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Borensztein, Eduardo
Panizza, Ugo
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Working Paper, Inter-American Development Bank, Research Department 553
This paper uses a difference-in-difference methodology similar to the one originally proposed by Rajan and Zingales (1998) to test whether defaulting hurts the more export-oriented industries. Strong support for this hypothesis was found, but contrary to the findings of previous studies, our estimations suggest that the effect of defaults is short-lived.
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Working Paper

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