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Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States
Alfaro, Laura; Larrain, Mauricio; Vilches, Carlos; Jeong, SarahCaso HBS-321027-EEconomíaOn May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which offered a more flexible reorganization procedure than the local bankruptcy process. After the filing announcement, the company reached an all-time-low stock market valuation. Some expert...Desde 8,20 €
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Brexit
Alfaro, Laura; Schreger, Jesse; Sheldahl-Thomason, HavilandCaso HBS-717028-EEconomíaAfter more than 40 years of membership in the European Union, the United Kingdom voted via referendum to separate from the EU on June 23, 2016. Following the surprise verdict (termed Brexit), a political upheaval followed, with many ministers, including Prime Minister David Cameron, resigning or being sacked, and markets collapsed. As markets recovered, Theresa May was chosen as the new prime minister of the UK in charge of leading the separation...Desde 8,20 €
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Sovereign Wealth Funds: For Profits or Politics
Alfaro, Laura; Kim, ReneeCaso HBS-708053-EOn March 21, 2008, the U.S. government secured an agreement from two leading sovereign wealth funds (SWFs) to adopt a new set of investment principles to govern the Funds' activities. SWFs, broadly defined as an investment fund owned by a national or a government, were gaining prominence across the globe, especially with their recent investments in troubled U.S. financial firms that had suffered significant losses from the subprime mortgage crisi...Desde 8,20 €
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The U.S. Current Account Deficit (Spanish version)
Alfaro, Laura; Di Tella, Rafael; Vogel, Ingrid; Kim, Renee; Jeong, Sarah; Johnson, MatthewCaso HBS-706S24EconomíaInvestors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications of the deficit were debated with intensity. At one extreme, it was argued that large deficits would eventually resolve themselves smoothly, even if they persisted for many more years...Desde 8,20 €
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Embracing Globalization? (Spanish version)
Alfaro, LauraCaso HBS-707S27EconomíaIn 2001, Brazil stands at a crossroads. The country seems to be emerging from decades of economic stagnation. The economic situation remains tenuous, however, Brazil's leaders must now chart a forward course. Most critically, they must decide whether Brazil's future rests with close links to the global economy.Desde 8,20 €
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Aid, Debt Relief, and Trade: An Agenda for Fighting World Poverty (A)
Alfaro, Laura; Werker, Eric; Kim, ReneeCaso HBS-707029-EEconomíaAt the 2005 Group of Eight summit, world leaders agreed to relieve the world's poorest countries' debt burden and double aid to Africa by 2010. The announcement raised questions whether debt relief would really help the poor. By examining past aid trends and policies of multilateral institutions, such as the International Monetary Fund and the World Bank, this case also questions whether aid can allow poor countries to break their vicious cycle o...Desde 8,20 €
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Inflation Targeting and Debt Dynamics (Spanish version)
Di Tella, Rafael; Alfaro, Laura; Vogel, IngridCaso HBS-707S20EconomíaIn October 2002, Brazilians elected a left-wing president, Luis Inacio Lula da Silva, for the first time in that country's history. As markets faltered in response, Lula sought to reaffirm his commitment to fiscal discipline, a floating exchange rate, and inflation targeting. By August 2003, however, his attempt to change market sentiment was threatened as the country faced a looming recession. Skeptics began to worry that the new PT (Worker's Pa...Desde 8,20 €
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U.S. Subprime Mortgage Crisis: Policy Reactions (A)
Alfaro, Laura; Kim, ReneeCaso HBS-708036-EFinanzasBy March 2008, the U.S. Government and the U.S. Federal Reserve Board had taken various policy measures over the last few months to tackle the subprime mortgage crisis that threatened to drag the economy into a recession. The Bush administration approved a fiscal stimulus package exceeding $150 billion. Interest rates had been repeatedly cut at the fastest pace in decades, to 2.25% as of March 2008. The Fed, in an unprecedented move, helped JPMor...Desde 8,20 €
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Japan's Missing Arrow
Alfaro, Laura; White, HilaryCaso HBS-715050-EEconomíaIn late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including expansionary monetary policy, fiscal stimulus, and structural reform, these strategies were designed to reverse Japan's two-decade long challenge with deflation and sluggish growth. Ja...Desde 8,20 €
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Crisis and Reform in Japan's Banking System (B)
Porte, Thierry; Abdelal, Rawi; Alfaro, Laura; Schlefer, JonathanCaso HBS-710037-EEconomíaIn 1997, amidst Japan's ongoing financial problems, Prime Minister Ryutaro Hashimoto sought to restructure the financial sector to make it more transparent and globally competitive. He hoped that this effort, dubbed the "Big Bang" after the British financial restructuring of a decade earlier, would prove as successful. But the financial problems, which seemed to have abated, looked as if they might be worsening. Thus, Hashimoto had to weigh prior...Desde 5,74 €