This paper aims to reconcile two measures of return on shareholders’ capital: on one hand, the expected return arising from the use of the Capital Asset Pricing Model (CAPM), and on the other, the realized Return on Equity (ROE) as an accounting measure of capital efficiency. Both metrics ultimately refer to the same underlying variable—the cost of equity Ke—yet they are seldom analyzed jointly in the literature.

Una parte significativa del ahorro de las familias y empresas argentinas se mantiene en dólares, pero solo una fracción menor se canaliza a través del sistema financiero local y una proporción todavía más reducida se transforma en crédito. La dolarización financiera presenta riesgos específicos. Por el lado de los activos, el principal riesgo surge de posibles descalces de moneda de los tomadores de crédito, que pueden deteriorar la calidad de la cartera ante depreciaciones reales del peso.

This paper reconstructs and formalizes a theory developed by Cuban-Argentine economist Armando P. Ribas between the late 1970s and early 1980s and employs it to analyze the stabilization plan currently being implemented in Argentina. The exercise has value not only from the perspective of the history of economic ideas: several of the conditions that made Ribas’s framework relevant remain present in Argentina today.

Presento un modelo muy simple de equilibrio general walrasiano para el análisis de políticas macroeconómicas en una economía abierta. Hay tres condiciones de equilibrio: Mercado de Dinero, Balance de Pagos y Mercado de Trabajo. Las tres condiciones de equilibrio walrasiano son homogéneas de grado cero en las 4 variables nominales, por lo que solo se determinan las tres variables reales (M/P, E.P*/P,  W/P). Este tipo de modelo sirve para analizar la necesidad de elegir un numerario.

Este artículo examina la trayectoria de Sojourner Truth, cuyo nombre original era Isabella. Su figura muestra una trayectoria marcada por la esclavitud y un legado que se fundamenta en su refutación del culto a la feminidad que dominaba la corriente ideológica del siglo XIX, definiendo a las mujeres como seres frágiles y delicados. Truth desmanteló la lógica de sus opositores, argumentando que, si una mujer poseía la misma capacidad de soportar las mismas cargas físicas que un hombre, la negación de sus derechos civiles carecía de cualquier justificación basada en la naturaleza.

Rapid disinflation can increase household credit risk by raising the real burden of fixed-rate debt. Using a monthly, product-level panel for Argentina, this paper studies the effect on household credit risk of the disinflation that began after December 2023, when inflation fell from 25% to under 2% within a year. Because non-performing loan (NPL) ratios are highly persistent, responses are estimated with Local Projections on cumulative changes rather than levels.

We extend the 2025 conference study on Hierarchical Risk Parity (HRP) by addressing its two stated methodological follow-ups (Marchenko-Pastur denoising and spectral detoning) and by evaluating abroader cross-section of portfolio construction choices on a survivorship-bias-corrected, point-in-time Binance universe (146 ever-included symbols, 2020–2026). The comparison includes 27 constructed strategies spanning HRP-family variants, risk-based allocators, nested-clustering optimisers, momentum rules, and signal-aware extensions.

The Fiscal Theory of the Price Level (FTPL) argues that inflation adjusts to ensure that the real value of government liabilities equals the expected present value of future primary surpluses. This mechanism is plausible in economies whose public debt is predominantly denominated in domestic nominal currency. Its applicability to emerging markets is less obvious. This paper argues that the standard FTPL has limited explanatory power in economies affected by “original sin”—the inability to borrow long term in their own currency.

Este trabajo aborda un problema estructural de la toma de decisiones en la alta dirección: la ausencia de criterios explícitos para determinar cuándo una deliberación estratégica ha alcanzado un nivel suficiente de contraste, examen crítico y explicitación de supuestos, y debe ser formalmente cerrada para dar paso a la decisión.

Standard asset pricing theory defines the market portfolio as the aggregation of all risky assets in the economy. In practice, however, empirical implementations of models such as the Capital Asset Pricing Model (CAPM) rely almost exclusively on publicly traded equities and, to a lesser extent, corporate debt. As a result, a large set of economically relevant assets—particularly real estate, infrastructure, and physical capital—remain central to production and wealth accumulation but are largely absent from the observable and tradable asset set on which empirical asset pricing is based.