This paper presents a gravity model for trade flows between the Central American countries, which include the levels of past exports as explanatory variables. Results indicate that past exports are estimated including indexes of human capital in place of the corresponding countries’ GDP, with...

The paper draws macroeconomic policy lessons by contrasting the developing countries experience in the 2000s —including their performance in the recent global crisis— with the previous three decades of financial globalization. The main lesson is the crucial role of macroeconomic policies in...

This paper applies econometric estimation methods to improve the level of precision and detail in the measurement of welfare in Mexico, and specifically to estimate household incomes. As is the case in other countries, Mexico has had, on the one hand, household surveys that provide high...

This paper analyzes economic development through a co-evolutionary process where formal institutions linked to the rule of law are transformed jointly with cultural values. This type of dynamic makes possible to attain multiple equilibriums and, hence, economic backwardness is explained by the...