Economia

Articles

Vol. 17, No. 1, Fall

Firm Dynamics and Productivity: TFPQ, TFPR, and Demand-Side Factors
(ProQuest: ... denotes formulae omitted.)The development of rich longitudinal business databases for many countries in the last few decades has generated new core facts about the joint distributions of firm-level productivity, firm size, and the pace...
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Firm Size and Development
(ProQuest: ... denotes formulae omitted.)One of the greatest challenges in economics is explaining the disparity in income per capita across countries. There is a large literature documenting the development gap. For example, Caselli reports a twenty-fold...
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Comment
An essential issue in economics is understanding why some countries are rich and others poor. A consensus view has emerged in the literature whereby productivity is at the core of the differences in income across nations. Over the last fifteen years,...
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Optimal Climate Change Adaptation and Mitigation Expenditures in Environmentally Small Economies
(ProQuest: ... denotes formulae omitted.)Anthropogenic climate change constitutes a perfect example of a largescale market failure. According to the leading authority in this area, the Intergovernmental Panel on Climate Change (IPCC), it also poses a...
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School Infrastructure and Educational Outcomes: A Literature Review, with Special Reference to Latin America
(ProQuest: ... denotes formulae omitted.)Economists and other researchers have shown that education increases workers' productivity and thus raises their incomes. Education also has many other benefits, such as improved health status and lower crime.1...
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Effects of Nutrition Promotion on Child Growth in El Alto, Bolivia: Results from a Geographical Discontinuity Design
(ProQuest: ... denotes formulae omitted.)Child malnutrition still represents a major public health concern in many lower- and middle-income countries. However, what was mainly a problem of undernutrition in past decades, with high rates of stunting (low...
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Nowcasting Mexico's Short-Term GDP Growth in Real-Time: A Factor Model versus Professional Forecasters
Market analysts, investors, and policymakers often face a severe lack of information and thus must make decisions based on delayed and incomplete-perhaps noisy-pieces of economic information. For instance, a country's gross domestic product (GDP), which...
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Vol. 16, No. 2, 2016

The Costs of Sovereign Default: Theory and Empirical Evidence
(ProQuest: ... denotes formulae omitted.)How costly will a sovereign default be for the defaulting country? How can these costs be limited? These are crucial questions for policymakers facing a debt crisis. Being able to estimate these costs is necessary...
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The Relationship between National Saving and Investment in Latin America and the Caribbean
(ProQuest: ... denotes formulae omitted.)Countries invest in physical capital in order to grow. The process of capital formation, in turn, requires financing. This financing can come from national sources, via national saving, or from external sources,...
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Reciprocity and Willingness to Pay Taxes: Evidence from a Survey Experiment in Latin America
Why do people pay taxes? One obvious answer is that there are enforcement mechanisms (such as fines, penalties, and even imprisonment) that coerce them to do so. This deterrence approach to tax compliance is formally analyzed by Allingham and Sandmo,...
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Challenges to Promoting Social Inclusion of the Extreme Poor: Evidence from a Large-Scale Experiment in Colombia
(ProQuest: ... denotes formulae omitted.)Households that live in extreme poverty often face a multitude of interacting constraints that prevent them from improving their lives.1 The causes of poverty traps have been much debated, and yet it is not always...
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Access to Credit and the Size of the Formal Sector
(ProQuest: ... denotes formulae omitted.)This paper analyzes the link between credit conditions, the level of formalization, and the firm size distribution. Formalization in Brazil has risen by 21.69 percent since 2001 (from 45.5 to 55.37 percent).1...
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A Comparison of Saving Rates: Microdata Evidence from Seventeen Latin American and Caribbean Countries
(ProQuest: ... denotes formulae omitted.)According to the World Development Indicators (WDI), gross national savings in Latin America as a percentage of gross domestic product (GDP) was 20 percent in 2012. This figure is well below East Asia and Pacific...
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Vol. 16, No. 1, Fall

Editors' Summary
This volume of Economía includes six papers. Among them, we are proud to publish the Carlos F. Díaz-Alejandro lecture delivered by Carmen M. Reinhart at the 2014 Annual Meeting of the Latin American and Caribbean Economic Association (LACEA), on the...
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Out-of-School and Out-of-Work Youth in Latin America: A Persistent Problem in a Decade of Prosperity
(ProQuest: ... denotes formulae omitted.)The widely studied demographic window of opportunity seems to be reaping some of its benefits during the first years of the twenty-first century in Latin America.1 As predicted, a historic sharp decline in economic...
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When Do Governments Improve Fiscal Institutions? Lessons from Financial Crisis and Fiscal Reform in Latin America
As countries recover from the worldwide financial crisis, much of the industrialized world has been facing pressure to initiate fiscal consolidation. The pressure is not only for policy reform (that is, expenditure cuts and revenue increases), but also...
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Institutions, Informal Labor Markets, and Business Cycle Volatility
(ProQuest: ... denotes formulae omitted.)The informal sector, where firms and workers produce legal, market-based goods and services but circumvent government regulations, accounts for an important share of economic activity, ranging from 8 percent of...
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Enrollment, Graduation, and Dropout Rates in Latin America: Is the Glass Half Empty or Half Full?
(ProQuest: ... denotes formulae omitted.)The average years of education of the population across the world have increased dramatically in the last sixty years, and Latin America was no exception.1 A larger fraction of Latin American children and youth...
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Does Drug Illegality Beget Violence? Evidence from the Crack-Cocaine Wave in São Paulo
The São Paulo Metropolitan Area (SPMA) has received significant attention in the domestic and international media for its sharp swings in homicides in the 1990s and 2000s.1 Homicides increased steadily over the 1990s, but they fell sharply in the 2000s....
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The Antecedents and Aftermath of Financial Crises as Told by Carlos F. Díaz-Alejandro
In preparation for this lecture, I read most of Carlos F. Díaz-Alejandro's works. I had already read and re-read some of his papers over the course of many years, especially those most directly connected to financial crises. His influence on how I view...
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Vol. 15, No. 2, Spring

Editors' Summary
This issue of Economía consists of six papers. The first paper looks at the consequence of capital flow surges and discusses policies for mitigating the possible negative effects of these surges. The second studies the links between prudent fiscal management...
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Capital Inflow Surges in Emerging Economies: How Worried Should Latin America and the Caribbean Be?
In the years leading up to the global economic crisis, Latin America and the Caribbean received large capital inflows. Nonetheless, the region survived the (albeit short-lived) dramatic events of 2007-09 reasonably well, with no financial crisis in any...
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Macroeconomic Gains from Structural Fiscal Policy Adjustments: The Case of Colombia
(ProQuest: ... denotes formulae omitted.)Policymakers worldwide are drawing key lessons from recent academic debates on the role of fiscal policy in the recovery of advanced economies. Many emerging markets have already addressed some of the focal issues...
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Knowledge, Information, and Retirement Saving Decisions: Evidence from a Large-Scale Intervention in Chile
All over the world, retirement income depends increasingly on individuals' savings choices over their lifetime. While government-sponsored retirement schemes (like the U.S. social security system) provide a reasonable stream of resources for old age,...
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Peer Effects on a Fertility Decision: An Application for Medellín, Colombia
(ProQuest: ... denotes formulae omitted.)The world's total fertility rate has fallen substantially in the last fifty years. The Latin American and Caribbean region is not an exception to this rule, as a deep process of demographic transition has swept...
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Birth Weight and Early Childhood Physical Health: Evidence from a Sample of Latin American Twins
Low birth weight is considered one of the leading causes of infant mortality and adverse health conditions during childhood and throughout life. Most developed countries have therefore implemented health policies related to the improvement of birth weight...
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Presidential Address: Macroeconomics and Online Prices
The availability of microeconomic pricing data has produced an empirical revolution in macroeconomics. Two events were the main culprits: First, national statistical offices allowed economists to study the data underlying the construction of the consumer...
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Vol. 15, No. 1, Fall

Editors' Summary
With the advent of the millennium several central banks in Latin Amer- ica adopted inflation targeting (IT) as a framework for monetary pol- icy analysis and implementation. In so doing, they joined the Reserve Bank of New Zealand and other central banks...
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Inflation Targeting in Colombia, 2002-12
(ProQuest: ... denotes formulae omitted.)Over the last twenty years, nearly thirty countries have adopted inflation- targeting regimes to conduct monetary policy. In addition to the announce- ment of specific inflation targets, inflation-targeting regimes...
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Central Bank Liquidity Management and "Unconventional" Monetary Policies
Central banks that work under an inflation-targeting regime generally use an interest rate as the main instrument to implement monetary policy. The latter can be denominated conventional monetary policy. Central banks often deviate from this practice,...
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Toward a "New" Inflation-Targeting Framework: The Case of Uruguay
(ProQuest: ... denotes formulae omitted.)Empirical studies in the late 1980s, suggesting that monetary policy might influence the short-run dynamics of the real economy, contributed to the widespread use of inflation-targeting policy rules by central...
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Inflation Targeting and Quantitative Tightening: Effects of Reserve Requirements in Peru
(ProQuest: ... denotes formulae omitted.)As a policy response to address the macroeconomic challenges brought about by financial dollarization and the resulting vulnerability of the financial system, the Central Bank of Peru adopted an inflation-targeting...
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Singular Focus or Multiple Objectives? What the Data Tell Us about Inflation Targeting in Latin America
(ProQuest: ... denotes formulae omitted.)IntroductionIn the last decade and a half several Latin American countries have adopted inflation targeting as their monetary framework, moving away from other intermediate targets, such as monetary aggregates,...
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Vol. 14, No. 2, Spring

Editors' Summary
This issue of Economía consists of four papers. The first looks into the future and asks what will happen to tourism in the Caribbean region when tourists from the United States are allowed to travel freely to Cuba. The second and third papers focus...
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The Vacation Is Over: Implications for the Caribbean of Opening U.S.-Cuba Tourism
(ProQuest: ... denotes formulae omitted.)The trade literature regularly seeks to explain how barriers affect trade. For example, recent work that more tightly linked the workhorse grav- ity trade model to its empirical applications solved a major puzzle...
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The Part-Time Premium Enigma: An Assessment of the Chilean Case
(ProQuest: ... denotes formulae omitted.)Working part-time has been seen by some researchers, public policy advisers, and politicians as a way for women to find a balance between home and paid work (Gregory and Connolly 2008; Bardasi and Gornick 2008)....
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Foreign Capital and Gender Differences in Promotions: Evidence from Large Brazilian Manufacturing Firms
(ProQuest: ... denotes formulae omitted.)Widespread consensus asserts that occupational segmentation is the chief determinant for gender differences in wages in the Brazilian labor market (see, for example, Oliveira 2001). Although women represent 39...
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Financial Globalization in Emerging Economies: Much Ado about Nothing?
(ProQuest: ... denotes formulae omitted.)Financial globalization (FG), understood as the deepening of cross-border capital flows and asset holdings, has become increasingly relevant for the developing world for a number of reasons, including the consequences...
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Vol. 14, No. 1, Fall

Editors' Summary
This issue of Economía consists of four papers. The first paper by Gladys López-Acevedo and Mónica Tinajero-Bravo looks at the effects of several programs aimed at small and medium-sized enterprises in Mexico on firm performance in the long term. The...
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Evaluating Different Types of Enterprise Support Programs Using Panel Firm Data: Evidence from the Mexican Manufacturing Sector/Comment
(ProQuest: ... denotes formulae omitted.)In most countries, small and medium-sized enterprises (SMEs) make up the vast majority of firms, account for a substantial share of gross domestic product, and involve the bulk of the workforce. However, SMEs...
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Latin American Middle Classes: The Distance between Perception and Reality/Comment
Definitions of the middle class used in the economic literature are mainly based on objective measures that classify as middle class those who are neither at the top nor at the bottom of the distribution of a statistically measurable characteristic such...
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Teenage School Attendance and Cash Transfers: An Impact Evaluation of PANES/Comment
(ProQuest: ... denotes formulae omitted.)Three years after a severe economic crisis, the Uruguayan government launched a temporary antipoverty plan, the National Plan for Social Emergency Assistance (PANES), which took place from April 2005 to December...
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Bias in Economic News: The Reporting of Nominal Exchange Rate Behavior in Colombia/Comment
(ProQuest: ... denotes formulae omitted.)The behavior of the nominal exchange rate (NER) is regularly reported and commented on in Colombian newspapers, editorials, and op-eds. However, the number and flavor of the news and commentary seem to increase...
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Vol. 13, No. 2, Spring

Editors' Summary
This issue of Economía consists of four papers, two of which are related to macroeconomic instability, a highly relevant issue in the context of today's macroeconomic turmoil. One of the papers, by Herman Kamil and Kulwant Rai, studies the effect of...
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Dynamic Provisioning: A Buffer Rather Than a Countercyclical Tool?
(ProQuest: ... denotes formulae omitted.)The global financial storm that started in 2007 is one of the very best examples in recent economic history of how much the financial system can exacerbate real economic cycles. This procyclicality has triggered...
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The Latin American Development Problem: An Interpretation
(ProQuest: ... denotes formulae omitted.)The economic growth experience of Latin America in the last five decades constitutes one of the most interesting episodes in modern development economics. In 1960, gross domestic product (GDP) per capita in Latin...
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Global Deleveraging and Foreign Banks' Lending to Latin American Countries
(ProQuest: ... denotes formulae omitted.)Lending by foreign banks to emerging markets is a defining feature of finan- cial globalization. In the years preceding the recent global crisis, foreign bank lending to emerging economies expanded rapidly-whether...
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Understanding Solow Residuals in Latin America
Despite some improvements in recent years, long-term economic growth in Latin America and the Caribbean (LAC) has been rather disappointing over the past decades. Since 1960, gaps in the GDP per capita of LAC countries with respect to not only the United...
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Vol. 13, No. 1, Fall

Editors' Summary
This issue of Economía consists of a keynote speech and three papers. The keynote speech, which focuses on the art of modern central banking, was delivered by José De Gregorio at the 2011 LACEA-LAMES Conference hosted by the Universidad Adolfo Ibáñez...
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Price and Financial Stability in Modern Central Banking
Although the first central banks were created more than three hundred years ago, it was not until the mid-nineteenth century that central banks were given the monopoly power to issue banknotes and to act as lender of last resort. Thereafter, central...
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Foreign Entry and the Mexican Banking System, 1997-2007/comments
(ProQuest: ... denotes formulae omitted.)In recent years, governments around the world have been opening up their banking systems to foreign competition with the expectation of making them more efficient, stable, and resilient to shocks. Academics and...
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Temporal Aggregation in Political Budget Cycles/Comment
Electoral cycles have been widely debated since the pioneering studies of the 1970s on monetary and fiscal policy.1 Drazen sums up the evidence in terms of active fiscal policy and passive monetary policy: while expansionary fiscal policy is the main...
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Distributional Effects of the Panama Canal Expansion/Comment
(ProQuest: ... denotes formulae omitted.)Within the next three years, the output capacity of the Panama Canal will roughly double as a new set of locks is installed, enabling ships larger than the current Panamax standard to transit the canal. Several...
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Vol. 12, No. 2, Spring

Editors' Summary
This volume of Economía consists of four papers. The first paper discusses the changes in the transmission mechanisms of international business cycles between China and Latin America; the second evaluates the impact of an enhancing program in Brazil's...
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China's Emergence in the World Economy and Business Cycles in Latin America/Comment
(ProQuest: ... denotes formulae omitted.)As vividly illustrated by the impact of the recent global crisis on Latin America, the international business cycle is very important for the region's economic performance.1 The world economy, however, has undergone...
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Retail Price Setting in Uruguay/Comment
In recent years there has been a large increase in the empirical literature on price behavior. As new and detailed data sets become available, we observe a number of important studies on the microeconomic fundamentals of price setting by firms-mainly...
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Evaluating the Impact of the Brazilian Public School Math Olympics on the Quality of Education/Comment
(ProQuest: ... denotes formulae omitted.)The current debate on education in Latin America centers on the need to raise the quality of education offered and to universalize school attendance. While many Latin American countries have achieved almost universal...
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