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    Real output costs of financial crises: a loss distribution approach
    (Pontificia Universidad Católica del Perú. Departamento de Economía, 2012)
    We study cross-country GDP losses due to financial crises in terms of frequency (number of loss events per period) and severity (loss per occurrence). We perform the Loss Distribution Approach (LDA) to estimate a multi-country aggregate GDP loss probability density function and the percentiles associated to extreme events due to financial crises. We find that output losses arising from financial crises are strongly heterogeneous and that currency crises lead to smaller output losses than debt and banking crises. Extreme global financial crises episodes, occurring with a one percent probability every five years, lead to losses between 2.95% and 4.54% of world GDP.
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    Crisis internacional : impactos y respuestas de política económica en el Perú
    (Pontificia Universidad Católica del Perú. Fondo Editorial, 2009)
    The 2008 and 2009 world economic recession is only comparable to the classic capitalist crisis of 1930 both for its effects on employment and international trade as for having its origin in a financial panic that started in North American markets. This book discusses the various effects of the global crisis on the Peruvian economy, its macroeconomic, social and financial impacts, and the relation between changes in international conditions and regional integration. These issues are addressed by various authors familiar with the history and behavior of the Peruvian economy in recent decades.