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When types of workers are imperfect substitutes, the Mincerian rate to return to human capital is negatively related to the supply of human capital. We work out a simple model for the joint evolution of output and wage dispersion. We estimate this model using cross-country panel data on GDP and...
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the countries' authorities, openness, and transparency, consistently with the theory. -- IMF conditionality ; delegation …
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area sovereign debt crises. We find that macro and default-specific world factors are a primary source of default …
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