What are the reasons for and the costs of Latin America's volatility? Because there is no consensus on these fundamental questions, there is no consensus on the appropriate policy response to macroeconomic volatility in Latin America, and other shock-prone countries. This paper provides new...

In this paper, social mobility is measured by looking at the extent to which family background determines socioeconomic success. An index of social mobility for developing countries is proposed based on the correlation of schooling gaps between siblings.