First Author:   Jaime Orrillo Graduate School of Economics - Catholic University of Brasilia jjoc@impa.br         Second Author: Paulo k. Monteiro FGV/EPGE, Escola Brasileira de Economia e Finanças Paulo.Klinger@fgv.br         Third Author: Rudy Rosas Pontifical Catholic University of Peru rudy.rosas@pucp.pe