This paper considers an overlapping generations model in which capitalinvestment is financed in a credit market with adverse selection. Lenders´inability to commit ex-ante not to bailout ex-post, together with a wealthyposition of entrepreneurs gives rise to the soft budget constraint...

In parallel with the increasing availability of multiregional input-output (MRIO) tables, there has been a growing concern on IO modelling at lower levels of spatial disaggregation, to reflect the particular features of cities better. The urbanization process is one of the salient...

This paper proposes a political economy explanation of bailouts to declining industries. A model of probabilistic voting is developed, in which two candidates compete for the vote of two groups of the society through tactical redistribution. We allow politicians to have core support groups they...

We perform a characterization of Colombia's industrial exports for the 1990-2010 period. We contrast the commonly used classification of exports (traditional vs. nontraditional) to that of Lall's (2000), which is based on the technological component of exports, stressing the advantages of the...

In parallel with the increasing availability of multiregional input-output (MRIO) tables, there has been a growing concern on IO modelling at lower levels of spatial disaggregation, to reflect the particular features of cities better. The urbanization process is one of the salient...

This paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint...

We quantify the effects on poverty and income distribution in Ecuador of bilateral tradeliberalization with the US and a budget-neutral value added tax increase which seeks to compensatetariff revenue losses. We stress the study of fiscal policies that the government couldtap in order to...

In general, empirical studies on growth consider, at most, three factors, physical capital, labor and human capital. Land, however, is also a production factor for many activities. In this study, we make growth regressions considering land as factor. We also propose an explanation for why labor...