Documento de Trabajo

What Drives Replacement of Durable Goods at the Micro Level?

Technological innovations have contributed over the years to an increasing stock of durable goods – those products that are not immediately consumed but provide a stream of services over a long period of time. Indeed, virtually every household in a modern economy owns a refrigerator, a personal computer and an automobile. Given the inter-temporal nature

Investment Banking and Security Market Development: Does Finance Follow Industry?

Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking industry exists. We study the necessary conditions for the emergence of sustainable relationships and explore whether policy

Highway Franchising and Real Estate Values

It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications of highway franchises that benefit large

Macroeconomic Management in Emerging Economies and The International Financial Architecture

In the last few years, and most recently with the crisis in Argentina, views about emerging markets and the international financial institutions have changed significantly. This paper reviews macroeconomic management in emerging economies and the role of the international financial institutions in helping to secure their stability. It discusses the role of macroeconomic policies, in

Does Competition Kill Relationships? Inside Investment Banking

An influential literature has emerged around the premise that there exists an uneasy tension between (1) bank-firm relationships that promote incentives for firm-specific investments by banks, and (2) competition between banks that can destroy such incentives. This paper studies the industrial organization of the investment banking market in order to shed light on how this

Una estimación del costo social de eliminar los déficit de abastecimiento eléctrico en el SIC (An estimation of the social cost of eliminating the deficit in the SIC’s electricity supply)

Este trabajo estima el costo social de eliminar los déficit de abastecimiento eléctrico en el SIC instalando capacidad adicional permanente. Utilizamos el modelo Omsic, lo que permite estudiar el efecto de la capacidad adicional sobre el uso del agua embalsada y el plan de obras.El costo de evitar los déficit agregando capacidad adicional permanente es

Elementos de la regulación de la actividad privada en educación (Regulatory elements of private activity in educations)

El artículo describe teóricamente los principales determinantes de la oferta y demanda de educación privada y los mecanismos por los cuales la política pública incide en este ámbito. Posteriormente resume los resultados de estudios de casos desarrollados para Argentina, Brasil, Colombia y Guatemala, enfatizando los desarrollos recientes de la política pública que afectan la actividad

The Derivatives Markets in Latin America with an Emphasis on Chile

Between the 1970`s and the 1980`s, the derivatives market flourished. Forwards,futures and options began to be regularly traded. According to information gathered by The Bank of International Settlements, at the end of April 2001 the value of over the counter(OTC) positions outstanding was over US$99 trillion, while the value of positionsoutstanding in organized exchanges was

Lecciones de la investigación económica sobre el rol del sector privado en educación (Lessons from economic research on the role of the private system in education)

El artículo presenta los elementos conceptuales necesarios para comprender el rol económico del estado y del sector privado en educación. Posteriormente describe las ventajas y defectos de la gestión de establecimientos educacionales tanto por parte de agentes privados como de agentes públicos, así como los beneficios y problemas de la competencia y el financiamiento público

Crecimiento, Empleo e Impuestos al Trabajo: Chile 1998-2001 (Growth, employment and Labor taxes: Chile 1998-2001)

Desde 1984 y hasta 1997, la economía chilena experimentó un crecimiento per cápita promedio de 5,4 por ciento, lo que la ubica dentro de las economías exitosas del mundo de las últimas dos décadas. Sin embargo, entre 1998 y 2001 esa tasa cayó bruscamente a 1,2 por ciento por año. Este artículo analiza el rol

Regulación, incentivos y remuneraciones de los profesores en Chile (Regulation, incentives and teacher remuneration in Chile)

En este trabajo se revisa la normativa laboral vigente para los profesores, considerando las diferencias entre los distintos tipos de establecimientos educacionales. Asimismo, se caracteriza a los profesores desde el punto de vista de su educación, edad y nivel socioeconómico, considerando elementos como su satisfacción con la profesión y su evaluación de las condiciones de

Testing Real Business Cycle Models in an Emerging Economy

RBC models have been successfull when applied to developed economies: their abilities in replicating the data of emerging countries remain largely unexplored. The rapid but unstable growth process in developing countries and their relatively less developed market structure pose a formidable challenge to neoclessical general equilibrium models. Using data of the Chilean economy, we explore