{"id":24537,"date":"2026-07-17T18:24:12","date_gmt":"2026-07-17T21:24:12","guid":{"rendered":"https:\/\/economicas.uba.ar\/iiep\/?post_type=tribe_events&p=24537"},"modified":"2026-08-10T13:26:10","modified_gmt":"2026-08-10T16:26:10","slug":"wealth-funds-in-economies-affected-by-default-risk-short-and-long-run-implications","status":"publish","type":"tribe_events","link":"https:\/\/economicas.uba.ar\/iiep\/eventos\/wealth-funds-in-economies-affected-by-default-risk-short-and-long-run-implications\/","title":{"rendered":"VIRTUAL Seminario de investigaci\u00f3n | Wealth funds in economies affected by default risk: Short and Long run implications"},"content":{"rendered":"

Expositor | Damian Pierri | IIEP UBA-CONICET<\/span><\/p>\n

This paper studies the short- and long-run policy implications of optimal, first-best international reserve accumulation in an economy with financial frictions. The government faces borrowing constraints, while the private sector is exposed to default risk. In the short run, initial conditions matter. Low output and negative net reserve positions can generate inefficiency traps and path dependence, making inherited balance-sheet conditions consequential. The optimal policy combines fiscal adjustment with front-loaded reserve accumulation. However, in the absence of economic growth, financial wealth declines, aggregate net worth remains negative, and risk premia stay above safe levels. In the long run, rapid reserve accumulation can support current-account su\u2026<\/span><\/p>\n

Sobre el expositor<\/span><\/p>\n

Es economista argentino, con especializaci\u00f3n en macroeconom\u00eda din\u00e1mica, econom\u00eda computacional y modelos de equilibrio general. Actualmente se desempe\u00f1a como Assistant Professor en la Universidad Aut\u00f3noma de Madrid y Research Affiliate en IIEP UBA-CONICET. Su agenda de investigaci\u00f3n se centra en econom\u00edas abiertas con restricciones de colateral, crisis de balanza de pagos, riesgo de default, mercados incompletos, agentes heterog\u00e9neos y aplicaciones de machine learning en mercados inmobiliarios. Ha publicado en revistas como Quantitative Economics, Economic Theory, European Economic Review, Computational Economics, Journal of Economic Interaction and Coordination y Journal of Applied Economics, y cuenta con experiencia docente de grado y posgrado en instituciones como UBA, UdeSA, UC3M y ESCP. Fue asesor del Ministerio de Econom\u00eda y de gobiernos provinciales. Realiz\u00f3 consultor\u00edas para organismos internaciones, como el BID y el FDL<\/span><\/p>\n

 <\/p>\n

Virtual <\/span>Seminario de investigaci\u00f3n | Damian Pierri | Reuni\u00f3n- Unirse | Microsoft Teams<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Expositor | Damian Pierri | IIEP UBA-CONICET This paper studies the short- and long-run policy implications of optimal, first-best international reserve accumulation in an economy with financial frictions. 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