We analyse an overlapping generations model of manufacturer certification in durable goods markets with asymmetric information about the quality of used goods. The functioning of second-hand markets has two effects on markets for new goods, a substitution and a resale value effect. Through certification, manufacturers reduce adverse selection in second-hand markets and extract resulting rents  through the markets for new goods. Certification may increase profits at the expense of social welfare, by increasing average quality while decreasing trading volume.

Hace dos años, Argentina y Estados Unidos firmaron un acuerdo para el intercambio de información relevante a fines fiscales. Ese acuerdo nunca se tornó operativo y Argentina no recibe información de cuentas bancarias y de inversión en USA ¿Qué podemos esperar para este año?