I analyze the effects associated with the introduction of the earnings test on older Czech males' labor supply in 1996. Using data from the Labor Force Survey, I apply a difference-in-differences estimator to measure the effect of the policy change in the Czech pension scheme using a sample of...

We study the effect of fertility on labor supply in Argentina and Mexico exploiting a source of exogenous variability in family size first introduced by Angrist and Evans (1998) for the United States. Our results constitute the first external validation of the estimates obtained for the US....

In many occupations, workers’ labor supply choices are constrained by institutional rules regulating labor time and effort provision. This renders explicit tests of the neoclassical theory of labor supply difŽ cult. Here we present evidence from studies examining labor supply responses in...

The object of this paper is to develop an Early Warning System of Macro Vulnerability for several Latin American countries based on previous work of Kaminsky, Lizondo and Reinhart (1997) and Kaminsky (1998). We build a composite leading indicator that signals macroeconomic vulnerability, showing...

This paper assesses empirically whether global risk aversion (GRA) and some if its determinants (US economic growth and the US long term interest rates) explain developments in Latin American sovereign spreads. We find that GRA is significant and positively related to Latin American sovereign...

Sumario La ciencia económica es un tipo específico de conocimiento dentro de las ciencias sociales. Para lograr realizar un estudio del conocimiento económico de tal naturaleza, o sea, para hacer ciencia económica, es preciso seguir determinados procedimientos que nos permitan realizar un...

This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, the paper finds a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI,...

This paper examines the growth pattern followed by the Chilean economy with reference to the macroeconomic reforms undertaken during the Pinochet regime, which were largely maintained by successive democratic administrations and partially reproduced by neighbouring countries. The focus is on the...

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the...

Factor-endowment based trade with the leading economy helps to explain the differing development performances of the Americas and East Asia in the past two centuries. Between 1830 and 1945, labor-abundant Britain, the most advanced country, traded heavily with land-abundant countries in the...