This paper fills a void in the issue of determinants of privatization prices by concentrating in one industry across many countries. This has not been done before, as the literature has only focused on (i) many industries in one country, (ii) a single industry in one country, and (iii) many...

Privatization is under attack. Criticisms run from corrupt deals to abuse of market power and social welfare losses. We evaluate the empirical record on privatization relying on recent comprehensive studies from Latin America. There are four main results. First, the increased profitability of...

Language serves two key functions. It enables communication between agents, which allows for the establishment and operation of formal and informal institutions. It also serves a less obvious function, a reassuring quality more closely related to issues linked with trust, social capital, and...

This paper uses a large cross-country survey of business firms to assess their influence on government policies. It is found that influence is associated with larger, government-owned firms that have a high degree of ownership concentration. In contrast, foreign ownership matters little. It is...

We explore the links between trust and a broad range of financial structure and development measures. Our base sample is a cross section of 48 countries and the analysis covers the period 1980-1994. We use a new World Bank data set that provides the most comprehensive coverage of financial...

En este documento se analiza el vínculo entre lo que la gente dice que prefiere hacer y lo que efectivamente hace. Se vinculan los resultados de los experimentos sobre la confianza y la naturaleza social en seis capitales latinoamericanas con las respuestas obtenidas de encuestas...

This paper focuses on fertility choices in Brazil, a country where soap operas (novelas) portray families that are much smaller than in reality, to study the effects of television on individual behavior. Using Census data for the period 1970-1991, the paper finds that women living in areas...

The objective of this paper is twofold. On one hand, we undertake an analysis of the recent evolution of capital markets and their effect on the availability of external financing in Mexico in the last two decades. On the other hand, based on a newly assembled firm-level data set on corporate...

This paper analyzes recent trends in Latin America’s institutional development regarding to investor protection. In spite of the underdevelopment of the region’s financial markets, there is slow movement towards legal reforms intended to protect investors and make regional markets more...

El modelo de este trabajo hace pensar que un líder autoritario, a pesar de disfrutar de una escasa supervisión por parte del poder legislativo, puede gozar de respaldo popular. El argumento es que ese respaldo se induce con la intención de que los pobres contrarresten la subversión de la...