Documento de Trabajo

Infraestructure Franchising and Government Guarantees

Government guarantees for private infrastructure projects reduce the incentives of firms to perform efficiently, weaken the incentives to screen projects for white elephants, and shift government obligations to future periods. Thus the uses of guarantees needs to be limited, and they need to be carefully designed. Franchising schemes should in principle assign risk to the

Factores que inciden en el rendimiento escolar en Bolivia (Factors effecting school performance in Bolivia)

Mejorar la calidad educativa es una de las tareas prioritarias en América Latina y particularmente en países como Bolivia, donde la educación ha comenzado a ser un tema crucial en la agenda pública, especialmente a partir de 1994 cuando se implementa una nueva Reforma Educativa. El objetivo de este trabajo es examinar los factores que

Oferta laboral y seguro de desempleo: Estimaciones para la economía chilena.

El objetivo de este trabajo es presentar una estimación de oferta laboral para Chile, y luego, utilizar los resultados obtenidos para estimar el impacto de diferentes esquemas institucionales de seguro de desempleo sobre la decisión de trabajar de los individuos. En la primera parte del estudio se estiman dos modelos de oferta de trabajo, diferenciados

The Chilean Infrastructure Concessions Program: Evaluation, Lessons and Prospects for the Future

This paper describes and evaluates the Chilean infrastructure concessions program, which is one of the main economic innovations carried out by the center-left coalition of political parties that has governed Chile since the return to democracy in 1990. The main principles underlying the economics of franchising are discussed and used to evaluate the program, thereby

Poverty and Macroeconomic Policies: Chile 1987-1994

Poverty has declined substantially since 1987 in Chile. Has this reduction in poverty benefited all groups and regions? Are this specific sectors of the economy that have been left out of this reduction? These and other question are discussed in this paper. To do so, we characterize the poor in terms of education, employment, demographics

Liquidity Crises in Emerging Markets: Theory and Policy

We build a model of financial sector illiquidity in an open economy. Illiquidity –defined as a situation in which a country’s consolidated financial system has potential short-term obligations in foreign currency that exceed the amount of foreign currency it can have access to on short notice– can be associated with self fulfilling bank and/or currency

Inflation Stabilization and the Consumption of Durable Goods.

Exchange rate-based stabilizations in chronic-inflation countries have often been characterized by an initial consumption boom (which is most evident in the behavior of durable goods) followed by a later contraction. This paper provides an explanation for such a boom-recession cycle based on the timing of purchases of durable goods. The initial fall in inflation results

Exchange Rate Policy in Chile since 1960: Political Economy and The Choice of Regime

This paper analyzes exchange rate policies in Chile since the 1960s. A brief overview on main policies is presented. Particular attention is put into the two episodes of fixed-exchange rate as well as the reasons why policy makers may have arrived to those decisions. The paper also examines the long tradition of Chile on the

Income Distribution and Trade Liberalization

The paper presents a general framework for the analysis of the evolution of personal income distribution following trade liberalization. The model allows many factors of production and the possibility of capital gains. In this framework, the short run evolution of inequality depends on the wage to wealth ratio, while changes in the interest rate determine

Alternativas de financiamiento de la salud en el sistema privado, para la tercera edad

El objetivo de este estudio es determinar si existe un problema para financiar la salud en la tercera edad en el sistema ISAPRE, y proveer recomendaciones para ese financiamiento si fuera necesario. El estudio examina los gastos médicos por tramo de edad de los afiliados al sistema ISAPRE y los compara con una estimación de

Sobre los determinantes de la inflación y sus costos.

La inflación sus costos y como evitarla, son temas que han ocupado un lugar importante en la discusión y el análisis económico, en especial en países con historia de alta inestabilidad. Este trabajo comienza con una revisión de las principales razones de por qué existe inflación, para luego analizar sus costos. También se discuten las

The Welfare Gain from Trade in Factors

This note provides a simple but powerful graphical analysis of the gains from factor movements. The analysis can be extended to general settings which include differentiated products and nontraded goods.