserve the positive characteristics that make cooperative banks a valuable addition to the Italian financial system, while providing enough flexibility and incentives for banks to adopt a suitable governance model. Our empirical analysis suggests that cooperative banks may enjoy a higher degree of monopoly power than commercial banks. Thus, regulations and the enforcement of antitrust policies should ensure a leveled playing field.

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International Monetary Fund

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ISBN 10

1451869363

ISBN 13

9781451869361

Inflation Performance and Constitutional Central Bank Independence

Evidence From Latin America and the Caribbean

By: MissEva Gutierrez

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Inflation Performance and Constitutional Central Bank Independence

Evidence From Latin America and the Caribbean

By: MissEva Gutierrez

This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is likely to be better enforced than ordinary statutes owing to its higher legal rank. Our empirical analysis finds that in a sample of Latin American and Caribbean countries, those countries that entrench the independence of the central bank in the constitution have a better inflation performance.

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International Monetary Fund

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ISBN 10

1451847408

ISBN 13

9781451847406

Competitiveness in the Southern Euro Area

France, Greece, Italy, Portugal, and Spain

By: Mr.Yuan Xiao,Mr.Werner Schule,Mr.Herman Z. Bennett,Marialuz Moreno Badia,Mr.Julio Escolano,Ms.Stefania Fabrizio,MissEva Gutierrez,Mr.Bogdan Lissovolik,Mr.Stephen Tokarick,Mr.Iryna V. Ivaschenko

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Competitiveness in the Southern Euro Area

France, Greece, Italy, Portugal, and Spain

By: Mr.Yuan Xiao,Mr.Werner Schule,Mr.Herman Z. Bennett,Marialuz Moreno Badia,Mr.Julio Escolano,Ms.Stefania Fabrizio,MissEva Gutierrez,Mr.Bogdan Lissovolik,Mr.Stephen Tokarick,Mr.Iryna V. Ivaschenko

This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial export market share losses, Greece and Spain performed relatively well. Export market share losses appear associated with rigidities in resource allocation (sectoral, geographical, technological) relative to peers and lower productivity gains in high value-added sectors. Disaggregated analysis of goods and services export markets provides insights on aspects such as quality, market concentration, growth of destination markets, and geographical and sectoral diversification. Also, increased import penetration, offshoring and FDI could improve productivity and export performance.

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